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Insurance

Insurance . By: Ashley Alexander Greg Karo A’Ric DeShay - Scott Brandon Stockhart. Insurance is…. A way to “ensure” that you are protected from financial loss When something bad happens, your insurance will cover some/all of the damage (sometimes)

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Insurance

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  1. Insurance By: Ashley Alexander Greg Karo A’RicDeShay-Scott Brandon Stockhart

  2. Insurance is… • A way to “ensure” that you are protected from financial loss • When something bad happens, your insurance will cover some/all of the damage (sometimes) • Sometimes your insurance cannot cover the damage

  3. Lines of Insurance • The many different types of insurance • 4 common types: auto, home, life, and health • Other types: business, apartment, pet, boat, etc.

  4. Policy • Contract between you and your insurance company • Contract- legal promise for something of value; you promise to pay a premium, they promise to pay your claims • Premium- amt. of money you pay every week/month/ year for your insurance coverage (this is determined by what kind of risk you are and how much coverage you want)

  5. Risk • Possibility of financial loss • Everyone is some type of risk • The higher the risk you are the more money you pay. Ex. Teenagers may pay more for auto insurance

  6. Claim • Demand by a person seeking recovery from a loss • Claim adjuster- people who investigate your claim • You cannot receive more money than your policy allows and you may have to pay a deductible (amt. you must pay yourself before the insurance company pays)

  7. What insurance should I buy? • In Texas, you must have auto insurance if you drive. You may be able to be on your parents insurance till 25. • If you buy a house, you may want home owners insurance • If you rent a house/ apartment/condo, you should buy renter’s insurance

  8. What insurance should I buy continued… • If you get married and start a family, you should buy life insurance (girls: buy insurance on him, not you!) • If you start a business, buy business insurance

  9. How do I start? • Do your research and after deciding on a company and policy, find an agent • Agent- person who represents an insurance agency • You can contact them by: phone, internet, or going to the agent’s office

  10. Why do I want insurance? • Its good to have insurance when something unexpected happens so you can afford to pay for the damage • It gives you peace of mind knowing your protected

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