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Your State Insurance Department’s Mission. To protect the public interest To promote competitive markets To facilitate the fair and equitable treatment of insurance consumers To promote the reliability, solvency and financial solidity of insurance institutions

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your state insurance department s mission
Your State Insurance Department’s Mission
  • To protect the public interest
  • To promote competitive markets
  • To facilitate the fair and equitable treatment of insurance consumers
  • To promote the reliability, solvency and financial solidity of insurance institutions
  • To support and improve state regulation of insurance
survey of u s consumers
Survey of U.S. Consumers
  • Young singles
  • Young families
  • Established families
  • Empty nesters/seniors

Young Singles

Young Families

Established

Families

Empty Nesters/

Seniors

did you know
Did You Know…
  • 20% of young singles say they would let their auto insurance policies lapse to save money
  • 18% would decline employer health insurance to save money
did you know5
Did You Know…
  • Among young families
    • Fewer than half have life insurance –purchased on their own – foreither spouse
  • Over a third do not see the importance of both spouses havinglife insurance
did you know6
Did You Know…
  • More than half of established families do not understand terms of health insurance continuation under COBRA
  • They have to pay the full cost of their premiums
  • Coverage ends after 18 months
did you know7
Did You Know…
  • Only 12 % of empty nesters/seniors think they are likely to need long-term care
  • They significantly underestimate the cost of such care
    • Their annual estimate: $35,000
    • Actual annual cost: $70,000*

* Source: MetLife Mature Market Institute

did you know8
Did You Know...
  • Broad need for greater awareness about fake insurance
  • 45% of consumers not suspicious about policy that costs significantly less than comparable ones
get smart about insurance
Get Smart about Insurance
  • Learn some special considerations that relate to your life-stage

Young Singles

Young Families

Established

Families

Empty Nesters/

Seniors

  • Learn the basics

Auto

Home

Life

Health

basics tips
Basics Tips

Shop around

Protect yourself against fake insurance companies

Review your coverage annually

introduction to auto insurance14
Introduction to Auto Insurance
  • Policy components
    • Liability
      • Bodily injury to others
      • Damage to others’ property
      • Uninsured motorist’s injury/damage to you
  • Property damage
    • Collision
      • Damage to your car from colliding with object
    • Comprehensive
      • Damage to your car from other causes
introduction to auto insurance15
Introduction to Auto Insurance
  • Premiums affected by…
    • Type/model/age of car
  • Safety features
  • Anti-theft devices
  • Where you park
  • Geographic region
    • Weather conditions
    • Traffic patterns
    • Risk of theft
  • Driving record
  • Your claims history
  • Deductible
introduction to home insurance17
Introduction to Home Insurance
  • Homeowner’s
    • Home structure, personal property
  • Renter’s
    • Only personal property
  • Actual cash value
  • Replacement cost
  • Flood insurance
    • Not included in home owner’s/renters policies
    • Available via National Flood Insurance Program (NFIP)
  • Tip: Inventory your personal property
introduction to home insurance18
Introduction to Home Insurance
  • Premiums affected by…
    • Home’s characteristics
      • Age, type of structure, wiring, roof, garage
  • Location, e.g.
    • Proximity to a fire station
    • Exposure to extreme weather
    • Theft-prone area
  • Home protective devices, e.g.
    • Burglar alarms
    • Smoke detectors/fire extinguisher
    • Sprinkler systems
    • Dead-bolt locks
  • Homeowner’s characteristics
    • Non-smoker
    • Good credit history
  • Previous claim history
introduction to life insurance20
Introduction to Life Insurance
  • Term insurance
    • Covers you for term of one or more years
    • Pays death benefit only if you die in that term
    • Generally offers largest insurance protection per dollar
    • Does not build up cash value
    • May not be renewable
  • Permanent insurance (whole life, universal life, variable universal life)
    • Provides long-term financial protection
    • Typically combines both death benefit and cash savings
    • Premiums tend to be higher 
introduction to life insurance21
Introduction to Life Insurance
  • Premiums affected by…
    • Age you purchase your policy
  • Overall health
  • Pre-existing/chronic health problems, e.g.
    • Diabetes, heart disease, cancer, sexually transmitted diseases
  • Poor health habits, e.g.
    • Smoking, excessive drinking
  • Dangerous hobbies, e.g.
    • Skydiving, skiing, rock climbing
  • Driving record, e.g.
    • Accidents, DWIs, claims, tickets
  • Your geographic area
introduction to health insurance23
Introduction to Health Insurance
  • Types of plans
    • Major medical plans
  • Indemnity
  • Preferred provider organization (PPO)
  • Health maintenance organization (HMO)
  • Point of service plans (POS)
  • Limited benefit plans
    • Provide coverage for particular health care setting,ailment or disease, e.g.
      • Basic hospital expense coverage
      • Accident only coverage
introduction to health insurance24
Introduction to Health Insurance
  • Additional coverage options, e.g.
    • Disability
    • Long-term care
    • Medicare supplemental
  • Non-insurance options
    • Discount plans
    • Non-licensed risk-sharing plans
introduction to health insurance25
Introduction to Health Insurance
  • Controlling your costs…
    • If both spouses have employer-provided coverage, carefully compare costs/benefits
  • Regularly review your specific needs and adjust coverage options
  • Stay in network as much as possible
    • Obtain referrals, as required
  • Comply with pre-certification requirements
  • Hold onto receipts, should you exceed your deductible
  • Participate in flexible spending account, if offered by your employer
  • Consider combining a high-deductible catastrophic plan with an HSA, if offered by your employer
pop quiz
Pop Quiz!

