Presentation on theme: " I: Insurance: a contract(policy) where one party(insurer) agrees to pay another party (insured) of losses affecting the insured’s interests (the insurable."— Presentation transcript:
I: Insurance: a contract(policy) where one party(insurer) agrees to pay another party (insured) of losses affecting the insured’s interests (the insurable interest). * Premium: the money paid by the insured (customer) to the insurer. * Different Types of insurance; life, health, auto, etc.
I: Life Insurance provides coverage after the insured party’s death, often to family member(s) left behind. (Beneficiary). II: Two Types of Life Insurance: A: Term Insurance: is sold for a specified time period B: Whole Life Insurance; provides coverage throughout the insured’s life. This policy has cash value.
C: Homeowner’s Insurance: provides coverage to home, or rental property in case of fire, or natural disaster. Flood damage is not covered and consumers must pay for additional coverage to cover floods.
D: Disability Insurance: covers monthly income when one becomes disabled and unable to work. E: Worker’s Compensation: Protects workers who are injured on the job.
North Carolina requires that ALL drivers have liability insurance. This coverage helps pay for injuries and damages from a car accident for which you are at fault.coverage F: Auto Insurance: provides coverage for automobile accidents and damage to the insured’s auto. ◦Liability: covers damages if the insured driver injures someone or damages someone’s property in an automobile accident. ◦Collision insurance-pays for damage to the insured auto when it is involved in a collision. ◦Comprehensive insurance: covers damage to the insured auto resulting from causes other than collision ( hail, flood, fallen tree).
The minimum liability coverage limits are: $30,000 for bodily injury liability, per person per accident. $60,000 of bodily injury liability total per accident. $25,000 of property damage liability, per accident. You are also required to have uninsured motorist coverage. This helps pay for your own accident-related injuries when the collision occurred with an uninsured driver.
G: Title Insurance: protects a buyer of realty (property) in the event that the seller did not have a clear title to that property. H: Malpractice Insurance-insurance purchased by physicians and hospitals to cover the cost of being sued by patients (one of the leading reasons health care cost have skyrocketed) III: Annuity: will pay a designated amount periodically, the payments begin at a date set in the policy. See video http://www.investopedia.com/video/play/understanding- an-annuity#axzz1zWSWg5UL http://www.investopedia.com/video/play/understanding- an-annuity#axzz1zWSWg5UL