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Kevin lives with his parents in Emo, Co Laois - Junior Cycle Business Studies - Question 18 - 2022
Question 18
Kevin lives with his parents in Emo, Co Laois. He recently passed his driving test and bought a car. He is now considering his motor insurance options. (i) Read the... show full transcript
Worked Solution & Example Answer:Kevin lives with his parents in Emo, Co Laois - Junior Cycle Business Studies - Question 18 - 2022
Step 1
Match the definitions with the principles of insurance
Answer
- Utmost Good Faith: C (When applying for insurance, all material facts relating to the policy must be disclosed)
- Indemnity: A (A profit cannot be made from insurance)
- Contribution: B (When the same risk is insured with more than one insurer, they will divide the cost of any claim between them)
Step 2
Outline one method of research Kevin could use to find the best quote for his insurance policy
Answer
One effective method of research Kevin could use is to utilize price comparison websites. These platforms allow online brokers to compare the prices of different insurance policies available and offer advice on the best policy for the customer.
Step 3
Based on your answer above, indicate whether this method is primary or secondary research
Answer
Primary research:
- Secondary research: ✓
Reason: This method is considered secondary research as it involves utilizing information gathered by others through previously conducted studies and comparisons, rather than Kevin conducting the research himself.