1. Wednesday, April 5, 2017
Objective: Students will be able to evaluate the costs and benefits of buying insurance. Purpose: You will need insurance to protect your belongings if they are ever damaged.

2. Insurance Costs Coverage
Premium: the cost of obtaining and keeping insurance
Deductible: the amount you have to pay for expenses before the insurance company will cover the remaining costs
The higher the deductible, the lower the premium
Coverage
Get several estimates before choosing a policy
Read through each policy

3. Types of Insurance Auto Insurance
Required by law in all 50 states and DC
Liability: covers costs for damages to property, injuries, and court costs (most basic level of coverage)
Collision Insurance: covers the costs for all damages that result from an accident
Comprehensive Coverage: pays for damages such as theft, broken glass, and vandalism (also called full coverage)

6. Types of Insurance Health Insurance Required by Federal law
Most insurance plans will allow you to get an annual physical for free
If you have a co-pay, you are responsible for a small portion of the total cost of a service covered by your insurance policy
Co-pays will be smaller if you go to a provider that is part of your insurance company’s healthcare network

7. Types of Insurance
At age 26, every American must have their own health insurance
Dental and Vision coverage are part of their own plans
Health insurance is either provided by an employer (group plans) or purchased individually
Group plans generally have lower premiums
Individual plans allow for more individual flexibility

8. Types of Insurance Differences in Health Insurance Plans
Degree to which you can choose your doctor (in network or out of network)
Types of procedures covered
Deductible amount
Copayment amount
There is no such thing as a low premium, low deductible health insurance plan

11. Types of Insurance Property Insurance Renter’s Insurance
Protects belongings against damage and destruction from fire, wind, lightning, and theft
Flood Insurance
Homeowner’s Insurance
Protects belongings in a home and on the property from damage and theft

12. Earthquake Risk in the United States

13. Types of Insurance Life Insurance Disability Insurance
Prevents a family from financial losses from occurring after a person dies
Beneficiaries receive set payments in case of a person’s death
Disability Insurance
pays benefits to individuals who lose their ability to work due to injury or illness