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Bus 12 insurance oct 28, 2010

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Bus 12 insurance oct 28, 2010

  1. 1. Insurance October 28, 2010 Bus 12 – Money Matters R. Okumoto
  2. 2. o What is Insurance? o What is Insurance to you? o Who is Important to you ? o What is Important to you ? o How to Buy and Select Insurance Lecture TopicsLecture Topics Bus 12 – Money Matters R. Okumoto
  3. 3. “ If there were no risk in the world, then there would be no need for insurance” Insurance Defined:  Insurance is a financial arrangement with two primary characteristics:  Risk of financial loss is transferred from an individual to a group  Losses are equitably shared by all members of the group What is Insurance?What is Insurance?
  4. 4. Insurance is Legal Gambling! Its foundation is based on Probability Theory o The Formula is simple: o The Insurance company determines if a loss is insurable o You pay your premium for your insurance coverage o The Insurance company invests your money o The Insurance company waits for claims o Both sides are betting or hoping for no losses or claims What is Insurance?What is Insurance?
  5. 5. Video 1Video 1 Bus 12 – Money Matters R. Okumoto Insurance Overview
  6. 6. “ Peace of Mind” “Source of Security” “Allows you to sleep at night” What is Insurance to You?What is Insurance to You?
  7. 7. Insurance is purchased to manage the (3) basic rules of risk: 1. Do not risk more than you can afford to lose 2. Consider the odds of loss 3. Do not insure small items (costs) Why Buy Insurance?Why Buy Insurance?
  8. 8. o Family? o Friends? o Pets? o People who work for you? o People who employ you? Who is Important to you?Who is Important to you?
  9. 9. o Health? o Life? o Home? o Car? o Your Earnings? What is Important to you?What is Important to you?
  10. 10. o Life Insurance o Health / Medical Insurance o Disability Insurance o Long-term Care Insurance Protect You and Your FamilyProtect You and Your Family
  11. 11. Video 2Video 2 Bus 12 – Money Matters R. Okumoto Term versus Whole Life Insurance
  12. 12. Video 3Video 3 Bus 12 – Money Matters R. Okumoto Susie Orman on Life Insurance
  13. 13. Video 4Video 4 Bus 12 – Money Matters R. Okumoto How Health Insurance Works
  14. 14. o Home Owner Insurance o Renter Insurance o Auto Insurance Protect Your PropertyProtect Your Property
  15. 15. Video 5Video 5 Bus 12 – Money Matters R. Okumoto Save Money on Homeowners Insurance
  16. 16. Video 6Video 6 Bus 12 – Money Matters R. Okumoto Save Money on Car Insurance
  17. 17. o Annuities o Permanent Life Insurance Protect Your RetirementProtect Your Retirement
  18. 18. o Criteria for Selection: o Rating Agencies o Financial Size o Age of firm How to Select InsuranceHow to Select Insurance CompaniesCompanies
  19. 19. o Premium o Death Benefit Value o Term Insurance o Permanent Insurance o Whole Life o Universal Life Key Life Insurance TermsKey Life Insurance Terms
  20. 20. o Coinsurance o Co-Payment & Deductible o Covered Expenses / Exclusions o Preexisting Condition o Major Medical Coverage o HMO o PPO Key Medical Insurance TermsKey Medical Insurance Terms
  21. 21. Video 7Video 7 Bus 12 – Money Matters R. Okumoto Co-Pay And Coinsurance
  22. 22. Video 8Video 8 Bus 12 – Money Matters R. Okumoto PPO versus HMO
  23. 23. SPECIFIC TO CARS o Part A – Liability Coverage o Part B – Medical Payment Coverage o Part C – Uninsured Motorist Coverage o Part D – Physical Damage or Loss Coverage Key Property & CasualtyKey Property & Casualty Insurance TermsInsurance Terms
  24. 24. Insurance October 28, 2010 Bus 12 – Money Matters R. Okumoto

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