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Insurance, Fuel And Personal Finance In The UK Following Recent World Catastrophes
Following the increase in UK terrorist activities and the catastrophe that has hit New Orleans, it seems we are all going to have to foot the bill. The total cost of the catastrophe is currently predicted to top $25 billion (£13.6bn), however many...
Is There Any Such Thing As Affordable Life Insurance?
Do you need affordable term life insurance? This seems to be the million-dollar question. When you want to purchase life insurance you often do not know how much you need or if there is such a thing as having too much life insurance. What...
Life Insurance Providing Little Protection From Terrorism
Recent statements by the City of London Police Commissioner James Hart that future terrorist attacks in London’s financial centre are, "a matter of when, rather than if", will increase already serious concerns over issues of personal and business...
What is Car Insurance?
Car insurance is compulsory in the UK. You are required by law to have a policy to cover your liability to other road users. The Road Traffic Act requires all motorists to be insured against their liability for injuries to others (including...
Why Does Health Insurance Cost So Much?
Why does health insurance cost so much? Year after year, many of the articles that appear in print detail the specific factors driving the cost of healthcare. These factors include: general inflation, advances in drugs and other medical devices,...
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Insurance: The Common Insurance Points
Most people will be familiar with insurance in some form or
another. We all have taken out home insurance, car insurance or
credit insurance among others. Insurance contracts are long and
complex documents with a lot of small print. Sometimes even a
lawyer would get lost in the complexities involved in them.
However, there are a few features that all insurance contracts
must have in common.
All insurance contracts will cover a chance event that may or
may not occur. This is the risk you are insuring against. The
event may be a fire in your home, a car accident, medical costs
or virtually any other event. The sole exception to this is life
insurance, which covers your death. This is an event that is
bound to occur, however, it is the timing of death that is
uncertain here.
There must be some quantifiable economic loss. Insurers will
take on risks, but they must be able to quantify and predict the
loss involved. The insurance company must be able to know
roughly what kind of loss will be involved should the event
occur. The loss must be quantifiable in monetary terms. For
example, you may be able to insure yourself for medical expenses
or a new car, but not for the sadness you experience as a result
of an accident.
The loss must be definite. Again, insurers must know what kind
of financial risks they are taking one; otherwise they will not
be able to set the price of the premium.
The loss must be significant. The financial cost of the insured
risk must justify the administrative costs of the insurance
contract. Suppose you want to insure a racehorse. Someone will
come from the insurance company, assess the value of the horse,
write up a contract stating what's covered and what conditions
you must meet, calculate the premium and issue the contract.
This will be worth all the effort for a valuable racehorse.
However if you wanted to insure your goldfish, it would be
difficult to justify the effort involved in setting up the
contract.
The loss must not be catastrophic. What is catastrophic will
depend on the size of the insurer and the assets they have
available. But the insurance will not be worth anything if the
loss is more than the insurer could afford. For example,
insuring against an earthquake will often be impossible as the
losses, should the event occur, would be impossible for the
insurance company to ever pay out.
About the author:
Joseph Kenny is the webmaster of the insurance site http://www.insure121.com/
where you will find information, news and links to the leading
providers of insurance in the UK. If you found this article
interesting you may find more articles of the same nature in the
insurance
guide located on site.
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