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Insurance

Insurance. Introduction to Business and Marketing. Today’s Objectives. Distinguish between real and personal property . Identify the purposes and major types of insurance. Real Property. The ground and everything permanently attached to it

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Insurance

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  1. Insurance Introduction to Business and Marketing

  2. Today’s Objectives • Distinguish between real and personal property. • Identify the purposes and major types of insurance

  3. Real Property • The ground and everything permanently attached to it • Includes buildings, fences, trees, soil, rocks, minerals, etc.

  4. Personal Property • Everything other than real property that can be owned • Includes moveable objects and intangible property

  5. Types of Insurance Insurance is an agreement in which one party (insurer) compensates another party (insured) for any losses. Purpose – protect individuals and businesses against losses by spreading the risks of loss among a large number of people

  6. Insurance Basics • Insurance Policy – written contract between the buyer of insurance (insured / policy holder) and the insurance company (insurer) • Premium – amount of money the policyholder pays for insurance coverage; usually a monthly fee • Proceeds – payments by the insurer for losses covered in a policy • Beneficiary – person named to receive the proceeds

  7. Property Insurance • Covers damage or destruction of property • Types of insurance include: • Car • Home • Boat • Personal items

  8. Automobile Insurance • Drivers are legally required to carry liability insurance • Liabilityinsurance covers claims for damages or injuries made against a policyholder

  9. Homeowner’s / Renter’s • Protects against loss of both real and personal property • Includes fire, wind, vandalism, burglary, and injuries suffered by others while on the property • Usually does not include flood damage

  10. Life Insurance • Provides compensation for losses due to a person’s death • Cost of insurance is based on risk

  11. Health Insurance • Basic health insurance provides for inpatient & outpatient hospital care, physician care, surgery, and prescription drugs • Most people receive group insurance from their employer

  12. Government Health Care • Medicare is a federally funded health insurance program for people who are covered by Social Security. • Medicaid is a health care plan for low-income people.

  13. Disability Insurance • Pays benefits if the policyholder cannot work because of a disability • Many employers provide basic disability insurance • Short-term and long-term plans available

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