CROP INSURANCE 101 FOR WIVES

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TORNADO
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WHAT MAY BE LEFT AFTER A FEW MINUTES OF DISASTER
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Anything can happen and sometimes does
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Types of insurance

• There are basically three types of insurance.
• --Life and health insurance
• --Property and casualty insurance
• --Production insuranceCrop insurance

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Insurance

• A person takes out an insurance policy and pays a
  professional risk taker ( the insurance company)
  a small but regular sum of money ( premium) to
  assume the financial burden in case of the
  unexpected.

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Insurance

• How much risk are you willing to bear?
• Insurance is a tool to use to reduce individual
  risk
• Insurance is a response to problems caused by
  catastrophic losses due to unplanned major
  losses.
• Insurance cost money but compared to the
  potential financial loss or liability it may be a
  small amount
• Insurance is not intended to make a profit for
  the insured.

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Types of Insurance

• Life Insurance Protects your family against loss
  of income because of a death in the family
• Accident and Health Insurance Protects you
  against the expenses arising from illness and
  accident, as well as loss of income from illness
  and accident
• Property and Casualty Insurance Protection
  against loss if property is damaged, destroyed,
  or stolen.
• Liability Insurance Protects against lawsuits if
  you cause personal injury or damage property of
  others

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Points to remember

• Insure against losses that may lead to financial
  disaster
• Insure the irreplaceable or the most necessary
  property first
• Dont insure anything you can easily afford to
  replace yourself
• Be sure the coverage is adequate
• Buy insurance that provides coverage for
  situations you are likely to have a claim
• Remember insurance is not there to make money

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Insurance

• Few could bear the risk of fire, accidents,
  lawsuits, and death in the family
• It protects the family financially and lessens
  the hardship of unexpected economic loss
• It meets your obligation to others who might
  suffer injury or loss because of something you
  did
• It makes it possible for you to take certain
  risks you otherwise could not take

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Workers Compensation

• Insurance system required for employees of a
  business
• Covers job related injuries and sickness
• In a job-related accident or sickness occur, the
  workers compensation policy from the business is
  the only policy paying for the employees
  expenses
• It is possible to get workers compensation on a
  self-employed person
• Disability insurance can protect insured against
  a loss of income caused by injury or illness. It
  provides income for a specified amount of time.

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Selecting an Insurance Agent or Company

• Insurance agents are salespeople pick one you
  can trust
• Independent agents can offer a variety of
  coverage from many different insurance companies
• Price should not be the only decision make sure
  to check into coverage, service, needs,
  financial stability, and prompt payment of claims.

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THE END

• Complete the Insurance Evaluation and Worksheet