1. Types of Insurance: 522-526 Homeowners/property insurance Life insurance: whole life and term health Car insurance Malpractice insurance Disability income insurance Liability insurance Social insurance – Social Security Beside each type of insurance, provide an example of when this insurance would be needed.

2. Define the key terms on page 522 (8 terms)

3. Chapter 19, Section 4 Pages 522-526 What is insurance? A system of spreading risks over large numbers of people.

4. What is a premium? The amount you pay for your insurance policy.

5. Types of Insurance Life insurance – protects the policyholder’s family; the person who receives the money when the policyholder dies is the beneficiary. Term life insurance – covers a specified period of time; premium changes upon renewal; relatively inexpensive. Whole life insurance – covers the lifespan of the policyholder; more expensive

6. Types of insurance cont. Disability insurance – provides income if you become disabled from an accident or sickness; replaces lost wages Health insurance – covers medical expenses Property insurance Liability insurance – automobile insurance that pays the person for the damage you causes Collision insurance – automobile insurance that pays you

7. Insurance provided by the Government Social Security – old-age & survivors insurance, disability insurance, unemployment insurance Medicare – the elderly Medicaid – the poor Workers’ Compensation – if you are injured on the job FICA – You & your employer pay a percentage of your salary and you receive cash benefits at a later date depending on your situation.

8. Individual Activity: As an insurance agent, create a pamphlet to showcase all the types of insurance you have a license to sell. You must include 7 types of insurance as found in the notes/textbook. Your pamphlet must be attractive and informative. A pamphlet is a single piece of paper where information is printed on one or both sides to promote a product or service.