© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 1 20-1 20-1Vehicle Insurance 20-2 20-2Property Insurance.

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Presentation transcript:

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE Vehicle Insurance Property Insurance Life Insurance Health Insurance 20 C H A P T E R Insurance

© 2012 Cengage Learning. All Rights Reserved. SLIDE Vehicle Insurance Goal 1Discuss motor vehicle risks. Goal 2Explain auto insurance coverage. Goal 3Identify factors that affect auto insurance costs.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 3 KEY TERMS ●bodily injury liability ●medical payments ●uninsured motorist coverage ●property damage liability ●collision ●deductible ●comprehensive coverage

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 4 MOTOR VEHICLE RISKS ●Financial responsibility ●Compulsory insurance

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 5 Checkpoint ●What are financial responsibility laws? ●Financial responsibility laws protect the public from the financial loss caused by uninsured drivers by making drivers legally responsible for any injuries or property damage they cause.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 6 AUTOMOBILE INSURANCE COVERAGE ●Personal injury coverage ●Bodily injury liability protection ●Medical payments protection ●Uninsured motorist protection ●Property damage coverage ●Property damage liability ●Collision insurance ●Comprehensive coverage ●No-fault insurance laws

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 7 AUTOMOBILE INSURANCE COVERAGE

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 8 Checkpoint ●What are the two main categories of automobile insurance coverage? ●Personal injury coverage ●Property damage coverage

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 9 AUTOMOBILE INSURANCE COSTS ●Insurance rates ●Your age and other characteristics ●Purpose for which you use your car ●Number of miles you drive each year ●Value and type of your car ●Community in which you live ●Amount of coverage and deductibles ●Reducing auto insurance costs ●Selecting a company ●Assigned-risk plans ●Insurance for other vehicles

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 10 Checkpoint ●What factors affect the cost of automobile insurance? ●Driver’s age, accident record, marital status, academic standing, and credit rating ●Purpose for which the car is driven ●The number of miles driven each year ●Value and type of car ●Community in which the driver lives ●Amount of coverage and deductibles

© 2012 Cengage Learning. All Rights Reserved. SLIDE Property Insurance Goal 1Describe property insurance coverage. Goal 2Explain property insurance policies. Goal 3Identify factors that affect property insurance costs.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 12 KEY TERMS ●personal liability coverage ●homeowners policy ●depreciation

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 13 PROPERTY INSURANCE COVERAGE ●Damage to home or property ●Additional living expenses ●Liability losses

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 14 Checkpoint ●What are the three main types of property insurance coverage? ●Damage to home or property ●Additional living expenses ●Liability protection

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 15 PROPERTY INSURANCE POLICIES ●Homeowners policies ●Renters policies ●Special coverage ●Making a claim

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 16 HOME AND PROPERTY INSURANCE

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 17 Checkpoint ●How does a renters policy differ from homeowners insurance? ●A renters policy may include personal liability coverage, but unlike homeowners insurance, it doesn’t protect the actual dwelling, which should be covered under the owner’s policy.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 18 PROPERTY INSURANCE COSTS ●Coverage selection ●Insurance premiums

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 19 Checkpoint ●What factors affect the cost of home insurance? ●Insurance company’s past experiences ●The value of property insured ●Construction of the building ●Number of claims on the property ●Type of policy ●Distance to the nearest fire department and water supply ●Amount of deductible ●Credit rating of the insured

© 2012 Cengage Learning. All Rights Reserved. SLIDE Life Insurance Goal 1Discuss the principles of life insurance. Goal 2Explain the types of life insurance. Goal 3Describe the process of buying life insurance.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 21 KEY TERMS ●beneficiary ●term life insurance ●permanent life insurance

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 22 LIFE INSURANCE PRINCIPLES ●The life insurance policy ●Beneficiary selection

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 23 Checkpoint ●What is an insurable interest? ●An insurable interest in the life of another person means receiving some kind of financial benefit from that person’s continued life.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 24 TYPES OF LIFE INSURANCE ●Term life insurance ●Permanent life insurance ●Whole life insurance ●Variable life insurance ●Universal life insurance ●Group life insurance

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 25 TYPES OF LIFE INSURANCE POLICIES

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 26 Checkpoint ●What is the difference between term and permanent life? ●Term insurance ●Less expensive ●No savings or investment features ●Expires at the end of the term ●Permanent life insurance ●Policyholder can cash in policy for its cash value ●Policyholder can borrow up to the amount of the policy’s cash value.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 27 BUYING LIFE INSURANCE ●Coverage amount ●Life insurance application ●Premium payments

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 28 Checkpoint ●What factors affect the need for life insurance? ●Factors include the number of dependents who rely on the person, the amount of savings the person has to leave to those dependents and the amount of the person’s debts.

© 2012 Cengage Learning. All Rights Reserved. SLIDE Health Insurance Goal 1Describe health insurance coverage. Goal 2Discuss health insurance providers. Goal 3Explain disability and long-term care insurance.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 30 KEY TERMS ●hospital insurance ●surgical insurance ●regular medical insurance ●major medical insurance ●coinsurance ●comprehensive medical policy ●disability income insurance

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 31 HEALTH INSURANCE COVERAGE ●Hospital insurance ●Surgical insurance ●Regular medical insurance ●Major medical insurance ●Comprehensive medical policy ●Dental insurance ●Vision care insurance

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 32 Checkpoint ●What four types of health insurance would be included in a comprehensive medical policy? ●Hospital insurance ●Surgical insurance ●Regular insurance ●Major medical insurance

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 33 HEALTH INSURANCE PROVIDERS ●Group health insurance ●Individual health insurance ●Managed care plans ●Health Maintenance Organization (HMO) ●Preferred Provider Organization (PPO) ●State government assistance ●Federal government assistance ●Cost reduction actions

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 34 Checkpoint ●Who are the main providers of health insurance? ●The main providers of health insurance are group health insurance, individual health insurance, health maintenance organizations, preferred provider organizations, and government programs.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 35 DISABILITY AND LONG-TERM CARE INSURANCE ●Disability income insurance ●Long-term care insurance

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE 36 Checkpoint ●What is the purpose of disability income insurance? ●The purpose of disability income insurance is to provide periodic payments if the policyholder becomes disabled and loses his or her income.