student basics - final
TRANSCRIPT
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INSURANCE BASICS
What You Dont Know CAN Hurt You
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Basic Concepts of Insurance
Insurance Defined
Risk Sharing
Contractual Agreement
Concept of Indemnity
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Four Major Types of Insurance
Life Insurance
Health and Disability Insurance
Property Insurance
Direct, Indirect losses
Casualty Insurance Liability
Auto, Workers Comp
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Insurance Grouping
In 2003 individuals underthe age of 20 represented4.8% of the drivers
involved in accidents.
Teen drivers wereinvolved in 22% of allmotor vehicle accidents.
Teens were involved in17.0% of all fatal accidents.
*Source: National Safety Council
This information is located on the Insurance Information Institute website at www.iii.org
4.8%
17%
22%
0%
5%
10%
15%
20%
25%
Teen Drivers Involved in Accidents
Drivers
Fatalities
Accidents
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Life Insurance
Whole Life
Straight
Universal
Permanent
Term Life
Single Year
Multi-Year
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Cost Factors
Contract Amount
Type of Policy
Whole, Term
Probable Life Expectations
Gender
Age
Medical History
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Health and Disability Insurance
Types of Policies
Major Medical, Comprehensive
Types of Rating Individual, Group
Health Insurance Options
HMO, PPO
Individual
Group
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Cost Factors
Group Experience
Age, Gender
Medical History
Deductible
Co-Payment Type of Policy
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Property Insurance
Fire and Other Perils
Personal Liability
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Why Should You Buy?
Mortgage Requirements
Financial Ruin
Damage to your home
Damage to your property and belongings
Liability suits due to negligence
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Perils Protected Against
Fire, Lightning, Smoke, Explosion
Windstorm, Hail, Weight of Ice
Riot, Civil Commotion
Aircraft, Vehicles, Falling Objects
Theft, Vandalism, Malicious Mischief Accidental Overflow of Water, Freezing
of Plumbing
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Usually Not Covered
Flood
Earth Movement
Earthquake
Landslide
Mudflow
Intentional Loss by or at the direction
of an insured
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Cost Factors
Policy Limits
Location
Protection
Type of Construction
Loss History Policy Credits
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Automobile Insurance
Definition
History of Automobile Insurance
Financial Responsibility
State Regulation
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Why Should You Buy?
Its the Law
Lienholder Requirements
Financial Ruin
Property damage
Physical damage
Medical costs
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What If I Dont?
Rebuilding a Car A new Ford Taurus costs about $21,000.
If the same car was totaled in an accident itwould cost about $75,000 to rebuild itusing replacement parts.
Loss of Use
Medical Costs At least $2,300 per day
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Primary Types of Coverage
Liability
Personal Injury Protection
Collision
Comprehensive
Uninsured Motorists Other Options
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Cost Factors
Age
Sex
Marital Status
Amount You Drive
Where You Drive What You Drive
Accident and Ticket Record
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Ways to Save
Clean Driving Record
Drivers Training Course
Good Student Discount
Limits/Deductibles
Type of Car Shop Your Company!
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Careers in Insurance
Marketing Agents
Underwriters, Actuaries
Customer Service Reps
Insurance Attorneys
Insurance Adjusters Insurance Educators
and more - over 350 different careers!
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InVEST
Students form and operate model
insurance agencies and an insurance
company home office in the classroom Annually prepares more than 6,000 high
school and community college students
for insurance careers
Teaches marketable business skills
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Want to Know More?
Visit www.InVESTprogram.org
Contact the InVEST Program Manager
at (800) 221-7917 or [email protected]