Need to Know
1. What is insurance?
2. How does insurance work. How do insurance companies make money?
3. Explain some reasons for taking out insurance?
4. Distinguish between insurable and non-insurable risks.
5. Explain the five principles of insurance
6. Explain the steps involved in taking out insurance.
7. What is an insurance broker?
8. Distinguish between a proposal form and an insurance policy.
9. What is a premium? What does the size of the premium depend on?
10. Calculate a premium.
11. Distinguish between an actuary and an assessor.
12. Distinguish between a loading and a deduction.
13. What does the term “days of grace mean” ?
14. What is compensation?
15. Calculate the amount of compensation that a person is entitled to.
16. Distinguish between being over-insured and under-insured.
17. What is average clause?
18. Why would someone chose to be over or under-insured?
19. Distinguish between personal accident, health insurance and income protection insurance
20. Distinguish between third-party, third party fire and theft and comprehensive insurance.
21. What is a no –claims bonus?
22. What is a loading? What is effect on a premium?
23. What is a reduction? What is its effect on a premium?
24. What is life assurance? How does it differ from insurance?
25. Why take out life assurance?
26. Distinguish between a term policy, a whole life policy and an endowment policy.
27. Be able to calculate motor and life assurance premiums