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Welcome to Finance 230 Introduction to Insurance

Join Professor Steve D’Arcy's class to delve into insurance topics like auto, homeowners, health, and life insurance. Learn about the structure of the insurance industry and current hot topics in insurance. Discover how to set significant, attainable, and measurable goals. Get hands-on with a State Farm car policy and be a part of engaging activities like the Tontine Game and goal setting project!

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Welcome to Finance 230 Introduction to Insurance

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  1. Welcome to Finance 230Introduction to Insurance Professor Steve D’Arcy TAs: Brian Alvin (Head TA) Kathy Gu, Eric Lam, Bill Schneider, Neal Simons and Pan Wong

  2. Let’s Learn About You and Try the i-clickers

  3. What year are you at the U of I? A) Freshman B) Sophomore C) Junior D) Senior E) Graduate Student

  4. What College are You In? A) ACES B) Business C) Engineering D) LAS E) Other

  5. Where Is Your Hometown? A) Illinois B) United States other than Illinois C) Europe D) Asia E) Other

  6. Your Favorite Baseball Team A) Cubs B) Cardinals C) Sox D) Other National League Team E) Other American League Team

  7. Your Car Insurance Company A) State Farm B) Allstate C) GEICO D) Progressive E) Other

  8. How Many Auto Accidents Have You Had Since You Started Driving? A) 0 B) 1 C) 2 D) 3 E) 4 or more

  9. How Many Wins for the 2007 Illini? A) Less than 3 B) 3-4 C) 5-6 D) 7-8 E) 9+

  10. What you will learn during the semester • What everybody needs to know about insurance • Auto Insurance • Homeowners Insurance • Health Insurance • Life Insurance • Structure of Insurance Industry • Current Hot Topics in Insurance

  11. What’s Hot Today • Health Care Costs • higher and higher • Term Life Insurance Costs • lower and lower • Life Settlement Backed Security • death bonds • Medical Malpractice Insurance • Catastrophe Coverage • Natural Disasters • Terrorism Risk

  12. What’s Hot Today - continued • Liability Cases • Social Security Reform • Insurance Fraud • Directors and Officers Liability Insurance • Life Insurance Sales Illustrations

  13. Goal Setting AssignmentDue Friday, August 24 Setting Significant Attainable Measurable Goals

  14. Significant Goals • Your goals should be meaningful • Achieving your goals should make a difference • Example of a significant goal • Achieve an A in Finance 230 • Example of a goal that is not significant • Go to a movie this weekend

  15. Attainable Goals • Your goals should represent a stretch, but should still be possible to achieve • Unrealistic goals set you up to fail • Attainable goals serve to motivate you • Example of an attainable goal • Getting to the gym 3 times a week • Example of an unattainable goal • Losing 50 pounds by Labor Day

  16. Measurable Goals • Your success in achieving a goal can be clearly determined • Someone else can see if you have achieved your goal • Example of a measurable goal • Having a job within 3 months after graduation • Example of a goal that cannot be measured • Having a good semester • Being happy with my life

  17. Today’s Handouts • Syllabus • State Farm Car Policy • Declarations Page • Goal Setting Assignment

  18. Situations Covered by the State Farm Car Policy • While you are using your own car • While other people are using your car • While you are using other cars • While other people are using other cars

  19. Declarations Page • Identifies Insured • Describes Coverage • Policy Period: 8/22/07 - 2/21/08 • Premium: $435.08

  20. Coverage A) Bodily Injury Liability $100,000 Each Person $300,000 Each Accident Property Damage Liability $100,000 Each Accident This coverage is often described as: 100/300/100

  21. Coverage (Continued) C) Medical Payments $25,000 Each Person D) Comprehensive G 100) $100 Deductible Collision H) Emergency Road Service

  22. Coverage (Continued) U) Uninsured Motor Vehicle $100,000 Each Person $300,000 Each Accident W) Underinsured Motor Vehicle $100,000 Each Person $300,000 Each Accident

  23. What’s Next • Guest Speaker • Todd Hart, State Farm Research Center Program Manager • Pizza Lunch Party • Fridays 11:30-12:30 • 370 Wohlers Hall • Tontine Game starts Monday • Bring your I-Clicker! • Goal Setting Project – Due Friday, August 24 • Auto Insurance Policy

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