Insurance Concepts

Things that need insurance?-Car-Home, Condo, Apartment-Jewelry , Cameras, Collections ( coin , stamp)-Boats-Umbrella Liability-Life, Annuity-Medical and Disability-Dental, Vision

Do You Know Where to Buy Insurance?

Independent Agents – multiple companies

Direct Writers – Company Employees

Captive Agent – Represents one company

Direct Response – Phone or Mail

Internet – Company or Generic site

Bank – Check out your local bank

REQUIRED BY LAW:

BODILY INJURY - Injury to othersIn your carIn a car you hitA pedestrian

PROPERTY DAMAGE - to stuff of othersProperty of people in your carA car you hitA home, fence, tree or other property

Liability is a legal term that refers to the responsibility a person has for someone else’s loss or injury

Auto Liability

REQURIED BY FINANCE CO. NOT BY LAW

COMPREHENSIVE - Your CarDamage other than collision - Glass Breakage (windshield) - Falling object (tree) - Fire, Theft, Flood

COLLISION - Your Car, Your FaultHit another vehicle, object, or live animal. Excess if someone hits you

Auto Physical Damage

PERSONAL INJURY PROTECTIONMedical Expenses, Lost Income

UNINSURED / UNDERINSURED Your expenses if hit by an uninsured driver or someone with lower limits than you.

WHO IS COVERED?Named Insured & Resident RelativesOthers driving with permission

Auto Miscellaneous

LIABILITY (BI & PD)Pays from first dollarCT Min. $20,000/40,000 BI, $10,000 PDDouble to $100,000 for 30%. $500 = 50%

COMPREHENSIVESome have deductible, Opt. Glass @ $0

COLLISSIONDeductible coverage

How Much to Buy

Cost Factors

Drivers Experience Level - Age, Sex, Years Driving - Accidents , Violations

Vehicle - Performance Ratings - Price of Car, Cost of Repair

Use - Miles to work

Location - Where you store your garage - Where you live

Discounts

Drivers Ed

Good Student (B Average)

Multiple Vehicles

Auto and Homeowner Package

Insure on Parents Policy

Your house

Its contents @ 70% (including off premises)

In a locked car, at school, on vacation

Detached buildings (garage, shed) 10%

Extra Living Expense 20%

Liability (Bodily Injury & Property Dmge)

Homeowners

REPLACEMENT COSTInsure and be paid for the replacement value of your home.Partial Loss vs. Total Loss

ACTUAL CASH VALUE Depreciation

CONSTRUCTION COST, Not market value

HO Property Value

INCLUDESFire, LightningWindstorm, HailVehiclesVandalism, RiotSmoke, ExplosionTheftAircraft, Falling Obj.Weight of Ice & Snow

EXCLUDESFlood & EarthquakeVermin & InsectsWar, Nuclear ReactionWear & Tear

HO CoveragesBROAD PERILS (building)Covers anything not excludedCompany must prove damage from an excluded peril

SPECIFIED PERILS (contents)Covers only perils named in policyInsured has burden of proofLIABILITY (Injury to others/their property)Slip and FallHit someone with a baseball, golf ball, etc.Food poisoningBorrowed propertyEXCLUDES intentional acts (fighting)

WHOLE LIFECash Value (Borrow)Fixed Premium CostPays DividendsKEY OPTIONSDividends Offset Premium Guarantee Insurability

TERM (Indiv. / Group)Fixed PeriodNo Cash ValuePremium Increases with Age ORLevel Premium, Coverage Decreases

A contract between the policy holder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person

Life Insurance

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Industry Issues

Interested in an Insurance Career?

Career Opportunities

NurseLab Techs - Eng.AccountantActuaryProgrammer Tech SupportGraphic Artist

UnderwriterInvestment AnalystClaim AdjusterPremium AuditorSafety EngineerSales / MarketingLawyerCustomer Service Agent

Careers

CLAIM ADJUSTEREvaluate situation surrounding a claim.Covered by policy?Insured legally responsible?Cost to repair damage.Medical, lost time, pain & suffering UNDERWRITER

Reviews risk characteristics of prospects and current insured's Match to criteria for insurability Determine pricing

PREMIUM AUDITOROn the roadWorks with insured'sExposure to claims based on payroll or sales. WComp, ProdsDetermines payroll / sales exposure SAFETY

ENGINEERSurveys insured’s workplace Safe place to work?Driver trainingFleet maintenanceLifting

Careers

NURSESClaim Dept.Guide recovery Guide rehab

LAB TECHNICIANSForensics Claim SupportWorkplace Safety

SALES / MARKETINGAgent – outside sales Field RepHome Office

CUSTOMER SERVICE AGENT Agency – insideService, some sales

Careers

TECH SUPPORT Help DeskSpecialists

PROGRAMMERS Home OfficeAll Units Nights & Weekends

ACTUARIES

Set RatesClaim Reserves

ACCOUNTANTSCorporateBudgetInternal Auditor Premium Auditor

Careers

GRAPHIC ARTISTSCommunications Advertising

LAWYERSContractsClaim DefenseInsurance Policies

INVESTMENT ANALYSTS Home OfficePortfolio Manager Stocks Bonds Real Estate Currency

Careers

Education is Key !

Check out Northeast Community College

Online Programs to start your Insurance Career

Insurance courses transferrable to other colleges

Visit investne.org for more information