Chapter 8: General Insurance products Flashcards
4 Generic groups of general insurance products
- Liability
- Product damage
- Financial loss
- Fixed benefits
5 Main types of liability cover
- employers liability
- motor 3rd party liability
- public liability
- product liability
- professional indemnity
Main perils covered by:
employers liability
- Accidents caused by the negligence of the employer or that of other employees
- Exposure to harmful substances / working conditions
Main perils covered by:
Motor 3rd party liability
- Motor accidents causing damage to other people or their property
Main perils covered by:
Public liability
Depend on the type of policy.
Main perils covered by:
Product laibility
Faulty product
- design
- manufacture
- packaging
or misleading instructions
Main perils covered by:
Professional indemnity
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.
6 Main types of property damage insurance
- residential buildings
- commercial buildings
- moveable property
- land vehicles
- marine craft
- aircraft
Main perils covered by:
Household property insurance
- fire
- explosion
- lightning
- theft
- storm
- flood
Main perils covered by:
Moveable property insurance
theft
Main perils covered by:
Motor insurance
- accidental or malicious damage
- fire
- theft
Main perils covered by:
Marine hull cover
- fire
- explosion
- perils of the sea
- jettison
- piracy
3 Main types of financial loss insurance
- pecuniary loss
- fidelity guarantee
- business interruption cover
Main perils covered by:
pecuniary loss
- bad debts
- 3rd party failures
Main perils covered by:
fidelity guarantee
dishonest actions by employees
