How Insurance Works PREPARE TO APPLY FOR INSURANCE OR TO FILE A CLAIM 1 ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works.

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Presentation transcript:

How Insurance Works PREPARE TO APPLY FOR INSURANCE OR TO FILE A CLAIM 1 ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works

Preview Today we will answer these questions: How do I get insurance? What is covered by insurance? How do I get insurance payments if I have an accident? Use what you learn today to be prepared to apply for insurance or to file a claim. 2 ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works

What Do You Think? Can Katie insure the saxophone she rents from school in case she needs to pay to pay to repair a ding that she accidentally caused to the instrument? Can Aaron’s dad purchase insurance to recover cruise fees paid in advance if the family is unable to go on the trip? 3 ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works

INSURE-able The risk must have certain qualities to be insurable. I nsurable interest N umerous S pecific loss U nintentional and U nexpected R easonable cost E stimable 4 ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works

Yes or No? Are these INSURE-able situations? 1.Katie insure the school’s rental saxophone 2.Aaron’s dad purchase cruise trip insurance 3.A parent or guardian purchase your life insurance 4.You buy insurance to cover pens/pencils lost at school 5.You insure your vocal chords when you are a famous singer 5 ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works

Get Covered 6 ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works

Coverage and Conditions Coverage Examples - Rent Specify amount limits: Up to $XXX on jewelry usually at residence Up to $XXX on electronic equipment usually at residence What is excluded from coverage: Property of a boarder Animals Loss caused by earth movement (i.e earthquake, mudflow) Intentional loss Condition Examples - Rent What to do in case of a loss: Give notice to an agent Report any theft to police Protect property from further damage Submit request within XX days Payment procedures: Amount paid determined after deductible is applied to the loss Who payment will be made to Option for cash settlement or pay cost to repair or replace ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works 7

Cover a Loss 8 ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works

Law and Order of Insurance Take Responsibility Provide accurate information Be honest Know procedures Pay premiums on time Keep own records in order for quick retrieval Know Rights Know details upfront Receive notice of any policy or premium changes Expect fair and prompt processing of claims Receive explanation of why claim is denied Expect that personal information is securely protected 9 ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works

Reflection What are two habits you can take on now so you are ready to manage your own insurance paperwork and tasks? 10 ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works

Challenge Take an Inventory Put the finishing touches on your personal property inventory. Create a system to easily maintain your inventory and any evidence to prove ownership and value when applying for insurance or filing an insurance claim. 11 ©2014 National Endowment for Financial Planning | Lesson 6-2: How Insurance Works