Financial literacy is important no matter how old you are and no matter your goals Understanding money allows you to make more informed choices and to be better able to pursue your dreams Congratulations ID: 727617
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Sponsored by
Welcome
COUNTRY Financial® proudly provides financial literacy education to your classroom.
Financial literacy is important, no matter how old you are and no matter your goals. Understanding money allows you to make more informed choices and to be better able to pursue your dreams. Congratulations on taking this first step in becoming more financially savvy.Slide2
Financial FoundationsRisk Management
A Financial Beginnings Financial Education Program©
2014 Financial BeginningsSlide3
Match the star with the body part and insured amount
Famous PersonBody PartAmount Insured
America FerraraLegs
$317,000Tom JonesTaste Buds$7,000,000David BeckhamVoice$10,000,000Troy PolamaluSmile$1,600,000Bruce SpringsteenTeeth$30,000,000Angela MountHair$70,000,000
Julia Roberts
Middle Finger
$31,200,000
Keith Richards
Chest Hair
$16,000,000
Merv
Hughes
Mustache
$1,000,000Slide4
Answers
Famous PersonBody PartAmount Insured
America FerraraTeeth
$10,000,000Tom JonesChest Hair$7,000,000David BeckhamLegs$70,000,000Troy PolamaluHair$1,000,000Bruce SpringsteenVoice$31,200,000Angela MountTaste Buds
$16,000,000
Julia Roberts
Smile
$30,000,000
Keith Richards
Middle Fingers
$16,000,000
Merv
Hughes
Mustache
$317,000Slide5
But we’re not stars! Don’t worry there are other policies you might interested in like….Slide6
Why are we here today?We will:Understand what insurance is, why you need it and how it worksLearn what insurance premiums are and how they are determined
Know what liability coverage is and how it applies to auto and renters/homeowners insurance policiesBe able to explain types of insurance and when they apply to real lifeUnderstand insurance contracts and the major decisions that have to be made when purchasing policiesSlide7
How do we manage risk?
What is risk?Slide8
Calculating possible loss
Do I get health insurance?Worst case- Can’t determine amount
Do I get collision coverage on my car?Worst case- Value of the carSlide9
But how likely is it?That you’ll die in aCar accident 1 in 84Plane crash 1 in 5,051
Shark attack 1 in 60,453Train crash 1 in 156,169Slide10
Weighing the riskSlide11Slide12
Some of the basicsSlide13
Auto InsuranceSlide14
Why do we need auto insurance?Slide15
Even a minor accident can add up to a lotSlide16
We are legally required to have it if we drive!Slide17
Breakdown of an Auto PolicySlide18
How do I get my car fixed?Slide19
Not covered:Slide20
What determines your premium?Slide21
What to do if you get into an accident?Help injuredMove carGet contact informationTake picturesContact agent
Do not admit faultCall police if appropriateGet police reportFile a claim if neededKeep recordsGet treatment if neededFile with DMVSlide22
Let’s put this into playSlide23
How much money is everything in your room worth? See page 45 of the Resource GuideSlide24
2 out of 3 renters do not have renters insuranceCosts about $10-15 a monthCovers:Personal property coverage
Liability coverageAdditional living expensesOptional:Flood insurancePersonal articles floaterSlide25
How much will I get for my belongings?Actual Cash Value$50
Replacement Cost$1000Slide26
How does the insurance company know I had the laptop?Take photosMake a videoList the brand, model number and serial numberStore proof in safe placeSlide27
Back to liabilityWhat if your dog bites the mailman?Or you burn down the kitchen?Or someone trips walking down your stairs?Slide28
Why health insurance?
It is the lawMedical bills largest cause of bankruptcyNo cap to exposureSlide29
Life insurance: Need it or not?
Need it!Probably notYou have children
Single- no kidsYou’re married and rely on income
Married and don’t rely on incomeYou own a businessMarried but not employedYour estate is over tax thresholdYou’re retiredSlide30
How much life insurance?Slide31
Disability coverageYou are more likely to file a claim with disability insurance while you are working than life insurance. Slide32Slide33
Got it?Do you:Understand what insurance is, why you need it and how it works?
Understand what insurance premiums are and how they are determined?Know what liability coverage is and how it applies to auto and renters/homeowners insurance policies?Explain types of insurance and when they apply to real life?Understand insurance contracts and the major decisions that have to be made when purchasing policies?Slide34
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Want to learn more?
Visit
countryfinancial.com/FinEdCongratulations,you are well on your way to being
more
financially
savvy.