Monday, November 30, 2015 Objective: Students will be able to evaluate the costs and benefits of buying insurance. Purpose: You will need insurance to protect your belongings if they are ever damaged.

Insurance Costs Premium: the cost of obtaining and keeping insurance Deductible: the amount you have to pay for expenses before the insurance company will cover the remaining costs Coverage Replacement Cost Get several estimates before choosing a policy Read through each policy

Types of Insurance Auto Insurance Required by law in all 50 states and DC Collision Insurance: covers the costs for all damages that result from an accident Comprehensive Coverage: pays for damages such as theft, broken glass, and vandalism Liability: covers costs for damages to property, injuries, and court costs

Types of Insurance Health Insurance Required by Federal law Regular medical coverage For primary medical care Most insurance plans will allow you to get an annual physical for free Dental coverage Vision coverage

Types of Insurance Differences in Health Insurance Plans Degree to which you can choose your doctor (in network or out of network) Types of procedures covered Deductible amount Copayment amount Annual limits

Types of Insurance Property Insurance Renter’s Insurance Protects belongings against damage and destruction from fire, wind, lightning, and theft Flood Insurance Home Insurance Protects belongings in a home and on the property from damage and theft

Types of Insurance Life Insurance Prevents a family from financial losses from occurring after a person dies Disability Insurance pays benefits to individuals who lose their ability to work due to injury or illness