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Lines of InsuranceLines of Insurance
What They Are and Why They AreWhat They Are and Why They Are
ImportantImportant
Adapt...
Major Lines ofMajor Lines of PersonalPersonal InsuranceInsurance
 Auto
 Health
 Life
 Homeowners/Renters
 Disability
Auto InsuranceAuto Insurance
 If you drive a car in North Carolina, you must have theIf you drive a car in North Carolina...
Auto InsuranceAuto Insurance
 Auto insurance is
mandatory in North
Carolina. You will have
to show proof of current
insur...
Auto InsuranceAuto Insurance
 If you are pulled over, a police officer can easily check
to see if you have valid insuranc...
Health InsuranceHealth Insurance
 Health insurance is important because you never
know when you might get sick or injured...
Health InsuranceHealth Insurance
 If you are not on your parent’s plan,
you may be able to get health
insurance from:
– Y...
Life InsuranceLife Insurance
 Life insurance helps make sure a family has enough
money if a primary wage earner dies.
 I...
Homeowners InsuranceHomeowners Insurance
 When you buy a house, keep in mind that insurance is
an expense in buying that ...
Homeowners InsuranceHomeowners Insurance
 Homeowners insurance also covers your personal
property, such as furniture and ...
Disability InsuranceDisability Insurance
 Disability Insurance is purchased by someone who is
working a job.
 Disability...
Other Lines of InsuranceOther Lines of Insurance
 Pet
 Commercial (coverage for
Businesses)
 Title (for real estate)
 ...
Remember!Remember!
 Companies charge different rates, even for similar
coverages. It pays to shop around!
 Having insura...
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Types of insurance

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Powerpoint, adapted from a powerpoint available on the web by the Texas Department of Insurance. Review of the basic types of insurance and their reasons.

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Types of insurance

  1. 1. Lines of InsuranceLines of Insurance What They Are and Why They AreWhat They Are and Why They Are ImportantImportant Adapted from a powerpoint created by The Texas Department of Insurance
  2. 2. Major Lines ofMajor Lines of PersonalPersonal InsuranceInsurance  Auto  Health  Life  Homeowners/Renters  Disability
  3. 3. Auto InsuranceAuto Insurance  If you drive a car in North Carolina, you must have theIf you drive a car in North Carolina, you must have the legal minimum amount of auto liability insurance.legal minimum amount of auto liability insurance.  By law, you must have at least auto liability insurance.By law, you must have at least auto liability insurance.  LiabilityLiability means obligation. If you are in an accident,means obligation. If you are in an accident, liabilityliability insurance will pay for injured parties andinsurance will pay for injured parties and properties.properties.  It will NOT cover your injuries! You will need to buy moreIt will NOT cover your injuries! You will need to buy more insurance than the legal minimum to cover (insure)insurance than the legal minimum to cover (insure) yourself and your property.yourself and your property.
  4. 4. Auto InsuranceAuto Insurance  Auto insurance is mandatory in North Carolina. You will have to show proof of current insurance when you: – Get pulled over by the police. – Get your car inspected. – Renew your drivers license. – Apply for or renew the registration for your car.
  5. 5. Auto InsuranceAuto Insurance  If you are pulled over, a police officer can easily check to see if you have valid insurance for your car. If you are caught without insurance, you can be fined hundreds of dollars and possibly lose your license.  Bottom line: If you drive, you must have car insurance!
  6. 6. Health InsuranceHealth Insurance  Health insurance is important because you never know when you might get sick or injured! Even minor injuries or illnesses can cost thousands of dollars to treat.  Many plans will allow you to remain on your parent’s plan until you reach the age of 25 (so long as your parents choose to keep you on the plan).  If you go to college or start working, it is a good idea to have health insurance.
  7. 7. Health InsuranceHealth Insurance  If you are not on your parent’s plan, you may be able to get health insurance from: – Your college (many offer student health insurance plans) – Your employer (many employers offer their employees health insurance plans) – Organizations (some organizations offer group health insurance plans) – Private carriers (remember to shop around to get the best price possible) – Healthcare.gov through Affordable Health Care Act
  8. 8. Life InsuranceLife Insurance  Life insurance helps make sure a family has enough money if a primary wage earner dies.  It is important to have life insurance if you have family members or other people who depend on you for money.  When you buy life insurance, you decide who your beneficiaries will be.  Beneficiaries are the people the insurance money will go to when the person covered by the policy dies.
  9. 9. Homeowners InsuranceHomeowners Insurance  When you buy a house, keep in mind that insurance is an expense in buying that house. Your lender will require that you have homeowners insurance.  Homeowners insurance won’t cover everything.  You will need to evaluate your situation and decide if you need additional coverage, such as flood insurance, windstorm insurance, earthquake insurance, etc.
  10. 10. Homeowners InsuranceHomeowners Insurance  Homeowners insurance also covers your personal property, such as furniture and clothing, and will pay for injuries to other people that occur at your house.  The amount of coverage depends on your policy, so make sure to buy the coverage you want and need!  If you rent instead of own your home, you will want to get renters insurance. Renters insurance covers your personal property if your rented home is damaged or if you property is stolen.
  11. 11. Disability InsuranceDisability Insurance  Disability Insurance is purchased by someone who is working a job.  Disability Insurance covers a percentage of a person’s wages should they be unable to work for at least a month due to an accident or major health event.
  12. 12. Other Lines of InsuranceOther Lines of Insurance  Pet  Commercial (coverage for Businesses)  Title (for real estate)  Jewelry  Boat
  13. 13. Remember!Remember!  Companies charge different rates, even for similar coverages. It pays to shop around!  Having insurance does not get you off the hook! You may still be liable (responsible) for paying for damage or replacements.  Insurance costs money and requires financial responsibility!

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