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Transcript of Insurance
What Is It?
Why Have It?
What are Premiums?
How are they set? Insurance Liability Insurance Personal Insurance What does this all mean? Protects you against loss from injuries or property damage you cause to another person. This does not cover damage to your car/home or cover your injuries. Property Insurance Property insurance covers your property, such as car, home and/or property in your home Should everyone have the same amount and types of coverage? Why Have It? To protect you from losses that are beyond your ability to withstand What Is insurance? Protection you purchases to protect you from unfortunate events What is a Policy? The legal contract you sign when you purchase insurance What are Premiums? Premiums are what you
pay to obtain insurance How are Premiums set? Based on two types of information: 1)The probability of a loss by the person they have insured 2)The cost of the loss For example, if the insurance company knows that one in every 1,000 drivers under the age of 18 will be involved in an accident this year and the cost of said accident is $6,000 dollars, they will charge each customer $6. This will cover the 6 million dollars in repair costs. Insurance would add in all the other factors the policy covers, plus administrative costs and amount for profit. What type of insurance does this family need? Types Of Insurance 3 Main Types of Insurance:
3) Personal Car Insurance Cost Factors: age, type of car, where you live, how much you drive, gender, credit and driving history.
Why so many factors? It allows Insurance companies to more accurately predict the cost of insuring any given person Types of car Insurance 1) Collision- covers the cost to repair car if in an accident (often not required by law)
2) Comprehensive- covers cost to repair car from damages that do not occur from accidents (such as fire, vandalism and storm damage - often not required by law)
3) Liability Deductible Money you must pay before insurance covers the cost Why not choose a zero deductible? Remember, insurance is designed to cover costs that you cannot This means the lower the deductible, the higher the premium Liability insurance is mandatory when you own a car in Oregon and many other states. Liability insurance is also mandatory if you own a home. In addition, many apartment communities are also requiring this type of insurance This type of insurance protects you from losses if a family member becomes injured, ill and or passes away. The most common types of insurances of this type are medical and life. Medical and life insurance are usually provided by one's employer (if full-time) or purchased by a person on their own. The way in which people obtain these types of insurance often impacts price. Why does the way you buy personal insurance impact the price? Think in terms of risk The more people in an insurance program, the lower the risk for any one given person. This means the cost is spread out equally among all employees. This is the reason the cost of employer-provided health care and life insurance is cheaper than if you purchase it on your own. If you were to buy insurance on your own, you alone have to assume the whole cost of the risk. What are some of the risk factors that impact the cost of personal insurance? Age
Prior health conditions Smoker or non-smoker
Profession What does medical insurance cover? Doctor visits, medication, surgery and E.R. visits. Life Insurance: Term VS Whole Term covers you for a select period of time ranging from 1-10 years and the cost is based in part on the length of the term. Because you are insured for a short period of time, the cost is lower than whole life insurance. Whole life insurance will cover you for as long as you are current on your payments. Because the length of time you are covered is longer, the risk is higher. What does higher risk mean in terms of cost? Think about what insurance was designed for How do you decide what kind and how much insurance you need? What are some factors that will impact the cost of insurance for you? Agenda
1) Video Clip
2) Define Insurance
4) Group Work
5) Revisit Video
6) Turn in Note Cards,