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Insurance

Insurance. 2 nd Year- 2X Mr. Leahy. W elcome. I’m Mr. Leahy Have you for the Wednesday and Thursday class!. Class Rules. Before we begin here are some class rules!!. Test!!.

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Insurance

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  1. Insurance 2nd Year- 2X Mr. Leahy

  2. Welcome • I’m Mr. Leahy • Have you for the Wednesday and Thursday class!

  3. Class Rules • Before we begin here are some class rules!!

  4. Test!! • An Insurance class test for midterm has been scheduled for Wednesday 6th February at this Class time. (I will give details nearer the time!)

  5. Insurance So what is Insurance?? (In pairs construct your own definition of your understanding of Insurance)

  6. Insurance • Insurance is an protection against a possible loss or damage. • Insurance is an agreement between the insured (individual/ business) and the insurer (insurance company).

  7. Insurance • In order to be insured a person (insured) needs to pay Insurance Company (Insuree) a premium.

  8. Basis of Insurance • Insurance is based on sharing of risks. • Insurance companies collect fees • They pay out compensation if necessary • Compensation is paid if a loss is made • Remainder of money is Insurance company Profit.

  9. Insurance Fund • Incoming Money: • Premiums • Profits from investments • Outgoing Money: • Payment of Expenses • Payment of Compensation • Investment on premiums

  10. Adequate Insurance Adequate Insurance should do what??

  11. Adequate Insurance • Should: • Cover all possible risks • Be enough to cover any loss that might occur

  12. Insurable and Non Insurable Risks List 5 of each in pairs now.

  13. Insurable and Non Insurable Risks • For a risk to be insured it has to meet the following conditions: • Must be a large number of similar risks being insured. • Any losses incurred are accidental • It must be possible to calculate the loss

  14. Insurable and Non Insurable Risks 4. There must be an insurable interest(ownership) The insurable interest principle states that the insured must gain from its existence and suffer from its loss.

  15. Principles Of Insurance • Will be covering 1 per class for the next 5 classes including todays!! • These are very important!

  16. Homework • Questions 1 & 2 Pg. 108 (Textbook) • Question 1 Pg. 67 (Workbook) parts A (i, ii & iii) and part B

  17. The End Thanks for your time. Enjoy the rest of your day!

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