IF2 - Module 7 Flashcards
Which classes of insurance typically offer helplines to provide emergency assistance and expert advice?
- Private motor insurance
- Household insurance
- Travel insurance
- Pet insurance
In the case of household insurance, assistance provided by a helpline would typically include:
- Legal advice
- Emergency services - This includes immediate assistance for any emergency such as roof damages or blocked drains, whether or not this is relating to a claim.
- Glazing service - Replacement glass for doors or windows, fitted by a specified supplier, usually at a discount
Louise is involved in a serious accident whilst on holiday in Egypt. What help can she expect from her travel insurer’s medical emergency service?
Advice, organisation of the necessary medical treatment and repatriation to the UK.
In the case of pet insurance, assistance provided by a helpline would typically include:
Most pet insurance policies offer a free helpline providing:
- help with finding the location of a veterinary surgeon if away from home in the UK and/or direct veterinary advice from RCVS nurses;
- legal advice;
- bereavement counselling to owners;
- and assistance on arranging replacement of a pet where deemed appropriate.
Household insurers tend to use ‘authorised suppliers’ when they want to exercise their right to replace property, particularly household goods under a household contents policy.
This has a number of advantages such as:
- the policyholder obtains the benefit of guarantees provided by the retailer;
- insurers benefit from preferential rates;
- and there is no need for any potentially lengthy negotiation over price.
What is risk control advice provided by insurers?
Risk control advice focuses on improving certain aspects of risks to reduce the likelihood and cost of claims (which in turn could result in premium reductions). The advice will sometimes take the form of requirements to bring the risk up to an acceptable standard for insurance cover to be granted.
What is an insurers trying to achieve by providing risk control advice?
To reduce the frequency and severity of insured losses
What is uninsured loss recovery?
Uninsured losses, or ULR, refers to uninsured financial losses arising out of a motor accident. These are losses that are not covered under your standard motor insurance policy.
If you have incurred losses following an accident and you were not at fault, you may be able to pursue a recovery of those losses against the responsible party or their insurance company.
