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Insurance Basics

Insurance Basics. Four Major Types of Insurance. Life Insurance Health and Disability Insurance Property Insurance Direct, Indirect losses Casualty Insurance Liability Auto, Workers Comp. Life Insurance. Whole Life Straight Universal Permanent Term Life Single Year

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Insurance Basics

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  1. Insurance Basics

  2. Four Major Types of Insurance • Life Insurance • Health and Disability Insurance • Property Insurance • Direct, Indirect losses • Casualty Insurance • Liability • Auto, Workers Comp

  3. Life Insurance • Whole Life • Straight • Universal • Permanent • Term Life • Single Year • Multi-Year • COST FACTORS • Contract Amount • Type of Policy • -Whole, Term • Probable Life Expectations • - Gender • -Age • -Medical History

  4. Health and Disability Insurance • Health Insurance Options • - HMO, PPO • - Individual • -Group • Types of Policies • -Major Medical • - Comprehensive Cost Factors -Group Experience -Age, Gender -Medical History -Deductible -Co-Payment -Type of Policy • Types of Rating • - Individual • -Group

  5. Property Insurance -Fire and Other Perils -Personal Liability Why Buy Property Insurance? Mortgage Requirements Financial Ruin - Damage to your home - Damage to your property and belongings - Liability suits due to negligence

  6. Perils Protected Against • Fire, Lightning, Smoke, Explosion • Windstorm, Hail, Weight of Ice • Riot, Civil Commotion • Aircraft, Vehicles, Falling Objects • Theft, Vandalism, Malicious Mischief • Accidental Overflow of Water, Freezing of Plumbing

  7. Usually not Covered Flood COST FACTORS -Policy Limits -Location -Protection -Type of Construction -Loss History -Policy Credits • Earth Movement • Earthquake • Landslide • Mudflow Intentional Loss by or at the direction of an insured

  8. Automobile Insurance It’s the Law!! Lienholder Requirements Financial Ruin - Property damage - Physical damage - Medical costs • What If You Don’t Buy Insurance? • Rebuilding a Car • A new Ford Taurus costs about $21,000. • - If the same car was totaled in an accident it would cost about $75,000 to rebuild it using replacement parts. • Loss of Use • Medical Costs • At least $2,300 per day

  9. Auto Insurance TYPES Liability Personal Injury Protection Collision Comprehensive Uninsured Motorists Other Options COST FACTORS Age Sex Marital Status Amount You Drive Where You Drive What You Drive Accident Record Ticket Record

  10. Auto Insurance Ways To SAVE Clean Driving Record Driver’s Training Course Good Student Discount Limits/Deductibles Type of Car Shop Your Company!

  11. In 2008, motor vehicle crashes were the leading cause of death for 15-20 year olds. • Teen drivers were involved in 19% of all motor vehicle accidents. • Teens were involved in 12.9% of all fatal accidents. • The risk of being involved in a fatal crash for teens is three times greater than for drivers age 65 to 69. • A survey conducted in spring 2008 found that although the majority of teens (91 percent) believe they are driving safely, only about a third (34 percent) think their friends are good drivers. • 76 percent talk on cell phones while driving, 57 percent read or send text messages, 93 percent play loud music and 48 percent say they are easily distracted when friends are passengers. • 97 percent said they had seen other teens engaging in risky behaviors such as speeding and not wearing seatbelts while driving.

  12. Want to Learn More? • Visit www.investne.org • Contact InVEST Nebraska Coordinator • olivia.brichacek@biginebraska.org • 800-377-3985

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