1.6 Niche or Specialist Markets
Niche markets are those for which certain insurers provide cover for limited specialised risks. It is important to note that there are a host of insurers and underwriting managers who design and sell specialist products not included in the above for specialist risks such as the hospitality industry, specialist classes of liabilities, bonds and guarantees […]
1.5 Commercial Lines Insurance
Commercial insurance policies cover business and commercial risks of businesses. These policies cover the following classes: Fire and perils Accident Theft Loss of money Goods in transit – damage or loss to goods being transported on a conveyance Personal accident Business all risks Fidelity – fraudulent actions by employees Liability Accidental damage Motor, including motor […]
1.4 Personal Lines Insurance
Personal lines insurance policies are standard, general policies bought by individuals to cover their personal assets. These policies cover includes the following: House owner’s insurance (buildings) Householders insurance (contents) Personal motor All risks insurance Personal computers Small craft Personal accident insurance Personal liability insurance It is usual for these policies to provide different types of […]
1.3 Insurance Products Develop Through Client Needs
The marketplace normally dictates what happens to any product and insurance is no exception. Demand and supply are factors to be reckoned with. Insurance products that we know today are all the result of needs expressed by its numerous consumers, and the eventual pressure of the user group, and competition on the insurer to review […]
1.2 Short-Term Insurance
Short term insurance is insurance that runs for only short periods of time (or for short terms) – a month or a year, or for any other agreed period, before it needs to be renewed, re-rated, reassessed or reissued. This is unlike a life or pensions policy that is issued and then runs until the […]
1.1 Introduction FSTI
The history of insurance mainly deals with the United Kingdom, simply because most insurance practice developed there. Whenever a need for protection against financial loss has arisen, it has led to the development of some form of insurance. Insurance can be explained as a system where the losses of the few are paid from the […]