Contents
Unit 3: Personal and Business Finance
Module objectives
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Objectives
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The function and role of money
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The functions of money
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The role of money
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Pause for thought
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Culture, including religion and ethical beliefs
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Interest rates and cost of borrowing
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Expenditure planning
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Different ways to pay
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Different ways to pay
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Current accounts
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Current accounts
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Managing personal finance
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Managing personal finance
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Loan services
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Savings and investment services
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Insurance products
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Module 1: Understanding the importance of managing personal finance

Insurance products

 

Insurance is a way to protect your property from unexpected events e.g. a car accident. If something happens to the insured property, then the insurance company will pay you money to repair/buy a new one.

Make a paper or electronic copy of the following table, then complete the table using:

Insurance

Insurance

Type

Features/advantages/disadvantages

 

Car

 

 Comprehensive
Third party
 

Home

 

 Building
Contents
 

Personol

 

 Life
Critical illness
 

Travel

 

 Single trip
Multi-trip

Case study: Insurance

 

Lara is 27 years old. She has recently moved into a new flat with her partner Mathilde and their Shih-Tzu puppy, Mot. Lara works in Caernarfon and drives to work in Bangor, but Mathilde works closer to home and can cycle to work. Lara and Mathilde love to travel and have just booked a holiday to Italy next year.

Have a look at Admiral's website and make a note of the insurance products that might be suitable for Lara and Mathilde.

Admiral
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