Insurance
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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

Insurance

Consumer Ed

Unit


Risk areas

Risk Areas

  • Property-items owned

  • Personal-bodily injury

  • Liability-anyone getting hurt by you


Auto insurance coverage

Auto Insurance Coverage

  • Collision Coverage-pays for the repair or replacement of your own vehicle after a traffic accident

  • 30% of your bill


Auto insurance coverage1

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


Auto insurance coverage2

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


Auto insurance coverage3

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


Insurance rates for factors

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


Vehicle insurance rate discounts

Vehicle Insurance Rate Discounts

  • Good Grades

  • Multi-policies with same company

  • Good Driver

  • Anti-theft measures

  • Defensive Driver Courses

  • College Graduates


Scene of an accident

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


Special type of insurance

Special Type of Insurance

  • No-fault-does not assign blame for an accident

  • Each person pays for their own repairs.


Home insurance

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


Exclusions

Exclusions

  • Flood

  • Building Ordinance

  • Earthquake

  • Power Failure

  • Hurricane

  • Neglect

  • Volcano

  • War


Factors of home insurance rates

Factors of Home Insurance Rates

  • Age of the Home

  • Local Firefighting capabilities

  • Construction materials

  • Size of the home


Home insurance rate discounts

Home Insurance Rate Discounts

  • Increase deductible

  • Upgrade wiring or plumbing

  • Security System

  • Multiple Policies with same company


Home insurance specialties

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


Life insurance

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.


Types of life insurance

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


Factors to life insurance rates

Factors to Life Insurance Rates

  • Age

  • Gender

  • Health

  • Smoker/Non-smoker

  • Occupation

  • Family History


Health insurance basic coverage

Health Insurance Basic Coverage

  • Hospitalization

  • Surgery

  • Outpatient

  • Major Medical

    Additional Coverage-prescriptions, vision, and dental


Types of insurance plans

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


Government sponsored

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


Cobra

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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