BEX2001 Lecture Notes - Lecture 5: Flood Insurance, Vehicle Insurance, Insurance Policy
1 Sep 2018
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Document Summary
If things go wrong, your insurer may either repair or replace the items that have been lost or damaged, depending on the terms of your policy. How insurance can help you: general insurance protects you and your assets from the financial risk of something going wrong. What do insurers do: key role of insurers is to help their policyholders manage risk efficiently through providing insurance products, and paying the claims covered by their insurance policies. Insurers have the ability to help individuals and communities to recover after natural disasters. If you have a loss, and you have a policy that covers the property for those risks, you can make a claim and draw on that pool of money to help pay for repairs or replacement costs. Insurance is not the same as banking you will only get money to cover loss if your claim is covered by insurance.
