HEMPPPPBFT (definition + say why they exist)

H

Health -so citizen afford to pay for healthcare, so costs of health dont fall on the state

E

Employer liab - indemnifies the insured against the legal liab to compensate employee for accidental injury, disease or death owing to negligence of the employer, in the course of employment.

M

Motor liab - indemnifies owners of motor vehicles against compensation payable to 3rd party, covers death/injury/property/vehicle damage, cover is compulsory, with/without upper limit

P

Product liab - indemnifies the insured against legal liability for the death, bodily injury to a 3rd party or for damage to property belonging to a third party, which results from a product fault.

P

Public liab - indemnifies the insured against legal liability for the death, bodily injury to a 3rd party or for damage to property belonging to a third party.

P

Professional indemnity - indemnifies the insured against legal liability resulting from negligence in the provision of service eg incorrect advice from actuary, solicitor, unsatisfactory medical treatment)

P

Pecuniary loss - protects insured against bad debts/other failures of 3rd party

B

Business interruption - indemnifies insured against losses made as a result of not being able to conduct business for various reasons specified in the policy

F

Fidelity guarantee - indemnifies insures against financial losses caused by dishonest actions by employees

T

Travel - citizens receive appropriate care if they fall ill or suffer accident abroad

IRA

Income drawndown

Retirement savings

eg personal pension plan to reduce burden on the state

Annuity (immediate)

so pension savings dont run out if you live a long time