Types of Insurance

1
Insurance

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2
What is Insurance ?

• An agreement that states something is protected
  if it is damaged, hurt, or stolen.
• Essentially, when you purchase insurance on
  something it can protect your investment. If
  anything happens that is covered by the policy
  you can receive funds from the insurance company
  to have it replaced, fixed or receive a cash
  settlement.

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3
What types of insurance are there?

• Health Insurance
• Automobile Insurance
• Renters Insurance
• Property Insurance
• Umbrella Policies
• Life Insurance

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4
What types of insurance do I need ?

• Health
• This includes, vision, medial and dental
  insurance.
• Health insurance is a must. If you dont get sick
  often, there are cheaper forms of insurance that
  will protect you in case of a major medical
  emergency.
• Automobile
• Insures you and your vehicle
• Automobile insurance is a must. Talk to your
  insurance agent and make sure you have enough
  coverage.

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5
What types of insurance do I need ? Cont

• Renters Insurance
• Covers your personal belongings in the place that
  you rent.
• Renters insurance is important for those with
  nicer things. If have a 20 year old TV and a
  couch you found in the alleythis insurance may
  not be so important.

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6
What types of insurance do I need ? Cont.

• Property Insurance
• Covers any properties that you own.
• Umbrella Policies
• Provides additional coverage on the insurance
  policies you have and additional protection that
  covers accidents and other issues that medical,
  property and auto insurance policies dont.
• Life Insurance
• Provides your loved ones coverage in case of
  death.
• Will or trust although not insurance per say
  these will help your family avoid probate.

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7
Steps to ensure you have enough Insurance
Coverage

• Contact the companies you currently have your
  insurance with and 2 other companies and make
  comparisons.
• Ask a lot of questions and take good notes.
• Consult with a trusted, knowledgeable, friend
  that may help you sort through the information
  you received.
• Make a decision to keep your policies the same or
  make changes so you are better protected.
• A knowledgeable agent can help you pick the best
  insurance to protect you and save you money.

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8
Insurance information .

• All insurance policies are made up of an actual
  policy and a premium.
• This defines that coverage in the policy and the
  amount you will pay for the coverage.

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9
Commonly used Insurance definitions

• Insurance policy
• An insurance contract that describes the type and
  amount of coverage, as well as the premiums and
  deductibles included in the policy
• Insurance premium
• The payment made to an insurance company in
  exchange for an insurance policy guaranteeing
  protection or coverage on what you insure.
• Deductible
• The amount of the loss you pay out of pocket to
  the insurance company on the damaged good.
• For example If you get in a car accident and
  have 4,000 in damage and a 500
• deductible, the insurance company will pay
  everything but 500. The 500 is your
  responsibility.
• .

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10
Commonly used Insurance definitions Cont.

• Coverage limits
• The maximum amount paid by an insurance company.
• Example Your insurance covers only 50,000 in
  damages and you have 60,000 in damages, they
  will only pay up to the coverage limit.
• Insurance policy
• An insurance contract that describes the type and
  amount of coverage, as well as the premiums and
  deductibles included in the policy.

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11
What is an Insurance claim ?

• This is the paper request for reimbursement of
  damages or a request for payment of damages to
  the insurance company.
• When a claim is made to an insurance company, the
  insurer or person filing the statement must make
  a written or verbal statement to the company.
• This statement included details about the
  incident that occurred and why they need the
  insurance company to get involved with the
  payment process.
• This is a crucial part as many companies use this
  statement to determine eligibility for payment
  within the claim.

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12
What is an Insurance claim Cont

• This is a crucial part as many companies use this
  statement to determine eligibility for payment
  within the claim.
• Some companies are in the business of paying as
  little claims as possible.
• The insured person must submit in writing all
  records of financial expenses involved with the
  claim.
• This means that you must submit all receipts for
  the items when you purchased them or
  bids/estimates of how much the work will cost to
  repair the item
• If this is done incorrectly the insurance company
  will find a reason to pa you less or not at all.
• Be truthful at all times.

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