Slides from Lecture 1 - Insurance Module

1. Insurance – Lecture 1 Mark Griffin

2. Insurance Lecture 1 Why is there a need for insurance. What are the main aims of Insurance Risks that are not Insurable

3. Why is there a need for Insurance? The contract of insurance was developed by the commercial world. Offset the loss individuals and businesses may suffer through the occurrence of an unforeseen event.

4. Insurance – Lecture 1 A contract of insurance may be in any form such as a deed, in writing or verbal. In practice, such a contract is in the form of a ‘policy’ a written document. Stating the terms of the contract.

5. Types of Policies ‘In General’ Life Assurance Liability Insurance

6. Insurance - Lecture 1 Life Assurance – insures against an event which must happen – i.e. Death. Liability Insurance –insures against an event or events which may happen.

9. The Insured

10. Premium

11. Policy

12. Life Assurance

13. Indemnity