1. Nick Johnson Understanding Business and Personal Law

2.  Insurance  Auto  Home  Property  Marine  Life  Health

3.  2 Types of Property  Real  Personal  2 Types of People  Individual  Business  Effective:  Application accepted  Binder issued  Floater Policy  Protects items that “float”  Name some examples

4. **Endorsement** What kind of endorsement policies would you have and why? Homeowner’s  Fire  Windstorm  Vandalism  Burglary  Injuries while on property  Plumbing  Hail Renter’s  Personal Property  Personal Injury  Negligent damage

5.  Unfriendly or Hostile Fire  Neighboring Fire (Myrtle Beach 2 years ago)  Coinsurance – limits recovery for a loss  Must be insured for full value of property to receive full reimbursement Example: John’s house is worth 100,000 but is only insured for 60,000. Coinsurance formula: $60,000 = $60,000 = 3 80% x $100,000 $80,000 4  Damage to house was $40,000 so company would only pay ¾ of that = $30,000

6.  Oldest form of insurance  Why?  Covers ships at sea  Inland Marine Insurance  Trains  Trucks  Airplanes  Customers goods in possession of others also covered in some instances Dry Cleaning, Jewelry

7.  Make a list of at least 20 things inside your home  Include value of item  Include description of item  Use table given to complete assignment (may be printed and taken home)

8.  Find a list of common questions asked when you make a Homeowner’s or Renter’s insurance claim (something messed up, now you have to file a claim and get it fixed)  Create a presentation that lists the steps in filing a claim and the steps to receive your claim  Or Create a presentation that describes one of the following insurances: Home/Renter’s/Marines. Follow the directions and Rubric and be ready to present in two days.