← Lessons 25-Insurance
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1. INTRODUCTION 2. MOTOR INSURANCE – LEGAL REQUIREMENTS IN THE UK 3. MOTOR INSURANCE ABROAD 4. OPERATIONAL RISKS INSURANCE 5. OTHER NON-MOTOR INSURANCES 6. CONCLUSION APPENDIX 1 Quick Exam Numbers / Facts – Memorise These Final Memory Checklist

1. INTRODUCTION

  • Insurance has two basic purposes:
  • It protects the buyer against possible loss or damage.
  • It converts an unknown liability into a known item of expenditure.
  • Insurance contracts are contracts of “utmost good faith”.
  • The person or organisation taking out insurance must disclose all relevant information to the insurer.
  • Failure to disclose relevant information can lead to the policy being declared invalid.
  • The chapter covers motor insurance in the UK and abroad, operational-risk insurance and other business insurances.