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G
1
Types of Insurance
Essentials
7.10.1.G
1
What is Insurance?
Insurance is an
arrangement between
an individual
(consumer) and an
insurer (insurance
company) to protect
the individual against
risk
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 2
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
Why is it important to
have insurance?
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 3
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
What is an Insurance
Policy?
A policy is a
contract
between the
individual and
the insurer
specifying the
terms of the
insurance
arrangements
A premium is
a fee paid to
the insurer to
be covered
under
specified
terms outlined
in the policy
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1
A deductible is the
amount paid out of
A
pocket by the
policyholder
policyholder for the
is a consumer
initial portion of a
who
loss before the
purchases the
insurance coverage
policy
begins- the
deductible is stated
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 4
in the policy
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Types of Insurance
Automobil
e
Health
Homeowner
s/
Renters
Disability
Life
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 5
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
Automobile Insurance
Liability
insurance
Medical
payment
insurance
Uninsured
or
underinsure
d motorists
insurance
7.10.1.G
1
Physical
damage
insuranc
e
Collision
Comprehen
sive
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 6
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 7
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Uninsured or Underinsured
Motorists Insurance covers injury or
damage to the driver, passengers, or the
vehicle caused by a driver with
insufficient insurance
Physical Damage Insurance covers
damages caused to the vehicle
Collision covers a collision with another
object, car, or from a rollover
Comprehensive covers all physical damage
losses except collision and other specified
Why
would an individual want automobile
losses
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 8
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Health Insurance
May cover hospital, surgical, dental, vision, longterm care, prescription, or other major expenditures
Specific coverage depends upon the individual
policy
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 9
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Health Insurance
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 10
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Life Insurance
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 12
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 13
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 14
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Disability Insurance
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 15
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Homeowners Insurance
Peril -an event
which may cause
a financial loss like
fire, falling trees,
lightning and
others
Property Insurance
-protects the insured
from financial losses
due to destruction or
damage to property or
possessions
Liability
Insuranceprotects the insured
party from being
held liable for
others financial
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 16
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Renters Insurance
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 17
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 18
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 19
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 20
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Summary
An arrangement between an
individual (consumer) and an insurer
(insurance company) to protect the
individual against risk
7.10.1.G
1
Summary
A premium is the fee paid to the insurer to be
covered under the specified terms
A deductible is the amount paid out of pocket by
the policy holder for the initial portion of a loss
before the insurance coverage begins
Life
Automobi
Homeowners/Rente
le
Disability
Health
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 22
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 23
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 24
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 25
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 26
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona
7.10.1.G
1
Family Economics & Financial Education October 2010 The Essentials to Take Charge of Your Finances Types of Insurance
Essentials Slide 27
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona