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Insurance - PERSONAL FINANCE - Lecture 9 notes $3.92
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Insurance - PERSONAL FINANCE - Lecture 9 notes
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  • Course
  • Personal Finance (BAF6PFI)
  • Institution
  • London South Bank University (LSBU)
  • Book
  • Personal Finance

Personal Finance is an option module for students studying Accounting and Finance. This document covers: key insurance terms, types of risks, risk management methods, the building blocks of an insurance plan, insurance terms, what is insurance, common types of insurance, excess on a policy, to insu...

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Document information

  • May 29, 2021
  • May 29, 2021
  • 9
  • 2020/2021
  • Class notes
  • -
  • Insurance

Subjects

  • personal finance
  • insurance
  • income protection
  • life assurance
  • insurance plan
  • uberrima fides
  • accounting and finance
  • moral hazard
  • adverse selection
  • income protection insurance
  • payment protection insurance

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  • London South Bank University (LSBU)
  • London South Bank University
  • Personal Finance (BAF6PFI)
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Module: Personal Finance


Lecture 9 – Insurance




Introduction
 Life assurance and income protection are important elements of financial
planning
 Some insurance is a legal requirement
 Some insurance policies are a very good idea – it’s something to fall back on
 Some insurance policies are not good value for money
 It’s a necessary evil in some areas – it’s like a tax
 Examples: car insurance, building insurance


Insurance
 A protection against possible loss
 You are ensuring yourself against what can happen


Key Insurance Terms
 Risks  exposure to something that could potentially be dangerous; risks
does not necessarily mean it’s a negative thing as you can take calculated
risks; risks can sometimes further you; uncertainty and lack of predictability.
 Peril  cause of a possible loss i.e. fire
 Hazard  what could make the situation risky; increase the likelihood of loss
through some peril

Insurance companies will consider the above three


Types of Risks
Pure Risks = accidental and unintentional risks for which the nature and financial
cost of the loss can be predicted e.g. personal risk

Speculative Risks = carries a chance of either gain or loss e.g. gambling, start a
small business


Risk Management Methods T.A.R.A or 4Ts
Example: Car Ownership

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