Household and Business

Insurance

Motor Insurance

Motor Insurance • Every person driving a car must have this by

law!• The premium (how much you pay) all depends

on things like your age, where you live, the types of licence and engine size. • There are tow types of insurance

1) Third party fire and theft2) Comprehensive

Motor Insurance

Third Party Fire and Theft

• This is the minimum that a person needs.• You are covered in

accidents, and only pay for the damage to the other car.• The other person is

called the third party • Also covered if your

car is stolen or goes on fire.

Comprehensive

• Most expensive insurance type.• Everyone involved

in an accident is covered.• Also has

everything third party fire and theft has.

Personal Insurance

Personal Insurance• Like life assurance, but instead of dying, you are ill for a period of time.• Helpful if the main incomer becomes ill, and no longer able to work.• If a person becomes ill, and can protect your income.

Health Insurance• If you stay in hospital, you health insurance

company will pay the bill.• Also know as private health insurance, and is

best used for private hospitals.• There are four (4) health insurance companies

in Ireland, VHI, Aviva, Laya Healthcare and GloHealth.

Salary Protection Insurance• This is when you become ill or you are no longer able to work.• The insurance company pays you a month income instead while you are off work.• This income is received until you reach 60 years old, or until you are able to return to work.

Personal Accident Insurance

• If you have this, and you injure yourself, you will paid a certain amount of money.• This all depends on what kind of accident you had.• Eg, breaking your leg, losing your hearing or sight.

Universal Social Charge (USC) **used to be PRSI

• Anyone who is employed pays USC.• A percentage of your income is taken off of you to pay this.• Employees will be paid out of this insurance if any of the following happen;–Become unemployed–Go on maternity leave and not paid by the

employer.–Become ill & no longer able to work–Reach retirement age.

Homework •Page 104 in your workbooks•Please do question 12• Learn the following words as spellings;–Comprehensive –Personal Insurance –Universal Social Charge –Salary Protection Insurance