Section 2: Insurance. I CAN: Explain what types of insurance are available and why I need them Define the terms associated insurance.

Slides:



Advertisements
Similar presentations
Test this Thurs 9/27 Competition Competition Money (all aspects) Money (all aspects) Banking Banking Insurance Insurance.
Advertisements

The Fundamentals of Insurance Ch.32 – South Western 1997.
Auto Insurance. Insurance Basics Insurance is a way of planning for the unknown Why do we need auto insurance? Accidents can be VERY expensive.
Business & Personal Finance
What are several ways you can suffer financial loss when you own a home?
CHAPTER 14 AUTOMOBILE AND HOME INSURANCE Sharing the Risk
1. Comprehensive Coverage – includes all physical damage losses except collision and other specified losses. Usually includes.
Bell Ringer Yesterday we learned about 3 different types of personal insurance. What were they?
property coverage insurance  Damage to home or property  You should always insure your home and other expensive property  Property insurance covers.
Homeowners and Auto Insurance
Insurance Basics Sharing the Risk.
Lines of Insurance What They Are and Why They Are Important Created in part by The Texas Department of Insurance.
INSURANCE!. INSURANCE BASICS Life is full of RISK! You can’t eliminate risk, but you can manage it! Insurance Manages your risk of financial loss from.
0 Personal Finance Unit 4 Chapter 13 © 2007 Glencoe/McGraw-Hill DISASTROUS RESULTS Events such as hurricanes and tornados can cause widespread devastation.
Insurance Are you ready for an accident? Senior Advisory – May 4, 2015.
Auto Insurance September 18,2014. Liability  legal term for responsibility.
Discuss components of homeowners/renters insurance.
Do Now 1.List 5 risks that a typical person faces everyday. 2.List 3 kinds of insurance you have heard of.
Property Insurance. Insuring Your Valuable Property The main causes of property damage are accidents, theft, and vandalism. You can protect yourself from.
Chapter 25 Introduction to Risk Management
Chapter 8 In-Class Notes. Background on Insurance and Managing Risks Types of insurance Property insurance (auto and home insurance) Health insurance.
Section 22.1 ~ Objectives Common insurance terminology How to lower some insurance costs.
To indemnify against loss. Property Insurance  Covers damages to dwelling (house and attached fixtures) and personal belongings inside due to fire, storm,
Chapter 10. Learning Objectives (part 1 of 3) Identify the types of risks for which insurance coverage is appropriate Describe the basic principles of.
An Introduction to Insurance. What is Insurance?  Insurance is a means of guaranteeing you financial protection against various risks.  In exchange.
Chapter 25 Insuring Against Loss. Nature of Insurance Use insurance to protect themselves from risk due to fire, accident, or other catastrophes. People.
SSEPF5. Standard SSEPF5 The student will describe how insurance and other risk-management strategies protect against financial loss. SSEPF5 The student.
NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. Chapter.
0 Business and Personal Finance Unit 4 Chapter 13 © 2007 Glencoe/McGraw-Hill.
Have you ever wondered what home insurance is and why you need it ?
Chapter 24 Property Insurance __________________________.
Insurance Terms Business Essentials. Term Insurance An insurance policy that provides coverage for a limited period, the value payable only if a loss.
Objective: Compare different types of insurance plans. Identify types of insurance plans,( home, car, health, life, ). How insurance works. Evaluate insurance.
Types of Risk Risk Management Insurance Terminology Property & Liability Insurance Health and Life Insurance.
Risk Management and Insurance. What is risk? The chance of loss from some type of disaster.
WHAT INSURANCE PROTECTS The purpose of insurance is to protect against the loss of something of value Designed to restore you to your financial position.
CHAPTER 39 PROPERTY INSURANCE. HOME AND PROPERTY INSURANCE Damage to home and property--fire, flood, vandalism, wind, lightning, etc. Additional living.
Chapter 25 Introduction to Risk Management
© 2010 by Cengage Learning Chapter 24 _________ Property Insurance.
Copyright ©2004 Pearson Education, Inc. All rights reserved.10-1 Homeowner’s Insurance Homeowner’s insurance: provides insurance in the event of property.
Introduction to Risk Management © South-Western Educational Publishing What Is Insurance? What is risk? Risk Management.
Lesson 18 Insurance. Today’s Learning Objective What are the main types of insurance? Insurance Basics Auto Insurance Renter’s Insurance Homeowner’s Insurance.
Insurance & Risk Management. Can You Believe?  The number of insurance claims for auto accidents involving teens is ____% higher than those for adults.
Introduction to Insurance Source of Lesson Resources: Next Gen Personal Finance.
GO PANTHERS!!!!.  To protect yourself against financial loss (including the cost of your legal defense)  You can buy Bodily Injury Liability Coverage.
Insurance. Health Insurance Basic Physician for non-surgical care Surgical for surgeon’s fees Cosmetic not covered Specific procedures are a set price.
Types of Insurance Essentials Economics Review: What is Insurance? Risk is the uncertainty about a situation’s outcome- may be an unpredictable.
INSURANCE CALM 20. What is Insurance? Insurance is defined as a contract (called an insurance policy) where one party (insurer) agrees to pay another.
Personal Finance.  The Concept of Risk Management  Planning an Insurance Program  General Insurance Terms  Homeowners Insurance  What’s covered?
Insurance 101 Personal Finance. Learning Goal To be able to define terms relating to insurance.
Insurance Automobile and Health. What is insurance?  Insurance – Manage your risk of financial loss from illness, injury or damage.  Premium – Regular,
Insurance: Your Protection Financial Literacy Mrs. Dayley.
Personal Finance Section Buying Insurance Fireman’s Fund Insurance Company.
WHAT CAUSES INSURANCE PREMIUMS TO CHANGE?. General Insurance Terms--REVIEW Loss: an accident or illness that you have experienced which causes a financial.
Monday, November 30, 2015 Objective: Students will be able to evaluate the costs and benefits of buying insurance. Purpose: You will need insurance to.
Auto Insurance Home Insurance Vocab 1 Vocab 2Auto Insurance Insurance Game
Insurance. Risk Risk is the uncertainty about a situation’s outcome – This can be an unpredictable event which leads to loss or damage.
INSURANCE TYPES AND CHARACTERISTICS. WHAT IS INSURANCE? We have insurance because life is full of different risks. Insurance – an agreement between an.
INSURANCE Introduction to Business and Marketing.
Mrs. Karen Swope Single Survival Columbian High School
Click here to advance to the next slide.
Introduction Life is full of risks and accidents. People are at risk for getting injured when playing sports, riding in a car, or living in a house. Risk.
Understanding Types of Insurance
Warm Up What role is fulfilled by transactions in checking and savings accounts? Give two examples of transactions that are credits into an account. Give.
Jeopardy! Begin.
Buying Insurance Chapter 22 2/17/2019.
By : DeAndre Thomas 5th period #2k12 we going in!
Chapter 25 Introduction to Risk Management
Wednesday, April 5, 2017 Objective: Students will be able to evaluate the costs and benefits of buying insurance. Purpose: You will need insurance to protect.
What are some different types of insurance, and why do you need them?
Presentation transcript:

