12. Health and general insurance

Question 1

Critical illness

Answer 1

for sickness
Paid on lump-sum
cancer, stroke ect.

Question 2

Income protection insurance

Answer 2

Pays an income when there is an accident or illness

Question 3

x6 Factors effect premiums

Answer 3

1. Class risk
2. age
3. amount of benefit
4. state of health
5. medical history
6. deferred period

Question 4

reviewable premiums

Answer 4

start off low

reviewed in the future and increases

Question 5

Guaranteed Premiums

Answer 5

guaranteed prems for life of policy

Question 6

Deferred Period

Answer 6

The period that must elapse between the onset of the illness/injury that gives rise to the claim and the first payment of benefits

Question 7

Proposer

Answer 7

The individual who is applying for cover under the insurance policy and will pay premiums.

Question 8

Long Term Care Insurance

Answer 8

struggling to take care of elderly

Question 9

Annuity

Answer 9

A financial product purchased with a lump sum, which then pays out a regular income

Question 10

Immediate needs annuity

Answer 10

An annuity from which the benefits are used to pay for care needs that the insured already has.

Question 11

Deferred needs plan

Answer 11

An investment designed to build up funds that can then be drawn on to pay for care needs as and when required

Question 12

x5 General Insurance

Answer 12

1. Property Loss
2. Liability Loss
3. Personal Loss
4. Pecuniary Loss
5. Interuption Loss

Question 13

Indemnity

Answer 13

restored to original stats