1. Preview Units 9 - 10 Unit Eight Preview Unit Seven Review Insurance Law – Unit Eight The Homeowners Policy, Individual Liability Insurance, and Automobile Coverage

2. Unit 7 Review Health insurance can be considered as two separate types: disability insurance and medical expense insurance. Unit Seven explores both types of insurance by explaining disability income insurance and describing the process of gaining coverage for medical expenses. Lastly, this unit aims to explore health insurance issues that are unique to the elderly. Assignments : Learn the key terms Read Chapters 20, 21, and 22 of your textbook; read about HIPAA and Medicaid planning Discuss what you have learned. (graded) Meet at the weekly seminar to further explore the concepts in this unit. (graded)

3. Unit 7 Review Disability Income Insurance Some experts argue that, for many people, disability insurance is more necessary to have than life insurance. Life insurance, payable upon the death of the insured party, helps the survivors to proceed without the insured's income. In the case of a disability, The income stream from the disabled person may come to an end. There may also be major expenses in caring for the disabled person in addition to the usual living expenses. In simple economic terms, the claim of a disabled person may be more costly than the claim of a deceased person. Additionally, the probability of disability at most ages before retirement is greater than the probability of death at the same ages.

4. Unit 7 Review Health Insurance When it comes to health insurance in the United States, the right to continue to be insured is not guaranteed by law. It is a contractual provision, agreed to by the parties to the health insurance contract. Some health insurance contracts provide that they are noncancelable, meaning that the insurer may not cancel the policy. Other contracts may be known as "guaranteed renewable" which means that the policy may be renewed after an adjustment to the premium is made to its entire class of health insurance policies. Other health insurance contracts may be canceled, but only for specific reasons identified in the contract. On the other extreme are health insurance contracts cancelable at the option of the insurer, presumably just when an insured is most likely to need health insurance.

5. Unit 7 Review Health Insurance There are some standard provisions common to almost all health insurance contracts. Very briefly, the common elements are listed below. The entire contract is contained within the policy. There is a time limit (typically 2 or 3 years) to contest the provisions of the contract. There are grace periods for the payment of premiums. Lapsed policies for non payment can be reinstated, with reinstatement taking effect upon approval by the insurer. The policyholder must notify the insurer of a claim within 20 days of the underlying event. The insurer must provide appropriate claim forms to the insured after the insurer is notified of a claim. Proof of loss must be provided to the insurer within 90 days after the insurance period has ended. Benefits are payable by the insurer immediately after receiving proof of loss. Benefits are payable to the insured or the insured's estate.

6. Unit 7 Review Review Questions: Discuss the reasons for the coinsurance feature, and the deductible in the major medical policy. Are both really necessary ?

7. Unit 7 Review Review Questions: Explain the primary difference between Medicare and Medicaid.

8. Preview Unit 8 In Unit Eight we will review “The Homeowners Policy, Individual Liability Insurance, and Automobile Coverage”. At one point or another, many individuals will set out to insure their homes, their automobiles, and even themselves from liability or damages. It could be said that obtaining coverage for these purposes is a rite-of- passage for many adults. Certainly, if a home or automobile is financed by a bank, that financial institution will require the debtor to purchase a policy on the subject of the loan. As these types of insurance are so common, it is wise for a paralegal to become familiar with them. This unit will, therefore, examine the homeowners' policy, the automobile coverage policy and the individual liability insurance policy -- policies frequently dealt with in legal practices. Assignment: -Learn the key terms (Hint: Use the flashcards located on the unit summary page) -Read Chapters 24, 28 and 29 of your textbook -Discuss what you have learned. (graded) -Meet at the weekly seminar to further explore the concepts in this unit. (graded) -Submit your Final Exam Essays (graded)

9. THE HOMEOWNER’S POLICY What is it? Why is it important? What do you want to make sure is included? How do you decide between Polices that provide either: –1. Replacement Cost –2. Actual Cash Value

10. What are the 2 section in Homeowner’s Policies? –1. Property Coverage –2. Liability/Medical Who does Med’l Payments apply to?

11. Under Section I (Coverages) what is specified? –Item A=Dwelling –Item B=Other Structures –Item C=Personal Property –Item D= Loss of Use

12. What are the two type of “Perils”

13. 1. “Named Peril”- What is that? 2. “Open Peril”- What is that?

14. What does it mean to have “Replacement Cost Coverage”? –What is “Guaranteed Replacement cost”? (Notice) How is Actual Cash Value determined?

15. Exclusions What are the normal exclusions under the Homeowner’s Policy?

16. –Auto –Roomer/Boarder/Tenant property –Rented Property –Business Data –Credit Cards –Aircraft/Watercraft –Animals

17. What are some of the “Special Coverages” that are popular today under Homeowners Insurance?

18. Identity Fraud Forgery

19. Review Question If a person is playing in a sports match, and attacks another player. Are these types of perils covered?

20. Terms for Review What is a Deductible? What is the average Deductible under the HO policy? How high can a deductible be?

21. What does it mean for a policy to have “Limits of Liability” What is a “Policy Period”? What is “Assignment”? What is “Subrogation”?

22. GENERAL LIABILITY What is “Negligence”? What are the elements of “Negligence”?

23. NEGLIGENCE is: –Duty –Breach –Causation –Damages

24. What is generally included under a General Liability policy? What is a “Professional Liability” Policy What is an “Umbrella Policy” –Average cost?

25. AUTOMOBILE INSURANCE How are the limits of Auto insurance usually identified?

26. 10/20/5 –What does that mean?

27. What does the Med’l Payment coverage provide? What is covered under “Physical Damage Coverage”? –Comprehensive? –Collision?

28. What is “Un-insured Motorist Coverage”? –What does it provide? What is Under-insured Motorist Coverage? –What does it provide?

29. Vicarious Liability What is it? What is the “Family Purpose Doctrine”?

30. Review Question If you allow your neighbor to drive your car, and she runs over Ms. Mary in the crosswalk, are you liable?

31. What is a Tort? What is a “No-Fault” law? What is PIP?

32. What are the factors used to determine Auto rates? –Age –Sex –Use of Auto –Driving record Are these factors fair?

33. Question Should all states have compulsory auto insurance? Do Such laws protect people???

34. Preview Units 9 – 10 In Unit Nine, we will extend the introduction to automobile insurance from the previous Unit. This Unit will elaborate on the Personal Automobile Policy. The unit also focuses on the commercial general liability policy since more and more companies are choosing to insure their commercial assets and businesses. Finally, this unit gives you an opportunity to tie up any loose ends and offers them a preview of the future of insurance. Upon completion of this unit, you should be able to discuss the six parts of a personal auto policy and explain commercial liability insurance, comparing and contrasting it with the homeowner's policy. You should also be able to identify failings of various insurance programs and discuss possible solutions to those problems. Assignment: -Learn the key terms -Read Chapters 30, 32, and 34 in your textbook; -Discuss what you have learned. (graded) -Meet at the weekly seminar to further explore the concepts in this unit. (graded) -Submit your Short Paper Assignment (graded)

35. Preview Units 9 – 10 Unit Ten : This week you will have the opportunity to reflect back on what you have learned during the past ten weeks and how you plan to apply this newfound knowledge to your future academic and professional pursuits. In addition to making this journal entry, you will also get the chance to give feedback to the administration regarding your experiences with the course and the performance of your instructor.

36. Adjourn Have a great week… “See” you on the Discussion Boards