Which of the following actions may help reduce

your auto insurance premiums:

  • Completing a defensive driving “refresher” course
  • Dropping collision insurance if your car is older
  • Raising your deductible
  • Parking your car in an indoor garage or locked parking lot
  • All of the above
pop quiz27
Pop Quiz!

Which of the following actions may help reduce

your auto insurance premiums:

  • Completing a defensive driving “refresher” course
  • Dropping collision insurance if your car is older
  • Raising your deductible
  • Parking your car in an indoor garage or locked parking lot
  • All of the above
pop quiz28
Pop Quiz!

You have the option to insure your home and belongings

for their replacement costs. Which of the following

statements is TRUE?

  • Replacement cost coverage takes into account the amountof time you have owned the home or your belongings.
  • Replacement cost coverage provides payment to replace or rebuild your home or repair damages as you please,without restrictions on the kind or quality of materials used.
  • Replacement cost is the amount it would take to replace or rebuild your home or repair damages, without deducting for depreciation.
pop quiz29
Pop Quiz!

You have the option to insure your home and belongings

for their replacement costs. Which of the following

statements is TRUE?

  • Replacement cost coverage takes into account the amountof time you have owned the home or your belongings.
  • Replacement cost coverage provides payment to replace or rebuild your home or repair damages as you please,without restrictions on the kind or quality of materials used.
  • Replacement cost is the amount it would take to replace or rebuild your home or repair damages, without deducting for depreciation.
pop quiz30
Pop Quiz!

Which of the following definitions of term life insurance

is TRUE?

  • Term life insurance is coverage that typically ends at the age of 40, while whole life insurance covers you until you reach the age of 65.
  • Term life insurance is coverage at a guaranteed rate for a specified period of time, while whole life insurance covers you for as long as you live if your premiums are paid.
  • Term life insurance is a flexible policy that lets you vary your premium payments.
  • Term life insurance allows you to borrow against the policy.
pop quiz31
Pop Quiz!

Which of the following definitions of term life insurance

is TRUE?

