Credit and Insurance Chapter 18 Chapter 18 Credit and Insurance

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Presentation transcript:

Credit and Insurance Chapter 18 Chapter 18 Credit and Insurance ©2008 Thomson/South-Western Chapter 18 Credit and Insurance

Lesson 18.1 Credit Principles and Practices Goals Describe three types of credit plans used by businesses. Identify several types of financial transaction cards and the main uses of each type. Chapter 18 Credit and Insurance

Credit Systems Accepting major credit cards Merchant account provider Creating a private credit card system Consumer credit plans Installment credit Revolving credit Chapter 18 Credit and Insurance

Financial Transaction Cards Bank and nonbank credit cards Co-branded credit cards Affinity credit cards Debit cards Smart cards Chapter 18 Credit and Insurance

Lesson 18.2 Managing Credit Goals Identify the information on which decisions about credit applications is based and how that information is obtained. Describe the steps in collecting unpaid accounts. Chapter 18 Credit and Insurance

Determining Credit Standing The four Cs of credit Character Capacity Capital Conditions The point system Sources of credit information Applicants Credit agencies Chapter 18 Credit and Insurance

Federal Laws and the Credit Card Industry Equal Credit Opportunity Act Truth-in-Lending Law Fair Credit Reporting Act Fair Debt Collection Practices Act Chapter 18 Credit and Insurance

Analyzing Credit Sales Accounts receivable relative to credit sales Aging of accounts Percentage of delinquent accounts relative to total outstanding accounts Chapter 18 Credit and Insurance

Lesson 18.3 Insurance Principles Goals Discuss several ways that businesses can attempt to reduce risks. Define important insurance terms. Describe several noninsurable risks facing businesses and how managers can respond to each. Chapter 18 Credit and Insurance

Basic Insurance Concepts Insurance rate — amount an insurance company charges a policyholder for a certain amount of insurance Cancellation of insurance Insurable interest in property — possible financial loss the policyholder will suffer if the property is damaged or destroyed Deductible — amount the insured party pays for a loss before the insurance company pays anything Chapter 18 Credit and Insurance

Lesson 18.4 Types of Business Insurance Goals Describe several types of property and vehicle insurance that businesses need. Identify the types of insurance businesses should consider carrying on the people associated with the business. Describe additional insurance businesses may need to cover special types of risks. Chapter 18 Credit and Insurance

Property Insurance Fire insurance Burglary and robbery insurance Business income insurance Transportation insurance Vehicle insurance Collision insurance Comprehensive insurance Vehicle liability insurance Medical payments insurance Chapter 18 Credit and Insurance

Other Types of Insurance Insuring people Health and disability insurance Life insurance Other business insurance needs Business operations — liability insurance, malpractice insurance, bonding Insurance for international operations Chapter 18 Credit and Insurance

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