UNIT 5 Insurance


The JC Business Times Covid-19 Affects Travel Plans


People who travel abroad during the Covid-19 pandemic warned they will have no insurance cover. The Irish Government is discouraging people from travelling aboard to reduce the spread of Covid-19.


Questions 1. What do you think insurance is?


2. Why might people need insurance going on holidays?


3. Why do you think the insurance companies will not cover people who travel during the Covid-19 pandemic?


4. What other things in your life need to be insured and why?


5. How might you reduce risk before taking out insurance?


1 Insurance


Insurance is a written promise from an insurance company to put the insured (household/individual/business) back into the same or similar financial position as before the loss occurred.


Insurance is a way of protecting yourself from the costs that may arise from a risk to your property or health. For example, theft of property/fire to contents in house or sickness.


Soccer star Ronaldo has his leg insured for £74 million!


In Unit 1 we mentioned insurance as a form of household expenditure. We looked at the household having to pay car insurance and house insurance.


Insurance is provided by insurance companies (insurer) which are for-profit organisations (see Unit 9). They sell their services (insurance policy), at a price (premium) to a consumer (insured) in the hope that the loss never occurs and they can hold onto the premium as their profit.


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