Types of insurance

Question 1

Car

Answer 1

Legal requirement to insure any car that it is on the road

protects self against theft or damage but premiums can be high depending upon assessed level of risk

Question 2

Home and contents

Answer 2

covers the physical building.
protects against damage which may otherwise be too expensive. contents are protected both when inside and outside the house. premiums are an additional expense but some items cannot be replaced

Question 3

Life assurance and insurance

Answer 3

ongoing policy to pay a lump sum upon death
provides peace of mind to family following the bereavement of a homeowner. if the policyholder does not die within the period no payment is made

Question 4

travel

Answer 4

protects individuals while abroad.
covers medical cost when on holiday, protects against cancellations and delays but is an additional cost when going abroad

Question 5

pet

Answer 5

protects owners of pets against expensive treatments.

avoids expensive fees but it is an additional monthly expense to protect against the unexpected

Question 6

health

Answer 6

covers individuals against medical expenses.
some compensation is provided when ill which can reduce the financial burden but you may be paying for something you might not ever use