Understanding Insurance: Coverage, Claims, and Types of Policies
This chapter delves into the fundamentals of insurance, explaining how it works and who the key players are: the insurer and the insured. Learn about different ways to obtain insurance, including through employers and agents. Explore various types of insurance, such as vehicle, property, health, and life insurance, as well as business-related policies. Understand the purpose behind purchasing insurance, including financial protection and tax benefits, and how to file a claim if something goes wrong.
Understanding Insurance: Coverage, Claims, and Types of Policies
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Presentation Transcript
CHAPTER 14, 14-2 Insurable Risks
How insurance works INSURANCE COMPANY YOU Insurer Insured
How insurance works INSURANCE COMPANY YOU Here you go! Insurance policy Insurer Insured
How insurance works INSURANCE COMPANY YOU Thanks! Premium Insurer Insured
How insurance works Uh oh! Something happened. I need your help! INSURANCE COMPANY YOU No problemo! That’s why we’re here. File a claim Insurer Insured
Ways to get insurance • Buy it directly from the company • Get it through your employer • Obtain it through a professional organization (ex. VEA)
Single company agent Freelance agent • Writes insurance policies for only the company they work for • Writes insurance policies for several different companies. TYPES OF AGENTS
What can you insure? • Most common are: • Vehicle, property, health, & life insurance.
Business insurance Insuring personnel • Health insurance • Disability insurance • Life insurance
Business insurance Insuring property • Commercial property insurance • Vehicle insurance
Business insurance Insuring operations • Business interruption insurance • Liability insurance
Make a profit Provide financial protection Reduce taxes Increase sales The reason businesses and individuals purchase insurance is to
Make a profit Provide financial protection!! Reduce taxes Increase sales The reason businesses and individuals purchase insurance is to
True or false? Another term for an insurance company is the policyholder.
True or false!! Another term for an insurance company is the policyholder.
Health insurance Property insurance Vehicle insurance Liability insurance Insurance that provides coverage for claims by others based on damages suffered as a result of business operations, employees, or products is
Health insurance Property insurance Vehicle insurance Liability insurance!! Insurance that provides coverage for claims by others based on damages suffered as a result of business operations, employees, or products is
