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Kevin lives with his parents in Emo, Co Laois - Junior Cycle Business Studies - Question 18(a) - 2022
Question 18(a)
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(a) - 2022
Step 1
Read the following definitions of some of the principles of insurance.
Answer
The principles of insurance are:
- 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 Kevin could use is to utilize price comparison websites. These platforms allow users to compare the prices of different insurance policies available, providing valuable advice on the best choices tailored to the individual's needs.
Step 3
Based on your answer above, indicate with a tick (✓) whether this method is primary or secondary research, give a reason for your answer.
Answer
✓ Secondary research
Reason: Price comparison websites involve gathering information that has been pre-collected or analyzed by others, rather than conducting original research.