1 / 19

The Insurance Industry

The Insurance Industry. Name Company Job Interesting facts about yourself.. . Insurance industry Overview. Provides important benefits to consumers Part of the financial industry Divided into 2 primary divisions: Property & Casualty : 2 classifications as well Commercial

jayme
Download Presentation

The Insurance Industry

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Insurance Industry

  2. Name Company Job Interesting facts about yourself..

  3. Insurance industry Overview • Provides important benefits to consumers • Part of the financial industry • Divided into 2 primary divisions: • Property & Casualty: • 2 classifications as well • Commercial • Personal & Business • Life & Health

  4. Words To Know Risk: Conditions in which there is a possibility of loss. Peril: Event insured against; cause of a possible loss. Hazard: Specific situation or condition that increases the probability of a loss. Loss: Basis of a claim Policy: Insurance contract Deductible: Provision in a policy whereby the insured is required to pay a specific amount of percentage of a loss.

  5. John Is Opening a new Café! The Local Café What kind of insurance does he need?

  6. Types of Insurance the Café Needs Property Insurance General Liability Liquor Liability Workers Compensation Business Auto Group Health Insurance Group Dental Insurance

  7. What Type Of Insurance DoYouNeed?

  8. YourInsurance Needs Homeowners Insurance Renters Insurance Flood Insurance Life Insurance Health Insurance Auto Insurance

  9. The Insurance Industry Property & Casualty- insurance on homes, cars, and businesses. Technically, property insurance protects a person or business with an interest in physical property against its loss or the loss of its income-producing abilities. Casualty insurance mainly protects a person or business against legal liability for losses caused by injury to other people or damage to the property of others. Life & Health- is insurance against the risk of incurring medical expenses among individuals.

  10. The Insurance Industry Commercial Insurance – is a contract between an insurer and a business owner whose purpose is to minimize the owner's risks against losses, whether from weather, theft, vandalism, lawsuits, accidents or any other reason. Personal Insurance- insurance of human life values against the risks of death, injury, illness or against expenses incidental to the latter

  11. Principle of Indemnity Insurance is designed to restore the policyholder to the same financial condition enjoyed prior to a loss.

  12. Elements of a Loss • There are three elements to a loss: • Anitemexposed to a loss • A cause of the loss 3. The financial impactas a result of the loss

  13. Four Types of Hazards Physical Hazards- improper brakes on car Moral Hazards- speeding in car Morale Hazards- leaving keys in car Legal Hazards- personal injury lawyers All of the above increase the chance of a loss and may also increase damages incurred

  14. Major Types of Loss Exposure • Property: • These are easier to see, touch and evaluate. • Example: Damage to your home • Liability: • Involves the loss of assets because we have become financially responsible to another person, firm or organization. • Example: Lawsuit from destroying someone else’s property • Human: • Involves the loss of life, health, or earning capacity • Example: Getting hurt on the job

  15. Types of Risk Management • There are 5 types of risk management: • Avoid • Reduce • Retain • Share • Transfer

  16. Law of Large Numbers The larger the number of risks or exposures, the more closely will the actual results obtained approach the probable results expected from an infinite number of exposures.

  17. Common Thought of Insurance Careers Insurance Agent: Primarily concerned with selling policies to new clients Customer Service Representative (CSR): Primary person who has contact with the agency’s customers. Underwriter: Decides which risks to insure/deny Claims Adjuster: Investigates the facts surrounding a reported claim Actuary: Determines the rates that should be charged for various types of insurance and for different customers.

  18. Want a Career In Insurance? • Online Insurance Services Business Degree • from Northeast Community College • Online Insurance Certificate • from Northeast Community College • -Transferable to all colleges and universities • -All online • -Complete at your own pace • More Knowledge about insurance = • more attractive to employers

  19. Questions? Check out www.investne.org Contact InVEST Nebraska Program Coordinator olivia.brichacek@biginebraska.org 800-377-3985

More Related