Chapter 8: General Insurance products Flashcards Preview

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Flashcards in Chapter 8: General Insurance products Deck (20)
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1
Q

4 Generic groups of general insurance products

A
  • Liability
  • Product damage
  • Financial loss
  • Fixed benefits
2
Q

5 Main types of liability cover

A
  • employers liability
  • motor 3rd party liability
  • public liability
  • product liability
  • professional indemnity
3
Q

Main perils covered by:

employers liability

A
  • Accidents caused by the negligence of the employer or that of other employees
  • Exposure to harmful substances / working conditions
4
Q

Main perils covered by:

Motor 3rd party liability

A
  • Motor accidents causing damage to other people or their property
5
Q

Main perils covered by:

Public liability

A

Depend on the type of policy.

6
Q

Main perils covered by:

Product laibility

A

Faulty product

  • design
  • manufacture
  • packaging

or misleading instructions

7
Q

Main perils covered by:

Professional indemnity

A

The perils will depend on the profession.

Might include misdiagnosis or error in an operation for a doctor.
Or errors in an actuarial report for an actuary.

8
Q

6 Main types of property damage insurance

A
  • residential buildings
  • commercial buildings
  • moveable property
  • land vehicles
  • marine craft
  • aircraft
9
Q

Main perils covered by:

Household property insurance

A
  • fire
  • explosion
  • lightning
  • theft
  • storm
  • flood
10
Q

Main perils covered by:

Moveable property insurance

A

theft

11
Q

Main perils covered by:

Motor insurance

A
  • accidental or malicious damage
  • fire
  • theft
12
Q

Main perils covered by:

Marine hull cover

A
  • fire
  • explosion
  • perils of the sea
  • jettison
  • piracy
13
Q

3 Main types of financial loss insurance

A
  • pecuniary loss
  • fidelity guarantee
  • business interruption cover
14
Q

Main perils covered by:

pecuniary loss

A
  • bad debts

- 3rd party failures

15
Q

Main perils covered by:

fidelity guarantee

A

dishonest actions by employees

16
Q

Main perils covered by:

business interruption cover

A

losses made as a result of not being able to conduct business.

17
Q

3 Main types of fixed benefit insurance

A
  • personal accident insurance
  • health / medical expenses insurance
  • unemployment cover
18
Q

Main perils covered by:

personal accident cover

A

loss of a limb or limbs or other accidents

19
Q

Main perils covered by:

Health insurance

A

need for treatment in a hospital

20
Q

Main perils covered by:

Unemployment cover

A

Redundancy

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