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INSURANCE Overview

INSURANCE Overview. Auto – Home – Life – Health. How ALL insurance Works?.  Based on RISK FACTORS age (auto, life, health) occupation (life) past history (driving) location (city vs suburbs: zip code) company (company experience )  Insurance Companies are business.

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INSURANCE Overview

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  1. INSURANCE Overview Auto – Home – Life – Health

  2. How ALL insurance Works? Based on RISK FACTORS • age (auto, life, health) • occupation (life) • past history (driving) • location (city vs suburbs: zip code) • company (company experience)  Insurance Companies are business

  3. Factors: • Concept: • INSURABLE INTEREST • Suffer a loss • Your auto, life, home, property, health • GREATER the risk = higher premiums • POOL: • $$ collected from premium + investments • INDEMNIFY: • Claims paid from the pool of money

  4. AUTO • Protection for auto owners: • Cost: Premiums • Model: style, and age • Classification: sex, age, marital status, driving record • Location: city - suburban • Distance to work or school College – Waiver (

  5. Auto Coverage: 6 Portions Liability(required by Law) $$ Most Expensive Personal – physical injury to others Property – damage to other property (car) Collision – repairs to your auto Comprehensive – damage to your car from other sources Medical–you and others in the auto (may not be necessary) Uninsured/Underinsured motorist – injurer by other who are unable to pay Optional: towing, emergency service

  6. Auto: Policy Coverage DEDUCTABLES: MINIMAL $250.00 / HIGHER Higher deductible = Lower premium Required for collision and comprehensive Example: $1400.00 damage to your auto: accident or comprehensive - 500.00 deductible (You Pay 1st) = 900.00 from insurance Coverage is stated on policy 50/300/700 Liability (stated in thousands) 50,000 property 300,000 injury to 1 person 700,000 injury of 2 or more (share)

  7. WWW.KBB.COM • VALUE OF AUTOS

  8. WWW.MSN.COM • CLICK - AUTOS

  9. Liability: Cost Factor

  10. Fire & Lightning Theft Windstorm Riot Vehicles Smoke Vandalism Explosion Property: BasicPerils of College?

  11. Health Insurance • Major Cost to the Family • Individual or Group Policy (Always buy Group) • 10 -18% per year increase

  12. PolicyBasic – Medical, Hospital, and Surgical • Hospital Cost – $1000 -1500 per day: room, board and drugs • Surgical – (Set prices for operations) • Physicians – doctors but not surgical (office visits, etc) • Major Medical – catastrophic illness, beyond normal $ 2 Million Co-insurance 80% 20% up to ceiling • Dental/Vision – glass and general dental (not braces) or surgical • Vision - 1pair of glasses per year

  13. Life Insurance • Goal: Mortality Table 0 – 99 years • Protection for family • Savings – Builds for the future • Flexible: changes through life cycle • Basis: • Risk: Gender, Age, Occupation, Smoke

  14. Policies: 2 Forms-Term & Permanent • Term – cheapest (limited number of years 5) • Permanent – Until Death • Savings + Death Benefit • Straight Life – Pay until death • Limited Life –Short pay period 20 years-higher premium • Endowment– most expensive, cash when living

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