Enterprise: Management Job: Using Insurance to reduce risk Objective: Learn what insurance is and how to decide what insurance you need. - PowerPoint PPT Presentation

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Enterprise: Management Job: Using Insurance to reduce risk Objective: Learn what insurance is and how to decide what insurance you need.

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Title: Enterprise: Management Job: Using Insurance to reduce risk Objective: Learn what insurance is and how to decide what insurance you need. – PowerPoint PPT presentation

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Title: Enterprise: Management Job: Using Insurance to reduce risk Objective: Learn what insurance is and how to decide what insurance you need.


1
Enterprise ManagementJob Using Insurance to
reduce riskObjective Learn what insurance is
and how to decide what insurance you need.
  • 1. What is insurance and why is it important to
    you?
  • 2. What are the two reasons to buy life
    insurance?
  • 3. Explain the difference between term, straight,
    limited payment and endowment life insurance
  • What are the functions of Health insurance?

2
  • 5. List the four areas that health insurance
    covers
  • 6. What does property insurance cover?
  • 7. Who administers crop insurance and what does
    it cover?
  • 8. List and explain the types of auto insurance

3
  • 9. What factors are used to determine the price
    of auto insurance?
  • 10. List and explain the two types of insurance
    companies.
  • 11. Who else can we get insurance from?
  • 12. What are the two importance criteria in
    determining if comprehensive personal liability
    insurance is needed?

4
  • 13. Under workman's compensation, What benefits
    are the employees eligible for?

5
  • 1. Insurance is a method of managing risk and
    uncertainty.
  • 2. The first reason to buy insurance is to
    provide protection against the loss of income due
    to the premature death of the breadwinner, and
    the second reason is to provide a means of
    savings and investment.

6
  • 3. Term is the purest form of insurance you pay
    for the insurance and as long as you are paying
    you have insurance.
  • Straight life - (whole) insurer pays a fixed
    price for insurance usually higher at first than
    term but does provide some savings
  • limited payment- similar to straight yet payments
    are higher and then the interest

7
  • Earned on the premiums kicks in and starts paying
    the premiums. There is even more savings.
  • Endowment - this is a policy in which when you
    finish paying over a number of years you can cash
    the policy in for the face value. Costs the most.

8
  • 4. The functions of health insurance are
  • a. protect against the financial hardship due to
    illness or injury
  • b. covers cost of medical care to insure
    competent treatment
  • c. protects creditors by insuring policy holders
    ability to repay debt

9
  • 5. The four areas of health insurance are
  • a. hospital expense- covers hospital room and
    board.
  • B. surgical expense- this pays for all or part of
    surgical fees
  • c. regular- this policy pays for doctors visits.
  • D. Major medical- this provides coverage for
    large medical expenses.

10
  • 6. Property insurance insures against loss due
    to fire, hail and wind storms. Can then get
    extra coverage for riots civil commotion,
    vehicles, and smoke.
  • 7. A special division of the USDA administers
    crop insurance. This insurance covers crop loss
    regardless of cause and will also cover decreased
    quality. Management tool that farmers need to
    consider.

11
  • 8. The types of auto insurance are
  • A. Liability- this insurance pays for bodily
    injury and damage to others when insurer is
    responsible ( )
  • b. medical payment- pays of insured and
    passengers medical fees regardless of blame.
  • C. uninsured motorist- covers insured, spouse and
    children is struck by uninsured

12
  • D. collision- pays damage to insureds care if it
    hits another vehicle or object.
  • E. comprehensive - covers loss caused by fire
    wind, theft, vandalism, collision with animal,
    etc.
  • F. add- pays a lump sum for death in car
    accident also pays lump sum for loss of limb,
    blindness, and such.

13
  • 9. Insurance companies use the following factors
    to figure premiums
  • a. Age lt 25
  • b. location of vehicle
  • c. protection desired
  • d. accident history
  • e. use of vehicle

14
  • 10. The two types of insurance companies are
  • a. Stock - protects customer and stockholders
    profit
  • b. Mutual - policy holders are the owners can
    profit, but might also have to pay extra if
    losing money.

15
  • 11. You can also get insurance from ag.
    Organizations. ( ),
    and the government (
    ).
  • 12. The two major factors to determine this is
    the of employees and the type of work.

16
  • 13. Under workman's compensation the employee is
    eligible for medical expenses, hospital service,
    and pay to the employee. This insurance will pay
    up to 401 weeks and provide spouse with payment
    for life if death occurs. This insurance is not
    mandatory
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