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Insurance

Insurance. Terms to Understand. Insurance Purchased protection that guarantees to pay you in the even t of certain specified losses Policy The written agreement between a consumer who purchases insurance and the insurance company Premium

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Insurance

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  1. Insurance

  2. Terms to Understand • Insurance • Purchased protection that guarantees to pay you in the even t of certain specified losses • Policy • The written agreement between a consumer who purchases insurance and the insurance company • Premium • Payments insured people make to the insurance company in exchange for coverage • Claim • A request made by the holder of an insurance policy for payment of a loss

  3. Terms to Understand • Liability • Legal responsibility to pay someone who has suffered an injury or loss caused by another • Deductible • A set amount an insured person must pay per loss before the insurer will pay benefits • Co-insurance • An arrangement in which the insurance company and the insured person share the cost of claims after the deductible is met. • Appraisal • An estimate of value made by a qualified person

  4. 4TYPES

  5. Auto Insurance • Provides protection against possible damage or injury due to an automobile accident • Coverage in on the vehicle

  6. COLLISION • Damage to your own vehicle due to a traffic accident

  7. Comprehensive physicaldamage coverage Damage due to: • Theft • Vandalism • Fire • Hail • Etc.

  8. Liability coverage Injury or damage you cause to others

  9. Medical Payments Coverage(Personal injury protection) • Covers injury to you or your passengers due to a traffic accident.

  10. Uninsured/UnderinsuredMotorist Coverage Injury or damage to you, your passengers, or your vehicle caused by a driver without adequate insurance.

  11. Home Insurance • Protection against loss or damage to your home • Policy specifies what is and is not covered in the policy

  12. Health Insurance • Protection against illness or injury • Co-payment – must be paid up front when medical treatment is given • Deductible – must be paid before the coverage begins to pay

  13. Life Insurance • Protection against loss of income due to death • Term – for a specific time period • Premiums go up as the insured ages • Whole-life – remains in effect as long as the premiums are paid • Premiums remain the same as long as you have the policy and continue to make the payments

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