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Presented by: ASPIRA

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Presented by: ASPIRA

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    1. Presented by: ASPIRA

    2. Introduction to Insurance Presented by: ASPIRA

    3. RISK: WHAT IS IT?   Risk = the possibility of financial loss 

    4. Why is risk important for insurance? Risk is what makes you decide whether or not you need insurance. Risk is what insurance companies measure when determining whether to offer you insurance and how much it will cost.

    5. HOW DO WE HANDLE RISK? 1.  Avoidance: Choosing not to participate in an activity because of the risk involved, e.g. not getting a driver’s license; 2.  Retention: Saving money in case of future losses, e.g. putting $1000 in a savings account in case of a car accident; 3. Transfer: Passing the risk on to an insurance company, e.g. paying a monthly fee for an insurance policy and expecting the insurance company to protect your assets.

    6. What is Insurance? Insurance is a legal contract that transfers risk from a policyholder to an insurance provider.

    11. Risk factors determine whether you will be able to buy a policy and how much it will cost. Generally speaking: > Risk = > Cost

    12. Risk Factors: Auto Insurance Age of driver Gender of driver Number of drivers on policy Accident / Incident history Where auto is parked Annual mileage Number of traffic violations Prior insurance record Years of driving experience

    13. Risk Factors for Homeowners/Renters Insurance Type of home (single family, town home, high-rise) Square footage Number of rooms Floor level (if in high-rise) Address (city, state, county) Pets Pool Proximity to fire station and fire hydrant Business being conducted on premises?

    14. Risk Factors: Life Insurance Age Gender Height & Weight Medical record Personal habits (smoker, drinker, drug use) Occupation Credit rating of policyholder **Amount of coverage required**

    15. Categories of Risk The things you can and cannot change that affect your insurance

    16. Who You Are (Traits You Cannot Change) Age Medical history Gender

    17. The Choices You’ve Made (Traits You Can Control)

    18. Fault of Another (Incidents You Cannot Change) Accident / Crash Damage to Your Property Loss of Property, Injury or Death Theft of Your Property Credit History of Spouse/Dependent

    19. “Acts of God” Flood Hurricane Earthquake Windstorm Lightening Fire

    20. Acts of War Acts of Terrorism* (*new legislation is pending on whether providers will cover terrorism)

    21. LIFE EVENT CHALLENGES Become a driver Get married Graduate from high school Get engaged Buy a home Move to own apartment Have a baby Graduate from college Turn 25 Get a new job Buy a car Move to a new city

    22. Practice Shopping for a Policy http://www.nationwide.com

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