1. 38.1 b a c kn e x t h o m e Chapter 38 Objectives  Explain the nature of life insurance and its normal limitation.  Define property insurance.  Identify the types of coverage afforded by automobile insurance. © 2002 West Educational PublishingTo accompany Law for Business, 14e, by Ashcroft and Ashcroft

2. 38.2 b a c kn e x t h o m e Types of Life Insurance Term life  Renewable, level term  Decreasing term Endowment  Decreasing term plus a savings account Whole life  Continues until death or age 100. Combinations of any of the above

3. 38.3 b a c kn e x t h o m e Limitations on Life Insurance  What are two limitations upon risk covered by life insurance?  Suicide and war activity  What is the usual grace period for paying life insurance premiums?  30-31 days  May a policyholder elect to change beneficiaries?  Yes Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz

4. 38.4 b a c kn e x t h o m e Property Insurance Explain each of the following policy types: Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Blanket Floating Homeowner’s Open Valued Specific

5. 38.5 b a c kn e x t h o m e Property Insurance Explain each of the following terms: Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Merchandise inventory Coinsurance Defense clause FINE FASHIONS

6. 38.6 b a c kn e x t h o m e Auto Insurance Provisions  Theft - conversion or robbery.  Fire - not only covers the car itself, but any conveyance upon which the car is being transported.

7. 38.7 b a c kn e x t h o m e Auto Insurance Provisions  Collision - covers damage when a car strikes an object or object strikes a car.  Comprehensive - covers windstorm, earthquake, flood, strikes, malicious mischief, submersion in water, riot, hail, falling aircraft.

8. 38.8 b a c kn e x t h o m e Public Liability Insurance Bodily injury insurance Property damage insurance Medical payments Uninsured motorists insurance