  • Term life insurance is coverage that typically ends at the age of 40, while whole life insurance covers you until you reach the age of 65.
  • Term life insurance is coverage at a guaranteed rate for a specified period of time, while whole life insurance covers you for as long as you live if your premiums are paid.
  • Term life insurance is a flexible policy that lets you vary your premium payments.
  • Term life insurance allows you to borrow against the policy.
auto 101 car driver
Auto 101: Car & Driver
  • Stay on your parents’ policy, if possible
  • Don’t let coverage lapse
  • Control costs prudently
    • Consider how insurance rates vary with type/model/features of car
  • Don’t go overboard with liability coverage
  • Consider dropping collision coverage for older car
  • Raise your deductible
  • Commute via public transportation
  • Suspend coverage if you’ll be traveling or deployed in military
  • Take defensive driving course
  • Maintain good driving record
  • Maintain good grades
home 101 living single
Home 101: Living Single
  • Understand renter’s insurance
    • What’s covered, what’s not
  • Who’s liable
  • Owning your own policy
  • Control costs prudently
    • Install smoke detectors/place fire extinguishers in key locations
life 101 lessons for life
Life 101: Lessons for Life
  • Weigh costs/benefits of purchasing at a young age
    • Permanent, term
    • Serviceman’s Group Life Insurance (SGLI)
  • Control costs prudently
    • Understand impact of…
      • Pre-existing/chronic health problems
  • Poor health habits
    • Smoking, excessive drinking
  • Driving record
  • Dangerous hobbies, e.g.
    • Skydiving, skiing, rock climbing
health 101 i got a job and health insurance too
Health 101: I Got a Job…and Health Insurance Too
  • Even though you’re young/healthy, never forgo coverage
    • Know your family’s health history
    • Understand when…
      • Parents/school coverage ends
      • Employment coverage begins
  • Weigh health coverage in assessing job offers
  • To control costs or cover interim period, consider…
    • High-deductible major medical policy
      • Catastrophic health coverage
  • Health Savings Account (HSA)
  • For physically demanding jobs, consider disability coverage
    • Provides lost income in event of injury that prevents you from working
pop quiz37
Pop Quiz!

At this stage of your life, you might be considering buying

your first car. Which of the following aspects of your

vehicle does NOT affect your auto insurance premiums?

  • Make and model of the vehicle; whether it is an SUV, convertible or an economy car etc.
  • “Theft-ability Factor”: Whether the vehicle you are considering is prone to theft more than the others
  • Safety devices installed in the vehicle
  • Fuel efficiency of the vehicle
pop quiz38
Pop Quiz!

At this stage of your life, you might be considering buying

your first car. Which of the following aspects of your

vehicle does NOT affect your auto insurance premiums?

  • Make and model of the vehicle; whether it is an SUV, convertible or an economy car etc.
  • “Theft-ability Factor”: Whether the vehicle you are considering is prone to theft more than the others
  • Safety devices installed in the vehicle
  • Fuel efficiency of the vehicle
pop quiz39
Pop Quiz!

What is renter’s insurance?

  • An insurance policy aimed at covering the landlord’s possessions or property
  • Insurance on a rented car or rented boat
  • Insurance that protects the insured’s belongings and provides liability coverage against damages, losses and accidents that occur in a rented residence
  • There is no such thing. If you rent, you and your possessions are covered under the property owner’s insurance.
pop quiz40
Pop Quiz!

What is renter’s insurance?

  • An insurance policy aimed at covering the landlord’s possessions or property
  • Insurance on a rented car or rented boat
  • Insurance that protects the insured’s belongings and provides liability coverage against damages, losses and accidents that occur in a rented residence
  • There is no such thing. If you rent, you and your possessions are covered under the property owner’s insurance.
pop quiz41
Pop Quiz!

Often the health insurance coverage you have from your

college or under your parents’ policy ceases when you

graduate. Which of the following is the LEAST desirable

option to obtain interim health coverage until you get

coverage through an employer?

