Buying Insurance

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Buying Insurance
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Buying Insurance

• Objectives

• define some terms commonly used in insurance

• describe five types of auto insurance coverage

• Explain the factors that influence the cost of
  automobile insurance

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Buying Insurance

• Objectives

• distinguish between basic medical coverage and
  major medical coverage

• describe term whole and universal life insurance

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Buying Insurance

• Terms

• insurance

• liability

• face value

• policy

• deductible

• premium

• cash value

• health maintenance organizations

• preferred provider organizations

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Buying Insurance

• Understanding Insurance

• Financial precaution against injury, loss or
  damage. It is a way of protecting yourself
  against enormous bills that you could never pay
  without help.

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Buying Insurance

• The Language of Insurance

• policy and policyholder

• Benefit and Beneficiary

• Premium

• Deductible

• Filing a claim

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Buying Insurance

• Kinds of Insurance

• Renters Insurance

• Home Owners

• Automobile Insurance

• Health and Life Insurance

• Other kinds of insurance

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Buying Insurance

• Other kinds of insurance

• Hail

• Title

• Deposit

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Buying Insurance

• Checking Up

• Why do people buy insurance?

• What is an insurance premium

• What are the most common kinds of insurance?

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Buying Insurance

• Types of Coverage Auto Coverage

• Liability

• Medical

• Collision

• Comprehensive

• Uninsured Motorist

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Buying Insurance

• No Fault Auto Coverage

• Requires insurance companies to pay for their
  own policyholders damages, regardless of who is
  at fault.

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Buying Insurance

• Buying Auto Coverage

• Driving Record

• The Company

• Age

• Where You Live

• Other Factors

• Other Vehicles

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Buying Insurance

• Checking Up

• What is the most important coverage in an auto
  insurance policy?

• What types of coverage can you buy as part of
  your automobile insurance?

• What factors determine the cost of automobile
  insurance

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Buying Insurance

• Types of Health Insurance

• Basic Coverage

• Major Medical

• Disability

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Buying Insurance

• Buying Health Insurance

• Group Insurance Plans

• Individual Insurance Plans

• Health Maintenance Organizations

• Preferred Provider Organizations

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Buying Insurance

• Checking Up

• Describe basic medical coverage

• How does major medical differ from basic
  coverage?

• How do you go about buying health insurance?
  Suggest two basic ways.

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Buying Insurance

• Types of Life Insurance

• Term Life Insurance

• Whole Life Insurance

• Universal Life Insurance

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Buying Insurance

• Buying Life Insurance

• How much money do I want to leave my
  beneficiaries?

• What are my retirement plans?

• How much can I afford to pay for insurance?

• Do I want just the death benefit or do I want
  to build up cash?

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Buying Insurance

• Checking Up

• Describe term life insurance

• What do whole life and universal life insurance
  have that term life insurance does not?

• What are some differences between term life
  insurance and whole life insurance?

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The End