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* State Farm State Farm * All State All State * Blue Cross Blue Shield Blue Cross Blue Shield * Progressive Progressive * Geico Geico

* Insurance is purchased protection that guarantees to pay you in the event of certain specified losses. * What are some risks you face in each of these categories: * PROPERTY * PERSONAL * LIABILITY

In your notebook please define the following terms (7 minutes): * Policy * Exclusions * Endorsements * Premium * Claim * Deductible * Co-insurance

* With a buddy, move somewhere outside the room. Together, read out loud the section titled Understanding Insurance Costs (p ). * When you’ve finished reading, summarize the section in your own words and jot it down in your guided notes. * Once you’ve finished, come back to your seat (that is how I know you are done). * TIME LIMIT FOR ACTIVITY: 20 minutes. * You’ll present your information to the class I will take the notes and you can look online tonight at the website for the information!

What do you think?

* AUTO * HOME/RENTER’S * HELATH * LIFE * DISABILITY

 Definition * Insurance that compensates you if your vehicle is stolen or damaged and it is not your fault. In addition if you are the cause of the accident they can provide payments for the vehicle and other properties/injuries.  Coverage (what does this type(s) of insurance basically cover?) * Damages to your vehicle * Types: Damage, Liability and Collision  Who needs this insurance? * Drivers need this for the risk of owning a vehicle and driving it.  Rates. What affects the rates of this kind of insurance? * Factors that affect the rates: * Age, gender, marital status, driving record, mile/type/age of vehicle, place of residence, number of drivers on policy  How do you file a claim?  When you get in an accident, check to make sure the other person is ok first and assess if police need to be called. Exchange information, call your insurance company, claim adjusters will handle the claim, they will question you and take your statement and assist you in finding a place for repairs if necessary.

* Definition * Protects you in case your possessions are stolen or damaged even if the loss is away from home. * Coverage * Property, Liability * Who needs this insurance? * Anyone who owns a home or is renting * Rate * Deductible, Local Firefighting capability, Construction materials, preventative measures * How do you file a claim * Contact your insurance company fill out a claim form, damage to home they will have someone come to your home and assess and inspect and submit the report for review. Estimates will come back and insurance company will decide what they will pay for your claim.

* Definition * if medical needs incur then health insurance is there to cover those specific needs. * Coverage * Major Medical, Dental, Vision, Disability, Long-term Care there are many different kinds of policies- individual, group, COBRA, government (Medicare/Medicaid) * HMO(pay a higher premium), PPO(pay a premium but only those docs in your network), POS (freedom to choose your docs in or out of your network), Fee for Service (premium is low but you pay more for each doctor service) * Who needs this insurance? * It’s now the LAW. Everyone must have medical coverage (ObamaCare Act) * Rate * Varies on your plan and coverage if you have a pre-existing condition, age, your health, your habits etc. * How do you file a claim * Doctors evaluate your condition and suggest further assistance based on that you have to pay your co-pay and meet a deductible.

* Definition * Pays a benefit to designated people if the insured person dies. Protects from income loss. * Coverage * Death and injury * Who needs this insurance? * Important people in the household (person or persons that make the most income, take care of the family, etc.) * Rate * The health of the insured person (poor health=more risk and costs more to the Life insurance company), family health history (genetics, cancer, etc.), occupations & hobbies that are dangerous, gender- statistic show that females live longer lives, and age. * How do you file a claim * You can claim this when you pass away (obviously someone does this for you – you’re dead), or you can cancel your policy or have adjustments made throughout the life of your policy.

* I found some helpful resources for you to help you understand about ObamaCare. IT IS THE LAW The Patient Protection and Affordable Care ACT 2010, also known as The Affordable Care Act or ObamaCare, is America’s new health care reform law. The Act was signed into law by President Barack Obama on March 23, THE BENEFITS The new law ensures: Insurance companies can’t deny coverage or charge more for people with preexisting conditions. Insurance companies can no longer deny you for any reason other than fraud. Insurance companies can’t put lifetime or annual dollar limits on Essential Health Benefits such as screenings, preventions, and treatments for most life-threatening sickness. Plans cover free wellness and preventive services. Subsidies are available for those who make less than 400% of the Federal Poverty Level. Information taken from: