POI Unit 3 8.7 Classification of General Insurance Products

Name the insurance product that insures against liability arising from

defective products

• Products Liability Insurance

• Public Liability Insurance

• Work Injury Compensation Insurance

• Marine Cargo Insurance

Name the insurance product that insures the risks of businesses that deal

primarily with motor vehicles, such as car

dealers and car repairers

• Commercial Motor Insurance

• Fire Insurance

• Motor Trade Insurance

• Public Liability Insurance

Name the insurance product that provides inpatient and outpatient benefits

as a result of being hospitalised and/ or

undergoing surgical operations

• Hospital & Surgical Insurance

• Critical Illness Insurance

• Dread Disease Insurance

• Hospital & Surgical Insurance

Name the statutory regulation that insures employees in Singapore are covered against occupational or accidents at work.

• Financial Advisory Act

• Work Injury Compensation Act

• Banking Act

• Civil Law

To insure a business against legal liability to third party, one should purchase

• Personal Liability Insurance

• Personal Accident Insurance

• Products Liability Insurance

• Public Liability Insurance

(a)   lines provide insurance coverage for risks that results in monetary loss, rather than physical loss or damage of property.

The financial protection against a contractor failing to perform in accordance with the terms and conditions of a contract is known as

• Professional Indemnity Insurance

• Public Liability Insurance

• Contingency Insurance

• Insurance Bond