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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.

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Insurance

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  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

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