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Insurance Concepts

Insurance Concepts. Things that need insurance?. Car Home, Condo, Apartment Jewelry , Cameras, Collections ( coin , stamp) Boats Umbrella Liability Life, Annuity Medical and Disability Dental, Vision . Do You Know Where to Buy Insurance? . Independent Agents – multiple companies

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Insurance Concepts

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  1. Insurance Concepts

  2. Things that need insurance? • Car • Home, Condo, Apartment • Jewelry , Cameras, Collections ( coin , stamp) • Boats • Umbrella Liability • Life, Annuity • Medical and Disability • Dental, Vision

  3. Do You Know Where to Buy Insurance? Independent Agents – multiple companies Direct Writers – Company Employees Captive Agent – Represents one company Direct Response – Phone or Mail Internet – Company or Generic site Bank – Check out your local bank

  4. Auto Liability Liability is a legal term that refers to the responsibility a person has for someone else’s loss or injury • REQUIRED BY LAW: • BODILY INJURY- Injury to others • In your car • In a car you hit • A pedestrian • PROPERTY DAMAGE- to stuff of others • Property of people in your car • A car you hit • A home, fence, tree or other property

  5. Auto Physical Damage • REQURIED BY FINANCE CO. NOT BY LAW • COMPREHENSIVE - Your Car • Damage other than collision - Glass Breakage (windshield) - Falling object (tree) - Fire, Theft, Flood • COLLISION - Your Car, Your Fault • Hit another vehicle, object, or live animal. • Excess if someone hits you

  6. Auto Miscellaneous • PERSONAL INJURY PROTECTION • Medical Expenses, Lost Income • UNINSURED / UNDERINSURED • Your expenses if hit by an uninsured driver or someone with lower limits than you. • WHO IS COVERED? • Named Insured & Resident Relatives • Others driving with permission

  7. How Much to Buy • LIABILITY (BI & PD) • Pays from first dollar • CT Min. $20,000/40,000 BI, $10,000 PD • Double to $100,000 for 30%. $500 = 50% • COMPREHENSIVE • Some have deductible, Opt. Glass @ $0 • COLLISSION • Deductible coverage

  8. Cost Factors Drivers Experience Level - Age, Sex, Years Driving - Accidents , Violations Vehicle - Performance Ratings - Price of Car, Cost of Repair Use - Miles to work Location - Where you store your garage - Where you live

  9. Discounts Drivers Ed Good Student (B Average) Multiple Vehicles Auto and Homeowner Package Insure on Parents Policy

  10. Homeowners Your house Its contents @ 70% (including off premises) In a locked car, at school, on vacation Detached buildings (garage, shed) 10% Extra Living Expense 20% Liability (Bodily Injury & Property Dmge)

  11. HO Property Value • REPLACEMENT COST • Insure and be paid for the replacement • value of your home. • Partial Loss vs. Total Loss • ACTUAL CASH VALUE • Depreciation • CONSTRUCTION COST, Not market value

  12. HO Coverages • BROAD PERILS(building) • Covers anything not excluded • Company must prove damage • from an excluded peril • SPECIFIED PERILS (contents) • Covers only perils named in policy • Insured has burden of proof • INCLUDES • Fire, Lightning • Windstorm, Hail • Vehicles • Vandalism, Riot • Smoke, Explosion • Theft • Aircraft, Falling Obj. • Weight of Ice & Snow • EXCLUDES • Flood & Earthquake • Vermin & Insects • War, Nuclear Reaction • Wear & Tear • LIABILITY(Injury to others/their property) • Slip and Fall • Hit someone with a baseball, golf ball, etc. • Food poisoning • Borrowed property • EXCLUDES intentional acts (fighting)

  13. Life Insurance A contract between the policy holder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person • WHOLE LIFE • Cash Value (Borrow) • Fixed Premium Cost • Pays Dividends • KEY OPTIONS • Dividends Offset Premium • Guarantee Insurability • TERM (Indiv. / Group) • Fixed Period • No Cash Value • Premium Increases with Age • OR • Level Premium, Coverage Decreases

  14. Industry Issues Name current industry issues you would like to talk about. If none- delete slide

  15. Interested in an Insurance Career?

  16. Career Opportunities • Underwriter • Investment Analyst • Claim Adjuster • Premium Auditor • Safety Engineer • Sales / Marketing • Lawyer • Customer Service Agent • Nurse • Lab Techs - Eng. • Accountant • Actuary • Programmer • Tech Support • Graphic Artist

  17. Careers CLAIM ADJUSTEREvaluate situation surrounding a claim.Covered by policy?Insured legally responsible?Cost to repair damage.Medical, lost time, pain & suffering UNDERWRITERReviews risk characteristics of prospects and current insured's Match to criteria for insurability Determine pricing

  18. Careers PREMIUM AUDITOROn the roadWorks with insured'sExposure to claims based on payroll or sales. WComp, ProdsDetermines payroll / sales exposure SAFETY ENGINEERSurveys insured’s workplace Safe place to work?Driver trainingFleet maintenanceLifting

  19. Careers • NURSESClaim Dept.Guide recovery Guide rehab • LAB TECHNICIANSForensics Claim SupportWorkplace Safety SALES / MARKETINGAgent – outside sales Field RepHome Office CUSTOMER SERVICE AGENTAgency – insideService, some sales

  20. Careers ACCOUNTANTSCorporateBudgetInternal Auditor Premium Auditor ACTUARIESSet RatesClaim Reserves TECH SUPPORTHelp DeskSpecialists PROGRAMMERSHome OfficeAll Units Nights & Weekends

  21. Careers GRAPHIC ARTISTSCommunications Advertising LAWYERSContractsClaim DefenseInsurance Policies INVESTMENT ANALYSTSHome OfficePortfolio Manager Stocks Bonds Real Estate Currency

  22. Education is Key ! • Check out Northeast Community College • Online Programs to start your Insurance Career • Insurance courses transferrable to other colleges Visit investne.org for more information

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