  • Using interim coverage offered by some colleges to their recent graduates
  • Purchasing the policy with the lowest premiums regardless of the coverage
  • Purchasing catastrophic health coverage as a short-term measure
  • All of these are good, risk-free options
pop quiz42
Pop Quiz!

Often the health insurance coverage you have from your

college or under your parents’ policy ceases when you

graduate. Which of the following is the LEAST desirable

option to obtain interim health coverage until you get

coverage through an employer?

  • Using interim coverage offered by some colleges to their recent graduates
  • Purchasing the policy with the lowest premiums regardless of the coverage
  • Purchasing catastrophic health coverage as a short-term measure
  • All of these are good, risk-free options
auto 201 and baby makes three
Auto 201: And Baby Makes Three
  • Consider increasing liability coverage as you transport children
  • Consider adding umbrella policy to protect your growing assets
  • Understand insurance costs of stepping up to larger vehicle
  • Control costs prudently
    • Merge separate spouse policies
home 201 owning up to your home
Home 201: Owning Up to Your Home
  • Understand why home’s insured value will likely be less than its market value
    • Insuring home/possessions, not land
  • Alert insurance company to major home improvements
    • Typically $5,000+
  • Understand your legal liability
  • Consider increasing liability coverage for ‘backyard hazards,’ e.g.
    • Pool, trampoline, swing set
  • Consider rider to cover special valuables, e.g.
    • Jewelry, antiques, art
  • Control costs prudently
    • Consider raising deductible
life 201 we are family
Life 201: We are Family
  • Consider coverage for both spouses
  • Consider child care costs in determining coverage amounts
  • Weigh costs/benefits of purchasing whole life vs. term
  • Update policies to name children as beneficiaries
    • Consider naming trustee for underage kids
  • Consider benefits of purchasing policy for newborn
life 201 we are family48
Life 201: We are Family
  • Control costs prudently
    • Seek discounts for healthy lifestyle improvements
      • Smoking cessation
      • Lowering cholesterol
  • Apply for Serviceman’s Group Life Insurance (SGLI), if eligible
  • Understand impact of…
    • Pre-existing/chronic health problems
    • Poor health habits
    • Driving record
    • Dangerous hobbies, e.g.
      • Skydiving, skiing, rock climbing
health 201 i do health insurance for two
Health 201: I Do! Health Insurance for Two+
  • If both parents are working, compare health insurance policies to see which best meets family’s needs
  • Take advantage of flexible spending account, if available
  • If planning to start a family, fully familiarize yourself with coverage options, exclusions
  • Be aware of deadlines/requirements for covering newborns, adoptions
pop quiz50
Pop Quiz!

Why do you need to inform your insurance company of

backyard items, such as a swing set or trampoline?

  • These items will attract more visitors to your home.
  • These items are more likely to cause accidents on your property.
  • These items are expensive and will therefore raise your premiums.
  • These items are removable and can be stolen.
pop quiz51
Pop Quiz!

Why do you need to inform your insurance company of

backyard items, such as a swing set or trampoline?

  • These items will attract more visitors to your home.
  • These items are more likely to cause accidents on your property.
  • These items are expensive and will therefore raise your premiums.
  • These items are removable and can be stolen.
pop quiz52
Pop Quiz!

What are the benefits of purchasing a whole life

insurance policy for a healthy newborn?

  • Their insurability is high, and the premium costs will be low
  • If health issues develop for your child later in life, he/she may not be eligible for life insurance coverage
  • A whole life policy is also an investment vehicle
  • All of the above
pop quiz53
Pop Quiz!

What are the benefits of purchasing a whole life

insurance policy for a healthy newborn?

  • Their insurability is high, and the premium costs will be low
  • If health issues develop for your child later in life, he/she may not be eligible for life insurance coverage
  • A whole life policy is also an investment vehicle
  • All of the above
pop quiz54
Pop Quiz!

