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Understanding Insurance

Insurance policies can be complex and even the policies we may understand more readily such as car and home & contents insurance policies can be hard to understand. This module covers basics such as terminology including ‘premium’ and ‘excess’ that are common to insurance policies, as well as more complex details such as how death and total and permanent disability insurance works.

It also covers professional indemnity insurance, the key benefit of MIPS membership, and how this differs to other insurance products, particularly why it includes retroactive cover and how ‘claims-made’ is different to ‘claims-incurred’ insurance products. Completing this module will help you make the most of your different insurance products and MIPS membership.

This education module has three topics each of which takes 15-20 minutes to complete.

  • Topic 1: Types of insurance
  • Topic 2: General insurance
  • Topic 3: Life insurance

Difficulty:

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This on-demand education module was designed for MIPS members in conjunction with Kaplan, a distinguished provider of financial literacy education. Access to this education is available to all MIPS members at no additional cost

Your access to and use of the on demand course is subject to the following terms, conditions, exclusions and limitations:
  1. The course materials are only for your use. You must not give access to, or provide any of the course materials to anyone who is not a MIPS member.
  2. MIPS gives no warranties regarding the correctness or accuracy of the course content and each excludes all liability for any loss or damage suffered or incurred as a result of accessing, using or relying on the course material.
  3. To the extent you have the benefit of the Consumer Guarantees under the Australian Consumer Law which cannot be excluded, MIPS limits its liability to you in one or more of the following ways
    • to the extent that goods are supplied, at the option of MIPS: providing replacement of those goods or equivalent goods, or the paying the cost of having the goods resupplied;
    • to the extent that services are supplied, at the option of MIPS: supplying the services again, or paying the cost of having the services supplied again.

The copyright in this material is owned by Kaplan Education Pty Ltd trading as Kaplan Professional ABN 54 089 002 371 (Kaplan). Used with permission. To the extent permitted by law, Kaplan makes no warranties regarding the correctness or accuracy of its content and excludes all liability for any loss or damage suffered or incurred as a result of accessing, using or relying on the content.

General advice statement

We hope that the information and general advice we provide will help you make a more informed decision. The information on this website is for general information only and does not take into account your objectives, financial situation or needs. MIPS is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice in light of your own circumstances and read the relevant product disclosure statement and financial services guide before you acquire any financial product.