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Unit 7: Consumer Skills

Unit 7: Consumer Skills. Section 2 : Insurance. I CAN:. Explain what types of insurance are available and why I need them Define the terms associated insurance. Types of insurance. Car:

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Unit 7: Consumer Skills

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  1. Unit 7: Consumer Skills Section 2: Insurance

  2. I CAN: • Explain what types of insurance are available and why I need them • Define the terms associated insurance

  3. Types of insurance • Car: • Full vs. liability: Full covers the damage you do to others in an accident (property and bodily injury) AND the value of your car and your injuries. Liability only covers OTHERS. • Home: Covers your home and possessions • Renters: Covers your possessions • Health: duh • Disability: covers you if you have a temporary issue that prevents you from work (EX: cancer, broken bones, etc…)

  4. The terms… • Policy: your policy is the contract that says exactly what will be covered and paid for by your insurance company • Premium: this is the price you pay for your coverage. This is determined based on your risk (a person who has had several car accidents will pay more than someone with no accidents in 20 years b/c they have more risk) • Coordination of Benefits: determines who pays first when a person has more than 1 policy (usually, in health insurance)

  5. Peril: a portion of home insurance that provides for specific hazardous events: flood, tornado, fire, etc • Important b/c not all perils are covered. If you live in a flood plane, you CAN’T get flood coverage • Property Coverage: Insurance doesn’t automatically cover everything you own. You often have to prove you own(ed) it and prove its value • People often take pictures of their furnished homes and put them in a safe deposit box as evidence. • Rider: an “extra” coverage on your policy (you have to pay extra to get it). Someone might get a rider to cover a very expensive sound system in their car.

  6. CAN I? • Explain what types of insurance are available and why I need them • Define the terms associated insurance I can prove this by completing activities: 7.1- RAFT

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