At this stage of your life, you might find yourself driving

additional children in your car while carpooling. What

action might you consider taking in order to protect your

assets in case of an accident?

  • Increase your liability insurance
  • Purchase a more expensive car
  • Increase your deductible
  • All of the above
pop quiz55
Pop Quiz!

At this stage of your life, you might find yourself driving

additional children in your car while carpooling. What

action might you consider taking in order to protect your

assets in case of an accident?

  • Increase your liability insurance
  • Purchase a more expensive car
  • Increase your deductible
  • All of the above
auto 301 car wars
Auto 301: Car Wars!
  • Be prepared for sizeable increase as you addteenage drivers
    • Female: +50%
    • Male: +100%
  • Consider increasing liability coverage as you transport more children
  • Consider adding umbrella policy to protect your growing assets
auto 301 car wars59
Auto 301: Car Wars!
  • Control costs prudently
    • Carefully compare costs for new teen drivers
  • Consider how insurance rates vary with type/model/features of car
  • Encouarge child to maintain good grades
  • Explore discounts if child away at school
  • Seek discount for safe driving record
    • Consider taking defensive driving course
home 301 home growth
Home 301: Home Growth
  • Add coverage as you add possessions
    • Furniture, computers, stereos, TVs
  • Alert insurance company to major home improvements
    • Typically $5,000+
  • Understand your legal liability
  • Consider increasing liability coverage for ‘backyard hazards,’ e.g.
    • Trampoline, pool
home 301 home growth61
Home 301: Home Growth
  • Consider rider to cover special valuables, e.g.
    • Jewelry, antiques, art
  • Check whether your insurance covers possessions of child away at college
  • Know what’s not covered, e.g.
    • Water/septic line break
life 301 life line
Life 301: Life Line
  • Regularly review/update your policies
  • Consider your children’s college education costs in determining coverage amounts
  • If considering an annuity, explore…
    • Types
      • Single premium
      • Multiple premium
      • Fixed
      • Deferred
      • Variable
  • Access to principal
    • Penalties
  • Fees
  • Tax treatment
health 301 growing pains
Health 301: Growing Pains
  • Review coverage options with this life stage in mind, e.g.
    • Pregnancy-related services
  • Consider flexible spending account for items not typically covered, e.g.
    • Allergy tests, braces, eyeglasses, retainers
  • Know your COBRA rights/responsibilities
  • Carefully, consider costs/benefits of long-term care insurance if you’re over 50
pop quiz64
Pop Quiz!

In general, which gender teenage driver is likely to raise

your auto insurance rates the most when you add

him/her to your plan?

  • Male
  • Female
pop quiz65
Pop Quiz!

In general, which gender teenage driver is likely to raise

your auto insurance rates the most when you add

him/her to your plan?

  • Male
  • Female
pop quiz66
Pop Quiz!

A “scheduled personal property endorsement” (also

known as a “personal article floater”) provides broader

coverage than is typically included in your regular home

insurance policy for specific expensive items. Which item

would NOT need to be covered by a “floater”?

  • a diamond ring
  • a laptop computer
  • an antique armoire
  • a fur coat
pop quiz67
Pop Quiz!

A “scheduled personal property endorsement” (also

known as a “personal article floater”) provides broader

coverage than is typically included in your regular home

insurance policy for specific expensive items. Which item

would NOT need to be covered by a “floater”?

  • a diamond ring
  • a laptop computer
  • an antique armoire
  • a fur coat
pop quiz68
Pop Quiz!

Which of the following statements is TRUE about your

right to continue obtaining health coverage under COBRA?

  • Under COBRA, you and your family can elect to continue to be covered by your former employer’s group health plan for typically up to 18 months after your employment situation changes, providing you pay the premiums on time.
  • Under COBRA, you can negotiate better insurance rates with your next employer or when you set up your own coverage for your new business.
  • Under COBRA, your former employer must continue to pay your health insurance premiums typically for 18 months if you want to remain on the employer’s group health plan.
pop quiz69
Pop Quiz!

