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CHAPTER 14, 14-2

CHAPTER 14, 14-2

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CHAPTER 14, 14-2

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  1. CHAPTER 14, 14-2 Insurable Risks

  2. How insurance works INSURANCE COMPANY YOU Insurer Insured

  3. How insurance works INSURANCE COMPANY YOU Here you go! Insurance policy Insurer Insured

  4. How insurance works INSURANCE COMPANY YOU Thanks! Premium Insurer Insured

  5. How insurance works Uh oh! Something happened. I need your help! INSURANCE COMPANY YOU No problemo! That’s why we’re here. File a claim Insurer Insured

  6. Ways to get insurance • Buy it directly from the company • Get it through your employer • Obtain it through a professional organization (ex. VEA)

  7. Single company agent Freelance agent • Writes insurance policies for only the company they work for • Writes insurance policies for several different companies. TYPES OF AGENTS

  8. What can you insure? • Most common are: • Vehicle, property, health, & life insurance.

  9. Business insurance Insuring personnel • Health insurance • Disability insurance • Life insurance

  10. Business insurance Insuring property • Commercial property insurance • Vehicle insurance

  11. Business insurance Insuring operations • Business interruption insurance • Liability insurance

  12. Make a profit Provide financial protection Reduce taxes Increase sales The reason businesses and individuals purchase insurance is to

  13. Make a profit Provide financial protection!! Reduce taxes Increase sales The reason businesses and individuals purchase insurance is to

  14. True or false? Another term for an insurance company is the policyholder.

  15. True or false!! Another term for an insurance company is the policyholder.

  16. Health insurance Property insurance Vehicle insurance Liability insurance Insurance that provides coverage for claims by others based on damages suffered as a result of business operations, employees, or products is

  17. Health insurance Property insurance Vehicle insurance Liability insurance!! Insurance that provides coverage for claims by others based on damages suffered as a result of business operations, employees, or products is