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Comprehensive coverage: insurance that pays for damage to your car caused by ... fire, wind, hail, floods, vandalism, stolen car. Automobile Insurance ... – PowerPoint PPT presentation

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Title: Insurance

Insurance Basics
  • To manage your risk of financial loss from
    illness, injury, or damage, you can buy
  • In exchange for this protection, you make a
    regular payment to the insurance company called a

Insurance Basics
  • When you buy insurance, you sign a legal contract
    called a policy.
  • You then become the policyholder.
  • Different policies protect you from different
    types of loss.
  • If you do have a loss covered by your insurance
    policy, you file a claim, a formal request for
    payment from the insurance company.

Insurance Basics
  • Insurance works by transferring funds from a
    large group to the few who actually suffer
  • Insurance companies collect premiums from all the
  • Then, they use these funds to pay policyholders
    who have losses.

Insurance Basics
  • The purpose of buying insurance is to protect
    against the loss of something of value.
  • Insurance is designed to restore your financial
    position to where it was before the lossnot to
    allow you to profit from the loss.
  • To insure something, you must have an insurable
    interest, in the item.
  • Insurable interest something of value, that if
    lost, would cause you financial harm

Insurance Basics
  • Before you can insure your property, its value
    must be measured in financial terms.
  • Then, if you lose the insured item, the insurance
    company will compensate you based on its value.

Automobile Insurance
Automobile Insurance
  • Types of Coverage
  • Bodily injury liability coverage insurance that
    protects you against financial loss, including
    the cost of your legal defense, when you are
    legally responsible for injuring other people in
    an automobile accident

Automobile Insurance
  • Types of Coverage
  • Property damage liability coverage insurance
    that pays for damage you caused to another
    persons property. It does not cover damages to
    your car.

Automobile Insurance
  • Types of Coverage
  • Medical payments coverage insurance that pays
    medical and funeral expenses for you, your family
    members, and other passengers in your car because
    of injuries sustained in an accidentno matter
    who caused the accident

Automobile Insurance
  • Types of Coverage
  • Uninsured/underinsured motorist coverage
    insurance that pays medical and damage expenses
    for you and your passengers caused by a driver
    without insurance or with too little insurance to
    cover the loss. It does not cover the other

Automobile Insurance
  • Types of Coverage
  • Comprehensive coverage insurance that pays for
    damage to your car caused by something other than
    a collision.
  • Examples earthquake, fire, wind, hail, floods,
    vandalism, stolen car

Automobile Insurance
  • Types of Coverage
  • Collision coverage insurance that pays damage to
    your car caused by colliding with another car or
  • Comprehensive and collision coverage often carry
    a deductible.
  • Deductible the amount you pay before the
    insurance company pays anything.

Automobile Insurance
  • Factors affecting your premium
  • Driver Classification
  • Age
  • Gender
  • Marital status
  • Rating Territory
  • Depends on the city and state that you live in

Automobile Insurance
  • Factors affecting your premium
  • Driving Record
  • List of accidents and traffic violations
  • Type of Car
  • Premium will be higher for high-risk cars, such
    as expensive sports cars and luxury cars
  • Some cars are more expensive to repair or
    replace, which results in a higher premium
  • Claims History
  • The more claims you make on your policy, the more
    you cost the company, so your premiums will be

Health Insurance
Health Insurance
  • Like other forms of insurance, you must pay a
    premium for health insurance to your medical
    insurance company.
  • The point of having medical insurance is to
    alleviate the financial burden on you and your
    family in case of medical emergencies and/or
    chronic illnesses

Health Insurance
  • There are more costs to health insurance besides
    the premium
  • Deductible a pre-arranged dollar figure that
    youll have to pay before the health insurance
    company begins to contribute any money to your
    health care costs
  • Co-payments you agree to pay a certain dollar
    figure for each service
  • Co-insurance you agree to pay a certain
    percentage of your health care costs

Health Insurance
  • Depending on your place of work, you will have
    different health care policy to choose from.
  • Each medical insurance plan have different
    coverage priorities.
  • Some of these include
  • Doctor visits
  • Hospital and extended care
  • Emergency
  • Prescription drugs
  • Home health care

Health Insurance
  • Depending on how much you want to pay, you might
    want to include other, less common, areas in your
    medical insurance coverage.
  • Examples
  • Dental insurance
  • Vision care
  • Care by specialists
  • Physical therapy
  • Chiropractic care

Renters Insurance
Renters Insurance
  • If you rent an apartment or condo, you need
    insurance to protect your belongings
  • Your landlords insurance does not cover your
    belongings, it only protects the building

Renters Insurance
  • Renters insurance covers losses to your personal
    property from
  • Fire or lightning
  • Windstorm or hail
  • Explosion
  • Aircraft
  • Vehicles
  • Smoke
  • Vandalism
  • Theft
  • Falling objects
  • Weight of ice, snow, or sleet
  • Water-related damage from home utilities
  • Electrical damage

Renters Insurance
  • Floods and earthquakes are not covered by renters
  • If you live in an area prone to either, you will
    need to buy a separate policy

Renters Insurance
  • To insure compensation for any belongings you
    lose, you should inventory all of your personal
  • Your inventory should list each item, its value,
    and serial number
  • Photograph each room
  • Keep receipts for major items in a fireproof place

Renters Insurance
  • Most insurers offer a discount for protective
    devices, including smoke and fire detectors,
    burglar alarms, and fire extinguishers
  • Some insurers might offer discounts to policy
    holders if you buy both an auto and renters
    policy (called a multi-line discount)