Insurance

1
Insurance Risk Management
2
Can You Believe?

• The number of insurance claims for auto accidents
  involving teens is ____ higher than those for
  adults.
• Teen crash rates drop by ____ six months after
  getting their license.

3
Can You Believe?

• In the latest survey available, ____ of the U.S.
  population experienced some level of disability
  in a year.
• Head injuries cause about ____ of all bicycling
  fatalities.

4
Can You Believe?

• There is a ____ chance youll be involved in an
  alcohol-related traffic accident at some point in
  your life.
• At work, a disabling injury occurs every ____
  seconds.

5
Can You Believe?

• Sixteen-year-old drivers have ____ times the risk
  of being in a crash compared to 18-year-old
  drivers.

6
Could you afford to pay for the damages you
caused in a car wreck?
7
Risk Management

• In exchange for a relatively small payment,
  which is the premium, youre protected against
  the chance of a big financial setback, a large
  loss.

8
Risk Management

• Means you use various ways to deal with potential
  personal or financial losses.

9
Insurance

• Protection against large-scale financial loss

10
Insurance Premium

• The payment you make to an insurance company in
  exchange for its promise of protection and help.
• Can be monthly, quarterly, semi-annually, or
  annually.

11
Deductible

• The amount of the loss you must pay out of your
  own pocket before the insurance company begins to
  reimburse you.
• Range from 100-1,000
• SHOP AROUND for best rates

12
Health
Automobile
Types ofInsurance
Life
Disability
Homeowners/Renters
13
Auto Insurance

• Liability Coverage
• Medical Payments
• Uninsured Motorist
• Underinsured Motorist
• Collision

14
Auto Policies

• The following factors can influence the cost of
  the policy.

• Mileage
• Location
• Law Enforcement
• Driving Record

• Age
• Gender
• Marital Status
• Type of Car
• Cost of Repairs

15
Health Insurance
MUST HAVE!

• Pays the medical bills in case you or
  your family members, become sick or injured.
• Most will cover you until age 19. If you are in
  college, they may extend until 23.

16
Property Insurance

• Protects your material possessions in case they
  are damaged by fire, flood, or theft.
• Homeowners insurance vs Renters Insurance

17
Life Insurance

• Anytime someone else depends on your income to
  help pay bills, you need life insurance.
• Protects people who depend on you financially in
  the event of your untimely death.
• Term Life vs Whole Life

18
Future Insurance Needs

• Health Insurance
• Property Insurance
• Life Insurance
• Disability Insurance
• Liability Insurance

19
Estate Planning

• Estate planning is preparing a plan for
  transferring property during ones lifetime and
  at ones death.
• Goal should be to minimize taxes on the estate,
  make known how you want your possessions
  distributed, and to provide for a smooth transfer
  of your possessions to loved ones after death.

20
Tools for Estate Planning

• Will
• Trust
• Joint Ownership of Assets

21
Will

• A legal document that tells how you want your
  estate to be distributed after your death.

22
Power of Attorney

• A legal instrument authorizing one to act as
  anothers attorney or agent.

23
Trust

• A legal document in which an individual gives
  someone else control of property, for ultimate
  distribution to another person.