1 / 22

Insurance

Insurance. Consumer Ed Unit. Risk Areas. Property-items owned Personal-bodily injury Liability-anyone getting hurt by you. Auto Insurance Coverage. Collision Coverage -pays for the repair or replacement of your own vehicle after a traffic accident 30% of your bill.

john-mckee
Download Presentation

Insurance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Insurance Consumer Ed Unit

  2. Risk Areas • Property-items owned • Personal-bodily injury • Liability-anyone getting hurt by you

  3. Auto Insurance Coverage • Collision Coverage-pays for the repair or replacement of your own vehicle after a traffic accident • 30% of your bill

  4. Auto Insurance Coverage • Comprehensive –protects your own vehicle against risks unrelated to traffic accidents, such as fire, hail, theft, and or vandalism. • 12% of your bill

  5. Auto Insurance Coverage • Liability Coverage-steps in when a covered drive causes injury or dame to other people or their property. • 40-50% of your bill • Types- • Bodily Injury-covers expenses related to injuries suffered by others • Property Damage-covers damage to items not vehicles • Medical Payments-coverage of medical costs

  6. Auto Insurance Coverage • Uninsured motorist-reimburses you bodily injury in accidents caused by uninsured drivers • Towing and Labor-the towing of vehicle if disabled or in an accident • Rental Reimbursement-gets you a car to use while yours is being fixed due to an accident

  7. Insurance Rates for Factors • Age-under 25 more expensive • Gender-males pay more • Marital Status-married are better • Driving Record-safe, no tickets • Type and age of Vehicle • Vehicle Usage • Place of Residence

  8. Vehicle Insurance Rate Discounts • Good Grades • Multi-policies with same company • Good Driver • Anti-theft measures • Defensive Driver Courses • College Graduates

  9. Scene of an Accident • Call Police/911 • Pull over and out of traffic • Exchange names, phone numbers, and insurance company information • Do not issue blame • Stick to the facts when asked by police

  10. Special Type of Insurance • No-fault-does not assign blame for an accident • Each person pays for their own repairs.

  11. Home Insurance • Covers the home and its contents in case of a natural or man made disaster. • All items owned by family members except vehicles whether at home or away. • 80% rule-insure the value of the home and contents up to 80% of the cost of the replacements

  12. Exclusions • Flood • Building Ordinance • Earthquake • Power Failure • Hurricane • Neglect • Volcano • War

  13. Factors of Home Insurance Rates • Age of the Home • Local Firefighting capabilities • Construction materials • Size of the home

  14. Home Insurance Rate Discounts • Increase deductible • Upgrade wiring or plumbing • Security System • Multiple Policies with same company

  15. Home Insurance Specialties • Household inventory-detail list of items that are owned (video tape contents) • Renter’s Insurance-covers the contents of your space not the place itself. • Umbrella Policy-can be added to a the policy to protect the homeowners’ liability • Replacement vs. Cash Value • Replaces-gives you a brand new item • Cash Value-gives you what the items is currently worth

  16. Life Insurance • Reason for is to protect the ones who are left in case of a death • Rule should be insured for 5 x’s your salary • Beneficiary is the person who gets the $$ from the life insurance policy.

  17. Types of Life Insurance • Term-a policy that only covers the event of death • Prime Candidate-young families • Pro-cheap, covers for a specific time period, it is renewable, can convert to whole life • Con-not an investment • Whole-a policy that covers death and is an investment • Prime Candidate-financial well off • Pros-can be cashed in, investment • Cons-expensive

  18. Factors to Life Insurance Rates • Age • Gender • Health • Smoker/Non-smoker • Occupation • Family History

  19. Health Insurance Basic Coverage • Hospitalization • Surgery • Outpatient • Major Medical Additional Coverage-prescriptions, vision, and dental

  20. Types of Insurance Plans • PPO-Preferred Provider Organization-is a plan that as long as you go to Dr’s on the list it is covered • HMO-Health Maintenance Organization-is a plan that selects the Dr’s and controls who you visit • POS-Point of Service –is a plan that requires a primary Dr, but can be referred else where and is covered if necessary

  21. Government Sponsored • Medicare-medical insurance for retired workers • Medicaid-cannot afford any insurance coverage • Worker’s Compensation-if hurt on the job it will be covered by this-employer pays for

  22. COBRA • Consolidated Omnibus Budget Reconciliation Act • Covers workers for one job til the next up to 18 mos. • Former employee must pay for the coverage

More Related