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Insurance Basics

Insurance Basics. Ray Horner, Chris Park and Waleed Abdelhadi. Vocab. Policy- A contract between the insurer and the insured, or policyholder Claim- An application for the benefits provided by an insurance company Premium- The periodic payment made on an insurance policy.

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Insurance Basics

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  1. Insurance Basics Ray Horner, Chris Park and WaleedAbdelhadi

  2. Vocab • Policy- A contract between the insurer and the insured, or policyholder • Claim- An application for the benefits provided by an insurance company • Premium- The periodic payment made on an insurance policy

  3. Types of Insurance • Property Insurance- Provides protection against most risks to property such as fire, theft, weather damage • Liability Insurance- Protects the insured in the event of them being sued for claims that come within the coverage of the policy

  4. Risk Management • You can’t eliminate risk from your life, but you can manage it. Risk Management mean limiting possible financial losses to amounts you can handle.

  5. Statistics • Statistics help insurance companies know how much money they will need to pay per a number of people. • For example, statistics show that 1/1000 people or, 0.1%, people broke their arm in the last ten years. This shows that they will need to pay $3500 for a broken arm. With this information they can determine the cost of the insurance.

  6. What Insurance Protects • Insurance is designed to restore your financial position to where it was before the loss- not to allow you to profit from the loss • The purpose of buying insurance is to protect against the loss of something of value http://www.youtube.com/watch?v=bIoi-oCaFHs

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