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Insurance & Risk Management

Insurance & Risk Management. Can You Believe? . The number of insurance claims for auto accidents involving teens is ____% higher than those for adults. Teen crash rates drop by ____% six months after getting their license. Can You Believe? .

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Insurance & Risk Management

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  1. Insurance & Risk Management

  2. Can You Believe? • The number of insurance claims for auto accidents involving teens is ____% higher than those for adults. • Teen crash rates drop by ____% six months after getting their license.

  3. Can You Believe? • In the latest survey available, ____% of the U.S. population experienced some level of disability in a year. • Head injuries cause about ____% of all bicycling fatalities.

  4. Can You Believe? • There is a ____% chance you’ll be involved in an alcohol-related traffic accident at some point in your life. • At work, a disabling injury occurs every ____ seconds.

  5. Can You Believe? • Sixteen-year-old drivers have ____ times the risk of being in a crash compared to 18-year-old drivers.

  6. Could you afford to pay for the damages you caused in a car wreck?

  7. Risk Management “In exchange for a relatively small payment, which is the premium, you’re protected against the chance of a big financial setback, a large loss.”

  8. Risk Management • Means you use various ways to deal with potential personal or financial losses.

  9. Insurance • Protection against large-scale financial loss

  10. Insurance Premium • The payment you make to an insurance company in exchange for its promise of protection and help. • Can be monthly, quarterly, semi-annually, or annually.

  11. Deductible • The amount of the loss you must pay out of your own pocket before the insurance company begins to reimburse you. • Range from $100-$1,000+ • SHOP AROUND for best rates

  12. Health Automobile Types ofInsurance Life Disability Homeowners/Renters

  13. Auto Insurance • Liability Coverage • Medical Payments • Uninsured Motorist • Underinsured Motorist • Collision

  14. Age Gender Marital Status Type of Car Cost of Repairs Mileage Location Law Enforcement Driving Record Auto Policies The following factors can influence the cost of the policy.

  15. Health Insurance • Pays the medical bills in case you or your family members, become sick or injured. • Most will cover you until age 19. If you are in college, they may extend until 23. MUST HAVE!

  16. Property Insurance • Protects your material possessions in case they are damaged by fire, flood, or theft. • Homeowner’s insurance vs Renter’s Insurance

  17. Life Insurance • Anytime someone else depends on your income to help pay bills, you need life insurance. • Protects people who depend on you financially in the event of your untimely death. • Term Life vs Whole Life

  18. Future Insurance Needs • Health Insurance • Property Insurance • Life Insurance • Disability Insurance • Liability Insurance

  19. Estate Planning • Estate planning is preparing a plan for transferring property during one’s lifetime and at one’s death. • Goal should be to minimize taxes on the estate, make known how you want your possessions distributed, and to provide for a smooth transfer of your possessions to loved ones after death.

  20. Tools for Estate Planning • Will • Trust • Joint Ownership of Assets

  21. Will • A legal document that tells how you want your estate to be distributed after your death.

  22. Power of Attorney • A legal instrument authorizing one to act as another’s attorney or agent.

  23. Trust • A legal document in which an individual gives someone else control of property, for ultimate distribution to another person.

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