Insurance
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The document discusses various aspects of insurance and risk management, highlighting statistics on teen driving accidents, disability prevalence, and workplace injuries. It explains key insurance concepts such as premiums, deductibles, types of insurance (auto, health, homeowners, life), and estate planning tools. Additionally, it emphasizes the importance of planning for financial protection against potential losses.
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. 100 40
- 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. 20 75
- 4. Can You Believe? There is a ____% chance you’ll be involved in an alcohol-related traffic accident at some point in your life. At work, a disabling injury occurs every ____ seconds. 30 80
- 5. Can You Believe? Sixteen-year-old drivers have ____ times the risk of being in a crash compared to 18-year-old drivers. 3
- 7. Risk Management “In exchange for a relatively small payment, which is the premium, you’re 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.
- 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. Insurance Claim A demand made by the insured person to have a payment made as determined by the policy Ex) car repairs, medical bills, etc.
- 14. Auto Insurance Provides money in the event of a car accident. Pays for medical expenses and may pay for repairs.
- 15. In NC, ALL LICENSED DRIVERS must have insurance that covers at least $30,000 for a single person’s injuries, $60,000 for multiple injuries and $25,000 for property damage
- 16. Auto Policies Age Gender Marital Status Type of Car Cost of Repairs Mileage Location Law Enforcement Driving Record The following factors can influence the cost of the policy.
- 17. Health Insurance Pays the medical bills (including doctor and hospital visits, medicine, rehabilitation, etc.) in case you or your family members, become sick or injured. The Affordable Care Act (“Obamacare”) allows young adults to remain on their parents health insurance until age 26.
- 18. Property Insurance Also called Homeowners Insurance Renters Insurance also available Protects your material possessions in case they are damaged by fire, flood, or theft.
- 19. Life Insurance Protects people who depend on you financially in the event of your untimely death. Pays for death expenses (funerals, etc.) and other expenses after the loss of income from the deceased Term Life vs Whole Life
- 20. Future Insurance Needs Health Insurance Property Insurance Life Insurance Disability Insurance Liability Insurance
- 21. Estate Planning Estate planning is preparing a plan for transferring property during one’s lifetime and at one’s 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.
- 22. Tools for Estate Planning Will Trust Joint Ownership of Assets
- 23. Will A legal document that tells how you want your estate to be distributed after your death.
- 24. Power of Attorney A legal instrument authorizing one to act as another’s attorney or agent.
- 25. Trust A legal document in which an individual gives someone else control of property, for ultimate distribution to another person.