Insurance Why would I insure the contents of my house ? I may be burgled I may damage my carpets My freezer may stop working and I could loose all my food.

Slides:

Advertisements

Similar presentations

Home Owners Insurance Basics What is it and why do we need it.

Advertisements

The Fundamentals of Insurance Ch.32 – South Western 1997.

Homeowners Insurance. A binding, legal contract between the policyholder and the insurance company to protect their home and belongings if they are damaged,

HOMEOWNERS INSURANCE. PROPERTY INSURANCE Property Insurance- Insurance that protects you from loss of real and personal property Real property- Property.

Critical Illness Insurance (7/14). Assurity Life Insurance Company – A leader in Critical Illness Insurance.

INSU 330 Introduction to Insurance. What dose Insurance Mean ??  We all buy different types of insurance such as auto, medical, liability, disability.

Life Assurance Learning Intention Success Criteria 1.Understands the terms linked with Life Insurance 1.To explain the terms linked with Life insurance.

property coverage insurance  Damage to home or property  You should always insure your home and other expensive property  Property insurance covers.

Insurance Success Criteria 1.Understands the terms linked to insurance premiums 1.To explain the terms linked with insurance 2.Can calculate the premium.

Insurance Basics Sharing the Risk.

Intro to Business Chapter 34

Insurance and Managing Risk Chapter 13 Business Risks Loss of property and stock and cash caused by – Fire – Theft – Flooding, etc. Financial loss caused.

Insurance Options Shelby “Bighoss” Sisco and Mark “Marky Mark” Moyer.

Property Insurance Chapter 39. Home and Property Insurance Home and Property Insurance protects you from three types of economic loss…  Damage to your.

0 Personal Finance Unit 4 Chapter 13 © 2007 Glencoe/McGraw-Hill DISASTROUS RESULTS Events such as hurricanes and tornados can cause widespread devastation.

Unit 8: Insurance Section 14.1 – Insurance Basics.

Insurance Basics. Why Do You Need Insurance? Help you pay for things that could happen to you that you cannot afford Law says you need to pay to compensate.

Insurance Basics Home Automobile Medical & Life. Insurance Basics Learning the Language of Insurance.

Property Insurance. Insuring Your Valuable Property The main causes of property damage are accidents, theft, and vandalism. You can protect yourself from.

INSURANCE Preparing for Life’s Unexpected Events.

Section 22.1 ~ Objectives Common insurance terminology How to lower some insurance costs.

To indemnify against loss. Property Insurance  Covers damages to dwelling (house and attached fixtures) and personal belongings inside due to fire, storm,

Section 2: Insurance. I CAN: Explain what types of insurance are available and why I need them Define the terms associated insurance.

Questions to Consider What is the difference between Insurance and assurance? Please use an example in your answer. Explain the 5 principles of insurance?

Partial lesson 13 of 36 slides Insurance Policy.

Distinctive. Choice. London Borough of Islington/Homes for Islington Leasehold Insurance Policy Islington Leaseholder Association Meeting 10 th November.

___________________________________________________ ___________________________________________________ ___________________________________________________.

BUYING A USED CAR CALM 20. So you are ready to buy your 1 st car? What matters to you in a vehicle?

INSURANCE FOR HOUSEHOLDS MR. KEANE. INSURANCE COMPANY LOGO QUIZ

> > > > Insurance and Risk Management Appendix B.

By : Amerika Horton. Homeowners Insurance I chose this type of insurance because mainly everyone who has a home should have this type of insurance on.

AUTO INSURANCE INSURANCE= GUARDS AGAINST BIG LOSSES.

Auto Insurance Policy Pre Test. Bodily Injury Property Damage Collision Coverage Comprehensive Coverage Uninsured Motorist Coverage This coverage provides.

HOUSEHOLD INSURANCE. Renter’s Insurance  Protection of personal belongings; also provides liability coverage  Liability: Bodily damage or property damage.

Chapter 37 The Fundamentals of Risk. Risk Risk - can be thought of as the possibility of incurring a loss. There are 4 main types of Risk -  Economic.

Homeowner’s/Renter’s Insurance Homeowner’s Insurance combines property and liability insurance into one policy to protect a home from damage costs due.

Insurance. Property Insurance Includes your vehicle (truck, trailer, boat, motorized wheelchair), home (if you purchase home insurance – if you borrow.

Objectives: Determine the Future Value of a Lump Sum of Money Determine the Present Value of a Lump Sum of Money Determine the Time required to Double.

Objectives: Students will be able to understand the importance of insurance Students will be familiar with the various factors that determine the cost.

Finding an Apartment. Objectives Students will be able to determine the most you are able to spend on an apartment Students will be able to choose wisely.

