Chapter 2: Insurance products - types

Question 1

Main types of liability insurance:

Answer 1

• Employers’ liability/workers’ compensation
• Motor 3rd party liability
• Marine and aviation liability
• Public liability
• Product liability
• Professional indemnity and errors and omissions (E&O) liability
• Directors’ and Officers’ (D&O) liability
• Environmental liability and pollution liability

Question 2

Main types of property insurance:

Answer 2

• Residential, commercial and industrial buildings insurance
• Movable property (contents) insurance
• Motor property insurance
• Marine and aviation property
• Goods in transit
• Construction and engineering
• Crop insurance
• Extended warranty

Question 3

Main types of financial loss insurance

Answer 3

• Fidelity guarantee
• Credit insurance (Pecuniary loss) – trade credit and mortgage indemnity guarantee
• Creditor insurance – personal loans, mortgages and credit cards
• Business interruption cover (Consequential loss)
• Legal expenses cover

Question 4

Main type of fixed benefit insurance

Answer 4

• Personal accident cover