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Comprehensive Overview of Insurance Types: Life, Property, Casualty, and Credit Insurance

Explore the diverse landscape of insurance with a focus on life, property, casualty, and credit insurance policies. Understand the distinctions between stock and mutual life insurance companies, the predictability of death rates, and the two primary types of life insurance: permanent and temporary. Discover the intricacies of property insurance, including open and named perils, along with casualty insurance covering third-party liability. Learn about credit insurance options for consumers and businesses. This guide provides crucial insights into insurance management practices and pension fund regulations.

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Comprehensive Overview of Insurance Types: Life, Property, Casualty, and Credit Insurance

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  1. NONBANK FINANCE 1 GROUP 8: MIKE, BRIAN,JIMMY, BRIAN

  2. INSURANCE • Life Insurance • Property and Casualty Insurance • Credit Insurance

  3. LIFE INSURANCE 1,000 life insurance companies in the U.S, they are split into stock companies and mutuals Most are stock companies, but some of the largest ones are mutuals The life insurance market never fails, so it is regulated only by the state in which it operates, death rates are highly predictable Two kinds of life insurance policies: Permanent life insurance and temporary insurance Life insurance companies have also started to deal with pension funds and annuities

  4. PROPERTY INSURANCE Open Perils Named Perils Most common incidents Famous Recent Cases

  5. CASUALTY INSURANCE Third Party on Liability Disability on Accident and Health Material Damage

  6. CREDIT INSURANCE is a way for consumers to insure repayment of loans even if the borrower dies, becomes disabled, or loses a job. There are 2 types of credit insurance: Business credit insurance Consumer credit insurance

  7. INSURANCE MANAGEMENT • Screening, Premiums, Provisions, Fraud Prevention, Deductibles, etc.

  8. Insurance Management is a general term used to describe an insurance broker or services firm The insurance industry has grown a lot in the past 10 years, offering many different insurances and products. The services offered by an insurance management company are designed to streamline this product offering and simplify matters for clients. RIMS IMS

  9. PENSION FUNDS • Defined-Contribution Plan • Defined-Benefit Plan • Fully Funded • Underfunded • Private Pension Plans • Public Pension Plans

  10. PRIVATE PENSION PLANS Background Information ERISA Pension Benefit Guarantee Corporation (PBGC also called Penny Benny) Problems with Penny Benny FYI

  11. PUBLIC PENSION PLANS Background Information Social Security Problems FICA FYI

  12. Video State Farm Commercial

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