Enterprise: Strand 1 c) Mortgage protection insurance


This type of insurance covers the consumer’s mortgage repayments for a certain period of time if they are unable to work. This has now become a requirement by financial institutions for borrowers to have in place.


d) Disability insurance


The consumer receives a lump sum because of permanent disablement through sickness or accident.


4. Travel Insurance


Travel insurance provides protection for the consumer due to loss or theft of personal belongings while abroad. It will also cover against flights being cancelled or the need for medical treatment abroad depending on the policy taken out.


5. Life Assurance Assurance means that the event is guaranteed (assured) to happen.


Holiday insurance.


Note the term ‘assurance’. Assurance is different to insurance. As morbid as this sounds, the only thing guaranteed in life is death.


Risk: life assurance is taken out to protect the household should someone die.


The insurance company will pay out a large sum of money to the deceased’s family to help them pay their household bills and other costs. As with all of the above, there are many different policies available.


We will study two:


a) Term life assurance: This covers the consumer for a fixed number of years. For example, the length of the mortgage.


b) Whole life assurance: This covers the consumer for their whole life until they die. If they die before the policy matures, their family will receive the lump sum.


6. Pay Related Social Insurance (PRSI) Risk: sickness, unemployment or maternity.


By law, all employees must pay this insurance. Employees who pay their PRSI can claim maternity pay, Jobseeker’s Allowance, disability pay or illness pay should the event arise. This is paid to the government (not an insurance company). We will study this in Unit 6.


EXAM PREPARATION!


State each type of insurance. Explain each of these using an example. Apply it to another unit.


P. 59


Go to page 59 in the activity book.


92


STOP! WRITE IT!


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