The purpose of insurance is to protect against the loss of something of value Designed to restore you to your financial position to where it was before the loss NOT to allow you to profit from the loss ID: 319834 Download Presentation
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The purpose of insurance is to protect against the loss of something of value. Designed to restore you to your financial position to where it was before the loss. NOT to allow you to profit from the loss!.
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WHAT INSURANCE PROTECTS
Presentation on theme: "WHAT INSURANCE PROTECTS"— Presentation transcript:
WHAT INSURANCE PROTECTS
The purpose of insurance is to protect against the loss of something of value
Designed to restore you to your financial position to where it was before the loss
NOT to allow you to profit from the loss!Slide2
To insure something, you must have insurable interest on the item
It must be something of value that, if lost, would cause you financial harm.Slide3
Determining the Value of Insurable Interest
Before you can insure your property, its value must be measured in financial terms.
The insurance company can then compensate you based on its value.Slide4
When the value of property is not clear, you or the insurance company may have it appraised
An appraisal is an expert’s determination of the value of a piece of property.
EX: if you want to insure your diamond ring, you might have it appraised to make sure you buy enough insurance to cover it’s loss.Slide5
Home insurance does not automatically cover some particularly valuable items, such as a diamond ring.
To insure it, you must purchase a RIDER
A rider is a special addition to an insurance policy that covers a specific type of loss.Slide6
Determining the Amount of Life and Health Insurance
Your life and health don’t carry a price tag like property does.
Health and Life insurance are sold in different amounts.
The greater the amount of coverage you choose, the higher the premiums. Slide7
You life insurance premiums will depend on your life expectancy
Do you smoke? Do you drink? Do you have history of cancer?
Life expectancy is an estimate of the average number of years remaining in people’s lives based on their
The Insurance Trade Off
Your goal in buying insurance should be to protect yourself from a loss that could put you in financial difficulty. It should not be to protect from
loss. The more insurance coverage you buy, the higher the premiums. At some point, the premiums themselves could put you in financial difficulty.
**You should only buy enough insurance to cover the losses you would have trouble paying for yourself.**Slide9
The Role of Insurance in the Economy
Insurance benefits you indirectly
Business activities wouldn’t be possible without insurance
Banks wouldn’t lend you money to buy a home or car
If your home burned down without insurance, the bank might not recover the loaned funds
Physicians usually don’t practice without insurance to protect them from lawsuits
One lawsuit could ruin them financiallySlide10
TYPES OF INSURANCESlide11
Insurance that protects you from financial loss when things you own are stolen, damaged, or destroyed
Typically for homes, cars, and valuables
MARKET VALUE: the amount an item is worth now.
REPLACEMENT VALUE: the cost of replacing the item, regardless of its market
alue at the time of the loss.Slide12
Sometimes your actions cause losses to other people
You can damage someone else’s car
Protects you from losses that you cause to others
AKA Casualty Insurance
Up to a stated maximum, it will pay the cost of damage, medical expenses, and legal fees if you are suedSlide13
Insurance that protects you, your spouse, and your children against financial loss due to illness, disability, or death
Health and Life insurance are two examples of personal insurance
Often, employers pay part of the cost of health insurance for their employees.