Types of Insurance: 522-526 Homeowners/property insurance Life insurance: whole life and term health Car insurance Malpractice insurance Disability income.

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Presentation transcript:

Types of Insurance: Homeowners/property insurance Life insurance: whole life and term health Car insurance Malpractice insurance Disability income insurance Liability insurance Social insurance – Social Security Beside each type of insurance, provide an example of when this insurance would be needed.

Define the key terms on page 522 (8 terms)

Chapter 19, Section 4 Pages What is insurance? A system of spreading risks over large numbers of people.

What is a premium? The amount you pay for your insurance policy.

Types of Insurance Life insurance – protects the policyholder’s family; the person who receives the money when the policyholder dies is the beneficiary. Term life insurance – covers a specified period of time; premium changes upon renewal; relatively inexpensive. Whole life insurance – covers the lifespan of the policyholder; more expensive

Types of insurance cont. Disability insurance – provides income if you become disabled from an accident or sickness; replaces lost wages Health insurance – covers medical expenses Property insurance Liability insurance – automobile insurance that pays the person for the damage you causes Collision insurance – automobile insurance that pays you

Insurance provided by the Government Social Security – old-age & survivors insurance, disability insurance, unemployment insurance Medicare – the elderly Medicaid – the poor Workers’ Compensation – if you are injured on the job FICA – You & your employer pay a percentage of your salary and you receive cash benefits at a later date depending on your situation.

Individual Activity: As an insurance agent, create a pamphlet to showcase all the types of insurance you have a license to sell. You must include 7 types of insurance as found in the notes/textbook. Your pamphlet must be attractive and informative. A pamphlet is a single piece of paper where information is printed on one or both sides to promote a product or service.