Warm up: 1.Add this to yesterday’s objective: 5.4 Compare and contrast the purposes of credit and debit 1.Explain the costs and benefits of budgeting. 2.Explain the differences between and purposes of debit and credit(s).

5.5  Understand the importance of insurance

5.5 Insurance and Intellectual Property

Insurance  Insurance: company will pay for a loss of property (life, health, etc.) if individual pays company monthly  Liability: legal responsibility

Types of Insurance:  Car Insurance: required because you could damage other’s property  Health Insurance  Homeowners/Rental Insurance  Life Insurance

Terms to know…  Premium: The amount that an insured person pays each month  Deductible: The amount that the insured has to pay before the insurance company will cover the rest of the cost  Co-Pay: Insured pays fixed amt. and company covers the rest

6.4  Assess knowledge of Unit 5: Personal Financial Literacy

Idea Ownership  Intellectual Property: the right to own an idea

Types of I.P.  Patent: Exclusive right to an invention  Copyright: Creator of original work (ex. Book, photograph) to get financial credit if others want to use it  Trademark: Securing legal rights to a name