Which of the following statements is TRUE about your

right to continue obtaining health coverage under COBRA?

  • Under COBRA, you and your family can elect to continue to be covered by your former employer’s group health plan for typically up to 18 months after your employment situation changes, providing you pay the premiums on time.
  • Under COBRA, you can negotiate better insurance rates with your next employer or when you set up your own coverage for your new business.
  • Under COBRA, your former employer must continue to pay your health insurance premiums typically for 18 months if you want to remain on the employer’s group health plan.
auto 401 traveling on
Auto 401: Traveling On
  • Take advantage of age-related discounts
    • Mature driver
  • Limited mileage/daytime only driver
  • Long-term employee
  • Alert insurance company if your children have reached18 and left home
  • Consider taking a senior driving refresher course, e.g.
    • AARP’s 55Alive
    • National Institute of Highway Safety
    • AAA
  • Consider adding umbrella policy to protect your growing assets
  • Consider dropping collision insurance for older car
home 401 small is beautiful
Home 401: Small is Beautiful
  • Take advantage of discounts for retirees that spendmore time at home
  • Consider increasing liability coverage
    • To better protect your retirement assets
    • To cover home-based business
  • Understand your legal liability
  • Review whether coverage limits are in line with replacement costs in today’s market
home 401 small is beautiful74
Home 401: Small is Beautiful
  • Consider increasing rider to cover appreciation of special valuables, e.g.
    • Jewelry, antiques, art
  • Consider insurance cost benefits of renting vs. owning at this life stage
  • Consider consolidating coverage of primary home, vacation home, boat with single company
  • Notify insurance company if you’ve paid off mortgage
life 401 late in life insurance
Life 401: Late-in-Life Insurance
  • Inquire about converting group life insurance intoindividual policy
  • Review your policies to determine whether you can decrease coverage
    • Spouse living?
    • Home paid off?
    • Other financial assets?
    • Children financially independent?
    • Impact of debts, estate taxes on heirs?
  • Update beneficiary designations
  • Consider pros/cons of diverting cash value into long-term care policy
life 401 late in life insurance76
Life 401: Late-in-Life Insurance
  • Consider pros/cons of withdrawing funds penalty-freefrom your 401K or IRA and purchasing an annuity…
    • Types
      • Single premium
      • Multiple premium
      • Fixed
      • Deferred
      • Variable
  • Access to principal
    • Penalties
  • Tax treatment
  • Fees
  • Carefully evaluate pros/cons of selling policy for life settlement
  • Understand limits of ‘final expense’ policies
health 401 happy healthy hip replacement
Health 401: Happy, Healthy & Hip (Replacement)
  • If your child is a full-time college student, determine whether he/she can still be covered under your employer’s insurance
  • If you retire before eligibility for Medicare…
    • Know your COBRA rights/responsibilities
    • Consider high-deductible major medical policy or catastrophic health coverage
  • Be wary of discount health cards
    • Call state insurance department to determine legitimacy
  • Consider whether you still need disability insurance
  • Before purchasing long-term care insurance, carefully analyze whether you can afford premiums for extended period of years, understand benefit triggers
medicare coverage
Medicare Coverage
  • Traditional Medicare plan
    • Part A (hospital bills)
      • Paid for via your working lifetime contributions
    • Part B (doctors’ bills)
      • Monthly payments
  • Medigap policy
    • Incremental cost
    • Covers medical/hospital expenses, deductibles not covered by Medicare
  • Medicare Advantage plan
    • Private plans with more choices/benefits
    • Eliminates need for Medigap policy
    • Incremental cost
medicare coverage79
Medicare Coverage
  • Medicare Part D (prescription drug benefit)
    • Federal government subsidized private plans
  • Considerations
    • Will you save money vs. plan’s premiums/deductibles
  • Which plan best suits your needs?
  • How will enrollment affect retiree benefits you currently receive?
  • Key enrollment dates:
    • May 15, 2006 (current year)
    • November 15, 2006 (for 2007)
pop quiz80
Pop Quiz!

