Post on 23-Dec-2015
transcript
Auto Insurance Coverage
Collision Coverage-pays for the repair or replacement of your own vehicle after a traffic accident
30% of your bill
Auto Insurance Coverage
Comprehensive –protects your own vehicle against risks unrelated to traffic accidents, such as fire, hail, theft, and or vandalism.
12% of your bill
Auto Insurance Coverage
Liability Coverage-steps in when a covered drive causes injury or dame to other people or their property.
40-50% of your bill
Types- Bodily Injury-covers expenses related to injuries
suffered by others Property Damage-covers damage to items not vehicles Medical Payments-coverage of medical costs
Auto Insurance Coverage
Uninsured motorist-reimburses you bodily injury in accidents caused by uninsured drivers
Towing and Labor-the towing of vehicle if disabled or in an accident
Rental Reimbursement-gets you a car to use while yours is being fixed due to an accident
Insurance Rates for Factors
Age-under 25 more expensive
Gender-males pay more
Marital Status-married are better
Driving Record-safe, no tickets
Type and age of Vehicle
Vehicle Usage
Place of Residence
Vehicle Insurance Rate Discounts
Good Grades
Multi-policies with same company
Good Driver
Anti-theft measures
Defensive Driver Courses
College Graduates
Scene of an Accident
Call Police/911
Pull over and out of traffic
Exchange names, phone numbers, and insurance company information
Do not issue blame
Stick to the facts when asked by police
Special Type of Insurance
No-fault-does not assign blame for an accident
Each person pays for their own repairs.
Home Insurance
Covers the home and its contents in case of a natural or man made disaster.
All items owned by family members except vehicles whether at home or away.
80% rule-insure the value of the home and contents up to 80% of the cost of the replacements
Factors of Home Insurance Rates
Age of the Home
Local Firefighting capabilities
Construction materials
Size of the home
Home Insurance Rate Discounts
Increase deductible
Upgrade wiring or plumbing
Security System
Multiple Policies with same company
Home Insurance Specialties
Household inventory-detail list of items that are owned (video tape contents)
Renter’s Insurance-covers the contents of your space not the place itself.
Umbrella Policy-can be added to a the policy to protect the homeowners’ liability
Replacement vs. Cash Value Replaces-gives you a brand new item Cash Value-gives you what the items is currently worth
Life Insurance
Reason for is to protect the ones who are left in case of a death
Rule should be insured for 5 x’s your salary
Beneficiary is the person who gets the $$ from the life insurance policy.
Types of Life Insurance
Term-a policy that only covers the event of death
Prime Candidate-young families
Pro-cheap, covers for a specific time period, it is renewable, can convert to whole life
Con-not an investment
Whole-a policy that covers death and is an investment
Prime Candidate-financial well off
Pros-can be cashed in, investment
Cons-expensive
Health Insurance Basic Coverage
Hospitalization
Surgery
Outpatient
Major Medical
Additional Coverage-prescriptions, vision, and dental
Types of Insurance Plans
PPO-Preferred Provider Organization-is a plan that as long as you go to Dr’s on the list it is covered
HMO-Health Maintenance Organization-is a plan that selects the Dr’s and controls who you visit
POS-Point of Service –is a plan that requires a primary Dr, but can be referred else where and is covered if necessary
Government Sponsored
Medicare-medical insurance for retired workers
Medicaid-cannot afford any insurance coverage
Worker’s Compensation-if hurt on the job it will be covered by this-employer pays for