CHAPTER 14, 14-2 Insurable Risks.

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Presentation transcript:

CHAPTER 14, 14-2 Insurable Risks

How insurance works INSURANCE COMPANY YOU Insurer Insured

How insurance works INSURANCE COMPANY YOU Insurance policy Insurer Here you go! Insurance policy Insurer Insured

How insurance works INSURANCE COMPANY YOU Premium Insurer Insured Thanks! Premium Insurer Insured

How insurance works INSURANCE COMPANY YOU File a claim Insurer Insured Uh oh! Something happened. I need your help! INSURANCE COMPANY YOU No problemo! That’s why we’re here. File a claim Insurer Insured

Ways to get insurance Buy it directly from the company Get it through your employer Obtain it through a professional organization (ex. VEA)

Single company agent Freelance agent Writes insurance policies for only the company they work for Writes insurance policies for several different companies. TYPES OF AGENTS

What can you insure? Most common are: Vehicle, property, health, & life insurance.

Health insurance Disability insurance Life insurance Business insurance Insuring personnel Health insurance Disability insurance Life insurance

Commercial property insurance Vehicle insurance Business insurance Insuring property Commercial property insurance Vehicle insurance

Business interruption insurance Liability insurance Business insurance Insuring operations Business interruption insurance Liability insurance

The reason businesses and individuals purchase insurance is to Make a profit Provide financial protection Reduce taxes Increase sales The reason businesses and individuals purchase insurance is to

The reason businesses and individuals purchase insurance is to Make a profit Provide financial protection!! Reduce taxes Increase sales The reason businesses and individuals purchase insurance is to

Another term for an insurance company is the policyholder. True or false? Another term for an insurance company is the policyholder.

Another term for an insurance company is the policyholder. True or false!! Another term for an insurance company is the policyholder.

Health insurance Property insurance Vehicle insurance Liability insurance Insurance that provides coverage for claims by others based on damages suffered as a result of business operations, employees, or products is

Health insurance Property insurance Vehicle insurance Liability insurance!! Insurance that provides coverage for claims by others based on damages suffered as a result of business operations, employees, or products is

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