You may qualify for lower premiums on your

homeowner’s policy because:

  • As a retiree, you are more likely to be around home more of the time and can therefore watch over your home and possessions.
  • You have consolidated your homeowner’s and auto policies at the same insurer, thereby qualifying for a multi-policy discount.
  • Now that your children have left home, you decide to sell your older home and buy a new home, smaller in size.
  • All of the above
pop quiz81
Pop Quiz!

You may qualify for lower premiums on your

homeowner’s policy because:

  • As a retiree, you are more likely to be around home more of the time and can therefore watch over your home and possessions.
  • You have consolidated your homeowner’s and auto policies at the same insurer, thereby qualifying for a multi-policy discount.
  • Now that your children have left home, you decide to sell your older home and buy a new home, smaller in size.
  • All of the above
pop quiz82
Pop Quiz!

You are about to retire, and your only life insurance is the

coverage provided by your employer. Which of the

following statements is TRUE?

  • You can definitely keep your life insurance coverage as long as you pay the premiums.
  • In some cases, you can convert group life to individual coverage.
  • You can never convert group life to individual coverage.
  • You are out of luck because people over 65 don’t qualify for individual life insurance.
pop quiz83
Pop Quiz!

You are about to retire, and your only life insurance is the

coverage provided by your employer. Which of the

following statements is TRUE?

  • You can definitely keep your life insurance coverage as long as you pay the premiums.
  • In some cases, you can convert group life to individual coverage.
  • You can never convert group life to individual coverage.
  • You are out of luck because people over 65 don’t qualify for individual life insurance.
pop quiz84
Pop Quiz!

If you are on Medicare, you cannot be covered by a health

maintenance organization (HMO). True or False?

  • True
  • False
pop quiz85
Pop Quiz!

If you are on Medicare, you cannot be covered by a health

maintenance organization (HMO). True or False?

  • True
  • False
fight fake insurance88
Fight Fake Insurance
  • Annually, 1,000s of consumers defrauded by fake insurance companies
    • Collect premiums
    • Don’t pay claims
  • Fake health insurance*
    • 144 fake insurers
    • 200,000 bogus policies
    • $252 million unpaid claims

*Source: General Accounting Office, 2000-2002 report

fight fake insurance89
Fight Fake Insurance
  • Protect yourself!
    • Before signing up for policy or writing check…
      • Stop, call your state insurance department
      • Confirm whether insurance company is licensed in this state
  • Warning signs
    • Aggressive agent or broker
    • Significantly lower premiums (15-20%)
    • Unlisted phone
fight fake insurance91
Fight Fake Insurance

[Embed PSA or screen grabs]

pop quiz92
Pop Quiz!

To protect yourself from buying a fake policy, what is

your best source of information to ensure that the

company with which you’re dealing is legitimate and

licensed to sell insurance in your state?

  • Your parents
  • Your friends
  • The insurance agent selling the policy
  • Your state insurance department
pop quiz93
Pop Quiz!

To protect yourself from buying a fake policy, what is

your best source of information to ensure that the

company with which you’re dealing is legitimate and

licensed to sell insurance in your state?

  • Your parents
  • Your friends
  • The insurance agent selling the policy
  • Your state insurance department
get smart about insurance resources
Get Smart About Insurance Resources
  • www.InsureUonline.org
    • Get Smart about Insurance online curriculum
  • Order forms for consumer booklets
  • Consumer Information Source
    • Search complaints for individual insurance companies
  • Online fraud reporting system
    • Report suspected insurance fraud
  • www.floodsmart.gov
    • Official site of the National Flood Insurance Program
  • Senior Health Insurance Information Program
    • Available in every state