EXAM CORNERINTRO ACTIVITY 2022 Q18 (a) (i)


Kevin lives with his parents in Emo, Co. Laois. He recently passed his driving test and bought a car. He is now considering his motor insurance options. (i) Read the following definitions of some of the principles of insurance.


Explanation A A profit cannot be made from insurance


B When the same risk is insured with more than one insurer, they will divide the cost of any claim between them


C When applying for insurance, all material facts relating to the policy must be disclosed


Match the definitions above with the correct principle of insurance by placing A, B and C in the correct box below.


Utmost Good Faith C


Indemnity A


Contribution B


CLASS ACTIVITYINTRO ACTIVITY


Key Skill: Identify the principles of insurance Read each example below and identify which principle of insurance it relates to. 1.


2. 3. 4. 5.


A car worth €5,000 is damaged in an accident. The owner tries to claim €8,000. Which principle prevents this?


Seán insures his phone with two different companies and tries to claim the full amount from both when it is stolen. Which principle prevents this?


After paying out on a claim, an insurance company takes legal action against the person responsible for the damage. Which principle allows them to do this?


A person wants to take out insurance on their neighbour’s car. Can they do this? Name the principle and explain your answer.


Aoife applies for house insurance and does not mention that her house had a flood two years ago. Which principle has she broken?


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CHAPTER 6: Personal insurance


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