Insurance - PowerPoint PPT Presentation

1 / 15
About This Presentation
Title:

Insurance

Description:

Insurance is designed to protect a person and the family from disasters and ... is life insurance that remains in force until the policy matures (pays out) ... – PowerPoint PPT presentation

Number of Views:45
Avg rating:3.0/5.0
Slides: 16
Provided by: Works157
Category:

less

Transcript and Presenter's Notes

Title: Insurance


1
Insurance
2
Importance
  • The most common reason to buy a life insurance
    policy is to protect the financial interests of
    the owner of the policy in the event of the
    insured's demise
  • Insurance is designed to protect a person and the
    family from disasters and financial burdens.
  • For instance some financial burdens
  • funeral expenses, unsettled medical bills,
    mortgages, business commitments, meeting the
    college expenses of the children, and so on.

3
Importance Contd
  • It may seem like insurance is a waste of
    resources- spending money on something that may
    or may not happen
  • But spending some now can save a lot later
  • Insurance is all about protection- it protects
    you against an unfortunate incident such as a car
    accident, a robbery, or an illness.

4
Amount
  • The amount of insurance a person need can vary
    between people for several reasons
  • lifestyle
  • sources of income/ amount of income
  • debt
  • number of dependants (children)

5
How it works
  • Life insurance is a contract between the policy
    owner and the insurer,
  • The insurer agrees to pay a sum of money upon the
    occurrence of the the person insured's death
  • Once a policy is obtained a person designates
    someone as their beneficiary (the person who the
    money goes to).

6
Contract Terms
  • The policy is a legal contract specifying the
    terms and conditions of the risk assumed
  • Special provisions apply, including a suicide
    clause wherein the policy becomes null if a
    suicide occurs within a specified time for the
    policy date (2 years in Missouri)

7
Different Types of Insurance
  • There are several different types of insurance
    that a person can get.
  • Renters
  • Fire
  • Home
  • Life
  • Car
  • Travel
  • Etc.

8
Different types of Life Insurance
  • Life insurance may be divided into two basic
    classes temporary and permanent.
  • Temporary
  • characterized by its defined time period usually
    one year
  • Permanent
  • is life insurance that remains in force until the
    policy matures (pays out)

9
Reasons people think life insurance is not
important for them
  • I dont have a need for life insurance
  • Life insurance is too expensive
  • Life insurance is a hassle to get
  • I dont know anything about life insurance and
    dont know where to start

10
Reasons people get insurance
  • They do not want to pass on their financial
    obligations to family
  • They know that life insurance can guarantee a
    fixed income for a surviving parent who must
    remain at home to care for children
  • They want to see their children go to college
  • They know that a mother's death can be as
    financially disabling as a father's death

11
Renters Insurance
  • Even though your landlord probably has an
    insurance policy on your building
  • You'll need to protect your personal interests
    too.
  • Andit only costs a little to protect a lot.
  • Renter's insurance is less costly than you might
    think.

12
Renters insurance
  • Some things to consider
  • Your Property
  • What would it cost to replace the contents in my
    home?                               
  • Do I have an inventory and photographs of my
    personal possessions?                             
      

13
Renters Insurance
  • If your apartment or condominium becomes
    uninhabitable due to a fire, burst pipes, or any
    other reason covered by your policy, your
    insurance will cover your "additional living
    expenses.
  • This includes motel hotel rooms, food, additional
    mileage that you drive and wear and tear on your
    automobile due to that additional driving

14
Home Insurance
  • Policy that combines various personal insurance
    protections which can include losses occurring to
    one's home, its contents, loss of its use
    (additional living expenses), loss of other
    personal possessions of the homeowner, as well as
    liability insurance for accidents that may happen
    at the home.
  • The cost of homeowners insurance often depends on
    what it would cost to replace the house

15
Home Insurance
  • Most insurers charge a lower premium if it
    appears less likely the home will be damaged or
    destroyed
  • for example, if the house is situated next to a
    fire station
  • In the United States, most home buyers borrow
    money in the form of a mortgage
Write a Comment
User Comments (0)
About PowerShow.com