Insurance

Lessons

1. 01

   How Insurance Works

   See how a pool of small premiums pays for rare, large losses, and why it can’t pay for wear and tear.

   10 steps
2. 02

   Reading Your Policy

   Run any claim through four checks, event, exclusions, conditions and limits, before you count the money.

   11 steps·Builds on How Insurance Works
3. 03

   Buildings vs Contents

   Put each thing you own in the right section, and set sums insured that won’t shrink every claim.

   10 steps·Builds on Reading Your Policy
4. 04

   Indemnity vs New for Old

   Work out how an accepted loss becomes a payment: the settlement basis, the order of deductions and the method.

   12 steps·Builds on Reading Your Policy, Buildings vs Contents
5. 05

   Excess, No-Claims and When to Claim

   Price the slice of each claim you keep, and decide when a loss is worth claiming for.

   13 steps·Builds on Indemnity vs New for Old
6. 06

   When Someone Claims Against You

   Separate two questions, are you liable and does your policy cover it, and know what to do when someone blames you.

   11 steps·Builds on Reading Your Policy
7. 07

   Life, Income and Illness Cover

   Read what a protection policy promises: what makes it pay, how much, after how long and until when.

   13 steps·Builds on Reading Your Policy
8. 08

   Making a Claim Safely and Honestly

   Keep people safe, limit the damage where you safely can, evidence the loss and answer every question accurately.

   11 steps·Builds on Reading Your Policy
9. 09

   When a Claim Goes Wrong

   Read a settlement offer line by line, challenge what’s wrong and take a complaint to the ombudsman if you need to.

   11 steps·Builds on Making a Claim Safely and Honestly, Buildings vs Contents, Indemnity vs New for Old, Excess, No-Claims and When to Claim