Insurance

What is Insurance? Way to ensure you are protected from financial loss When something bad happens, your insurance will cover some or all of the costs to fix the damage, depending on your policy

You can get insurance for your business, your apartment/house, pet, jewelry Most common lines of insurance are auto, home, life, and health

What is a Policy? A policy is a contract between you and your insurance company You promise to pay the insurance company a premium and the insurance company promises to pay your claims as they arise

What is a Premium? A premium is the amount of money you pay every month (or other set time period) for your insurance coverage The insurance company takes many factors into account before it offers you coverage Insurance company determines your premium by deciding what type of risk you (or the thing you are insuring) are

Who Says I’m a Risk? A risk is the possibility of financial loss Depending on the line of insurance, the insurance company will look at many factors to determine what kind of risk you are (high, medium, low) Everyone is some level of risk

Auto Insurance Examples of factors an insurance company will consider before offering coverage: Make/model of your vehicle Vehicle’s age and mileage Your age Your driving record (if you don’t have one you are considered a greater risk) How you use your car Where you keep your car at night

You must have auto. liability insurance Liability: obligation You must have auto liability insurance Liability: obligation If you are in an accident, liability insurance will pay for injured parties and properties Liability insurance will NOT cover your injuries

Will have to show proof of current insurance when you: Auto Insurance is mandatory Will have to show proof of current insurance when you: Get pulled over by the police Get your car inspected Renew your driver’s license Apply for or renew the registration for your car

Game for auto insurance https://www.ohioinsurance.org/auto-insurance- edu-game/

Auto Insurance Video http://www.bankrate.com/finance/video/auto- insurance-coverage.aspx

Claims, Adjusters, and Deductibles A claim is a demand by a person seeking recovery from a loss When you file a claim with your insurance company, a claims adjuster will investigate your claim The amount of money you will receive from your insurance company depends on your policy You cannot receive more than your policy allows

You must pay the deductible, if applicable A deductible is the amount you must pay yourself before the insurance company pays

Life 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: The people who will receive the insurance money if the person covered by the policy dies

Homeowners 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 also covers your personal property, such as furniture and clothing, and will pay for injuries to other people that occur at your house 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 have to get renters insurance Renters insurance covers your personal property if your rented home/apartment is damaged or if your property is stolen www.knowyourstuff.org https://www.ohioinsurance.org/info/for- consumers/renters-edu-game/

Homeowners Insurance Videos http://www.youtube.com/watch?v=GQ1MH7iCQrE