Section 2: Insurance

I CAN: Explain what types of insurance are available and why I need them Define the terms associated insurance

Types of insurance Car: Full vs. liability: Full covers the damage you do to others in an accident (property and bodily injury) AND the value of your car and your injuries. Liability only covers OTHERS. Home: Covers your home and possessions Renters: Covers your possessions Health: duh Disability: covers you if you have a temporary issue that prevents you from work (EX: cancer, broken bones, etc…)

The terms… Policy: your policy is the contract that says exactly what will be covered and paid for by your insurance company Premium: this is the price you pay for your coverage. This is determined based on your risk (a person who has had several car accidents will pay more than someone with no accidents in 20 years b/c they have more risk) Coordination of Benefits: determines who pays first when a person has more than 1 policy (usually, in health insurance)

Peril: a portion of home insurance that provides for specific hazardous events: flood, tornado, fire, etc Important b/c not all perils are covered. If you live in a flood plane, you CAN’T get flood coverage Property Coverage: Insurance doesn’t automatically cover everything you own. You often have to prove you own(ed) it and prove its value People often take pictures of their furnished homes and put them in a safe deposit box as evidence. Rider: an “extra” coverage on your policy (you have to pay extra to get it). Someone might get a rider to cover a very expensive sound system in their car.

CAN I? Explain what types of insurance are available and why I need them Define the terms associated insurance I can prove this by completing activities: 7.1- RAFT

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2024 SlidePlayer.com Inc. All rights reserved.