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Enterprise: Management Job: Using Insurance to reduce risk Original PowerPoint Created by Joel Wondra Modified by Georgia Agricultural Education Curriculum Office June, 2002 Objective Learn what insurance is and determine what insurance you need.
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Original PowerPoint Created byJoel Wondra
Modified by Georgia Agricultural Education Curriculum OfficeJune, 2002
Learn what insurance is
determine what insurance you need.
Insurance is a method of managing risk and uncertainty.
Term is the purest form of insurance.
You pay for the insurance and, as long as you are paying, you have insurance.
(whole) insurer pays a fixed price for insurance usually higher at first than term but does provide some savings
similar to straight yet payments are higher
Then the interest earned on the premiums kicks in and starts paying the premiums.
There is even more savings.
policy in which when you finish paying over a number of years you can cash the policy in for the face value.
Costs the most.
a. protect against the financial hardship due to illness or injury
b. covers cost of medical care to insure competent treatment
c. protects creditors by insuring policy holders ability to repay debt
covers hospital room and board
pays for all or part of surgical fees
pays for doctors visits
provides coverage for large medical expenses
Property insurance insures against loss due to fire, hail and wind storms.
Can get extra coverage for riots, civil commotion, vehicles, and smoke.
A special division of the USDA administers crop insurance.
This insurance covers crop loss regardless of cause and will also cover decreased quality.
This is a management tool that farmers need to consider.
b. medical payment
c. uninsured motorist
this insurance pays for bodily injury and damage to others when insurer is responsible
pays of insured and passengers medical fees regardless of blame.
covers insured, spouse and children if struck by uninsured
pays damage to insured’s care if it hits another vehicle or object.
covers loss caused by fire wind, theft, vandalism, collision with animal, etc.
pays a lump sum for death in car accident also pays lump sum for loss of limb, blindness, and such.
a. age < 25
b. location of vehicle
c. protection desired
d. accident history
e. use of vehicle
protects customer and stockholders profit
policy holders are the owners can profit, but might also have to pay extra if losing money