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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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enterprise management job using insurance to reduce risk

Enterprise: ManagementJob: Using Insurance to reduce risk

Original PowerPoint Created byJoel Wondra

Modified by Georgia Agricultural Education Curriculum OfficeJune, 2002

objective
Objective

Learn what insurance is

and

determine what insurance you need.

what is insurance and why is it important to you
What is insurance and why is it important to you?

Insurance is a method of managing risk and uncertainty.

what are the two reasons to buy life insurance
What are the two reasons to buy life insurance?
  • The first reason to buy insurance is to provide protection against the loss of income due to the premature death of the breadwinner.
  • The second reason is to provide a means of savings and investment.
explain the difference between term straight limited payment and endowment life insurance
Explain the difference between term, straight, limited payment and endowment life insurance:
slide6
Term

Term is the purest form of insurance.

You pay for the insurance and, as long as you are paying, you have insurance.

straight life
Straight Life

(whole) insurer pays a fixed price for insurance usually higher at first than term but does provide some savings

limited payment
Limited Payment

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.

endowment
Endowment

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.

what are the functions of health insurance
What are the functions of health insurance?

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

what are the four areas that health insurance covers
What are the four areas that health insurance covers:
  • hospital expense
  • surgical expense
  • Regular
  • major medical
hospital expense
Hospital Expense

covers hospital room and board

surgical expense
Surgical Expense

pays for all or part of surgical fees

regular
Regular

pays for doctors visits

major medical
Major Medical

provides coverage for large medical expenses

what does property insurance cover
What does property insurance cover?

Property insurance insures against loss due to fire, hail and wind storms.

Can get extra coverage for riots, civil commotion, vehicles, and smoke.

who administers crop insurance and what does it cover
Who administers crop insurance and what does it cover?

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.

types of auto insurance
Types of auto insurance:

a. liability

b. medical payment

c. uninsured motorist

d. collision

e. comprehensive

f. ad&d

liability
Liability

this insurance pays for bodily injury and damage to others when insurer is responsible

medical payment
Medical Payment

pays of insured and passengers medical fees regardless of blame.

uninsured motorist
Uninsured Motorist

covers insured, spouse and children if struck by uninsured

collision
Collision

pays damage to insured’s care if it hits another vehicle or object.

comprehensive
Comprehensive

covers loss caused by fire wind, theft, vandalism, collision with animal, etc.

slide24
ad&d

pays a lump sum for death in car accident also pays lump sum for loss of limb, blindness, and such.

insurance companies use the following to figure premiums
Insurance companies use the following to figure premiums:

a. age < 25

b. location of vehicle

c. protection desired

d. accident history

e. use of vehicle

stock
Stock

protects customer and stockholders profit

mutual
Mutual

policy holders are the owners can profit, but might also have to pay extra if losing money

from who else can we get insurance
From who else can we get insurance?
  • agricultural organizations
  • the government
workman s compensation benefits
Workman's compensation benefits
  • medical expenses
  • hospital service
  • pay to the employee.
  • This insurance will pay up to 401 weeks and provides the spouse with payment for life if death occurs.
  • This insurance is not mandatory