Lesson 18 Insurance. Today’s Learning Objective What are the main types of insurance? Insurance Basics Auto Insurance Renter’s Insurance Homeowner’s Insurance.

Chapter 14 Automobileand Home Insurance. Insurance Basics 14.1 Insurance: Risk management tool that limits financial loss due to illness, injury or damage.

Homeowner’s/Renter’s Insurance  Homeowner’s Insurance combines property and liability insurance into one policy to protect a home from damage costs due.

Operations Strategy. Facility ► You will have to create a layout of your facility ► This should include a detailed floor plan of your facility and what.

How Insurance Works Life is full of risks Life is full of risks The purpose of Insurance is to provide financial protection against different kinds of.

Insurance Final Question Final Question DiscountsPolicyCoverageBasics

replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its.

 The forecasting and evaluation of financial risks  Identification of procedures to avoid or minimize their impact. Goals: ▪ Avoid or minimize losses.

Insurance. Types of household insurance  Life assurance  Home insurance  Motor insurance  Personal insurance  Travel insurance.

Insurance. Health Insurance Basic Physician for non-surgical care Surgical for surgeon’s fees Cosmetic not covered Specific procedures are a set price.

Types of Insurance Essentials Economics Review: What is Insurance? Risk is the uncertainty about a situation’s outcome- may be an unpredictable.

Miss Smith 7 th Grade Civics *pgs  Insurance- system of spreading _____ over large numbers of ______  People pay a _____ amount to the _______.

Personal Finance.  The Concept of Risk Management  Planning an Insurance Program  General Insurance Terms  Homeowners Insurance  What’s covered?

Insurance. Key terms  False economy  Questioning periodic payments, that are not compulsory  something better to spend money on  BUT if a loss did.

6.4. Property Owners Insurance Premiums Terms to know: Homeowner Insurance Dwelling Other Structures Personal Property Additional Living Expense Personal.

10.1 Mortgage Loans First make a down payment. ◦ Generally between 10 and 40 percent of the selling price. ◦ Most 1 st -time homeowners put down 5%. ◦

What is Insurance? Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined.

Personal Finance Section Buying Insurance Fireman’s Fund Insurance Company.

Insurance Risk & Protection. Can you believe? Insurance claims involving teens 100% higher than adults Insurance claims involving teens 100% higher than.

Chapter 6 Personal Risk Management. Slide 2 What Is Risk? 6-1 Risk Assessment and Strategies Risk is the chance of injury, damage, or economic loss. Probability.

Chelsea, Jessica, Austin, Forrest, Brittany, and Kaitlyn.

Auto Insurance Home Insurance Vocab 1 Vocab 2Auto Insurance Insurance Game

What is insurance? SS.4.FL.5.1 Explain that after people have saved some of their income, they must decide how to invest their savings so that it can grow.

INSURANCE. INSURANCE – BASIC VOCABULARY HOW MANY WORDS DO YOU KNOW? ●INSURER ●INSURED ●COMPENSATION ●COVER ●REIMBURSE ●AGENT ●DAMAGES ●INSURANCE POLICY.

Questions to Consider What is the difference between Insurance and assurance? Please use an example in your answer. Explain the 5 principles of insurance?

Calculating Deductibles and Co-Insurance

Calculating Deductibles and Co-Insurance

Calculating Deductibles and Co-Insurance

A house holder is currently considering insuring the contents of his house against theft for one year. He estimated the contents of his house would cost.

Preparing for the unexpected

Presentation transcript:

Insurance Why would I insure the contents of my house ? I may be burgled I may damage my carpets My freezer may stop working and I could loose all my food

Why should I insure my buildings ? My house may catch fire My house may be flooded My house may be damaged in a storm

Household insurance Buildings Contents Two types of policies We insure our property against events which may or not happen We pay a sum of money to an insurance company each year This money is called a premium. If my house contents are stolen or damaged the insurance company will pay out a sum of money to replace or repair the items If my house is damaged a sum of money will be paid out for any repairs

How much will my premium cost? The cost depends on the value of your property and the value of your contents You are told how much your premium will be to insure contents or buildings for each £1000 of their value Now multiply this premium by the number of thousands you wish to insure your property for

Example: ‘ Be safe’ insurance company Buildings-----£2.60 per £1000 Contents-----£5.35 per £1000 How much will it cost to insure a house valued at £ 64000, for one year ? Value Premium £1000£2.60 £ X £2.60 £166.40

The value of my contents is £ How much would it cost to insure them for a year ? ValuePremium £1000£5.35 £ X £5.35 £ Pg 188 –190 Ex 4

Monthly premium If the buildings and contents are insured by the same insurance company you pay one premium per year Total premium = for contents + premium for buildings If this premium is too much for you to pay in one lump sum you can pay by 12 monthly instalments but this may incur the additional cost of interest How you pay is your own choice