100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Insurance - PERSONAL FINANCE - Lecture 9 notes £2.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. London South Bank University (LSBU)
  4.  
  5. London South Bank University
  6.  
  7. Personal Finance (BAF6PFI)

Lecture notes

Insurance - PERSONAL FINANCE - Lecture 9 notes
 6 views  1 purchase

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...

[Show more]
Last document update: 3 year ago

Preview 1 out of 9  pages

Document information

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

Subjects

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (13)

Written for

All documents for this subject (13)

Seller

avatar-seller
SupplementaryStudyNotes

Reviews received

Content preview

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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller SupplementaryStudyNotes. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £2.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£2.99  1x  sold
  • (0)
  Add to cart