1 / 13

Understanding Insurance: Types, Purposes, and Key Concepts in Property & Personal Coverage

This introduction to insurance explores the essential distinctions between real and personal property, focusing on types of insurance and their purposes. Real property involves land and structures, while personal property includes movable and intangible items. Key concepts covered include insurance policies, premiums, proceeds, and beneficiaries. Special emphasis is placed on various types of insurance such as property, automobile, homeowner’s, life, health, and disability insurance. Understanding these fundamentals is crucial for protecting individuals and businesses against losses through risk management.

zenda
Télécharger la présentation

Understanding Insurance: Types, Purposes, and Key Concepts in Property & Personal Coverage

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related