Insurance and How It Works

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Presentation transcript:

Insurance and How It Works CHAPTER 23 7/3/2018 LESSON 23-1 Insurance and How It Works Discuss the common types of insurance Identify when an insurable interest is present

WHAT IS INSURANCE? Insurance is a contractual arrangement that protects against loss.

INSURANCE TERMS Indemnify Insurer Insured Beneficiary Policy Face value Risk

COMMON TYPES OF INSURANCE Life insurance Fire insurance Casualty insurance Social insurance Marine insurance Inland marine insurance Fidelity and surety bonding insurance

LIFE INSURANCE Term insurance Whole life insurance Endowment life insurance

CASUALTY INSURANCE Burglary, robbery, theft, and larceny insurance Automobile insurance Liability insurance Disability, accident, or health insurance

INSURABLE INTEREST Insurable interests in property Insurable interests in life

Property and Casualty Insurance Coverage LESSON 23-2 Property and Casualty Insurance Coverage Know the types of coverage provided by property and casualty insurance Understand the coverages provided in an automobile insurance policy

PROPERTY AND CASUALTY INSURANCE Fire insurance Inland marine insurance Liability insurance

AUTOMOBILE INSURANCE Medical payments coverage Collision and comprehensive coverage Uninsured and underinsured coverage No-fault insurance

Life and Social Insurance Coverage LESSON 23-3 Life and Social Insurance Coverage Identify common provisions in life insurance contracts Explain the types of social insurance

LIFE INSURANCE Life insurance is a contractual arrangement under which an insurer promises to pay an agreed-upon amount of money to a named party upon the death of a particular person

COMMON PROVISIONS OF LIFE INSURANCE Exemption from liability in case of the insured’s death during military service. Incontestability clause prohibits the insurer from refusing to perform due to misrepresentation or fraud after the policy has been in place for a specified period of time. Indemnity coverage requires the insurer to pay more than the face value of the policy if the death of the insured is accidental. Disability coverage provides for protection against the effects of total permanent disability.

SOCIAL INSURANCE Retirement insurance Survivor’s insurance Disability insurance Health insurance

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