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Insurance 101 Money $Mart 2009
- 1. INSURANCE 101 Paul Olmstead Farmers Insurance
- 3. What is Auto Insurance?
- 6. What should you do in an accident?
- 9. What is Renter’s Insurance?
- 11. What is Life Insurance?
- 20. What is Health Insurance?
- 26. Thank you for your time and questions If you have any other questions that you want answered please take one of my business cards. I will be happy to speak or meet with you at your convenience. (262) 285-3599 Office (920) 254-8736 Cell Paul Olmstead, Agent/Partner Farmers Insurance
Editor's Notes
- If you don’t have enough money when an accident is your fault, , they can garnish your wages until the debt is paid. Wage garnishment, while our agency is not a law office, it is our understanding that wage garnishment cannot be wiped out in a bankruptcy.
- Auto Insurance is money to help you pay for the “unexpected” expenses of an unplanned event.
- BIPD = Bodily Injury and Property Damage. UM = Uninsured Motorist. IUM = Under-insured Motorist. 150/300/100 example above would mean that you have $300,000 in liability insurance for Bodily Injury. However, you have “caps”! The maximum amount your insurance company will pay for Bodily Injury is $150,000 per person per accident, and $100,000 maximum in Property Damage. UM and UIM is the Bodily Injury coverage for you if the person at fault is uninsured or under-insured. Medical coverage is for you and anyone in your car. This coverage can be tapped in to regardless of fault, and can help cover your health insurance deductible, chiropractic care, etc. Comprehensive coverage is what pays when you hit a deer or a tree falls on your car or glass breakage. In the illustration above, your comp deductible is $750, your coll deductible is also $750. Collision, of course, is what pays to fix your vehicle when you are at fault in an accident. A deductible is your out-of-pocket expense or your amount at risk should there be an event that requires you to file a claim with your insurance company. Loss of Use coverage is simply a form of reimbursement, which is an additional benefit you can choose, to you should your vehicle be in a collision center for repair (and the accident is your fault).
- These 6 questions are questions you should ask and the agent you choose to provide your life insurance should be asking. And “Do you qualify” is a big one. Not everyone will qualify to buy life insurance.