1. Unit B Personal Law BB30 Business Law 4.02Summer 2013 Essential Standard 4.00 Understand financial, credit, and insurance law

2. 4.02 Understand Types and Aspects of Insurance BB30 Business Law 4.02Summer 2013 A.Insurance Defined Premiums 1. What are premiums? 2. What type of insurance types have them? Insurable Interest-Financial Responsibility 1. What determines whether there is an insurable interest? Risk- What is risk and how does it affect

3. Insurance Defined-Continued BB30 Business Law 4.02Summer 2013 Exclusions 1. What does exclusion mean? 2. How does exclusion apply to insurance? 3. Why do insurance companies put exclusions in their policies? Claims 1. What is a claim in regards to insurance? 2. How does a policy holder enter a claim?

4. Insurance Defined (Continued) BB30 Business Law 4.02Summer 2013 Deductibles 1. What are deductibles? 2. What is the purpose of a deductible for the policy holder? Insured 1. What or who is the insured 2. Is the insured always the policy holder or not? Insurer 1. Who is an insurer? 2. Is the insurer a business/corporation or an individual?

5. Auto Insurance What is a Personal Auto Policy? What is liability coverage? What is property damage coverage? What is Comprehensive vs. Collision Coverage? What is Medical Payment Coverage? What is Uninsured Motorist coverage? What is underinsured Motorist coverage? What are some miscellaneous auto coverages?

6. Motorcycle Insurance BB30 Business Law 4.02Summer 2013 Liability, Collision, Uninsured/Underinsured and Towing Coverage is identical to a regular automobile policy. It is important to have a special coverage for a customized motorcycle. Traditional motorcycle coverage will only cover the “stock value” not any customizations are added equipment.

7. Boat Insurance Pleasure boat policies or endorsements often state that coverage includes "the boat and all permanently attached equipment". The policy may then list items that are not permanently attached, but are covered as either part of the boat's value, or as a separate limit of insurance. Items that may or may not be considered "permanently attached" under a policy include: Anchors Batteries Bilge pumps Boat furniture Boat and motor covers Cook stoves Deck chairs Depth finders Detachable canopies Emergency signaling devices Fire extinguishers Fittings Fuel tanks Horns Life preservers Lights BB30 Business Law 4.02Summer 2013