Introduction to Busines © Thomson South-Western Chapter Chapter Insurance 20-1 20-1 Vehicle Insurance 20-2 20-2 Property Insurance 20-3 20-3 Life Insurance 20-4 20-4 Health Insurance 20 20
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Introduction to Business© Thomson South-Western
ChapterChapterChapterChapter
Insurance
20-120-1 Vehicle Insurance
20-220-2 Property Insurance
20-320-3 Life Insurance
20-420-4 Health Insurance
2020
Chapter 20
Slide 2Introduction to Business
© Thomson South-Western
LESSON 20-1
Vehicle Insurance
Goals Discuss motor vehicle risks. Explain auto insurance coverage. Identify factors that affect auto
insurance costs.
Chapter 20
Slide 3Introduction to Business
© Thomson South-Western
Key Terms
bodily injury liability medical payments uninsured motorist property damage liability collision deductible comprehensive coverage
Chapter 20
Slide 4Introduction to Business
© Thomson South-Western
MOTOR VEHICLE RISKS
Financial responsibility Compulsory insurance
Chapter 20
Slide 5Introduction to Business
© Thomson South-Western
>> C H E C K P O I N T
What are financial responsibility laws?
Chapter 20
Slide 6Introduction to Business
© Thomson South-Western
AUTOMOBILE INSURANCE COVERAGE Personal injury coverage
Bodily injury liability protection Medical payments protection Uninsured motorist protection
Property damage coverage Property damage liability Collision insurance Comprehensive coverage
No-fault insurance laws
Chapter 20
Slide 7Introduction to Business
© Thomson South-Western
>> C H E C K P O I N T
What are the two main categories of automobile insurance coverage?
Chapter 20
Slide 8Introduction to Business
© Thomson South-Western
AUTOMOBILE INSURANCE COSTS Insurance rates
Your age and other characteristics Purpose for which you use your car Number of miles you drive each year Value and type of your car Community in which you live Amount of coverage and deductibles
Chapter 20
Slide 9Introduction to Business
© Thomson South-Western
AUTOMOBILE INSURANCE COSTS Reducing auto insurance costs Selecting a company Assigned-risk plans Insurance for other vehicles
(continued)
Chapter 20
Slide 10Introduction to Business
© Thomson South-Western
>> C H E C K P O I N T
What factors affect the cost of automobile insurance?
Chapter 20
Slide 11Introduction to Business
© Thomson South-Western
LESSON 20-2
Property Insurance
Goals Describe property insurance coverage. Explain property insurance policies. Identify factors that affect property
insurance costs.
Chapter 20
Slide 12Introduction to Business
© Thomson South-Western
Key Terms
personal liability coverage homeowners policy depreciation
Chapter 20
Slide 13Introduction to Business
© Thomson South-Western
PROPERTY INSURANCE COVERAGE Damage to home or property Additional living expenses Liability protection
Chapter 20
Slide 14Introduction to Business
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>> C H E C K P O I N T
What are the three main types of property insurance coverage?
Chapter 20
Slide 15Introduction to Business
© Thomson South-Western
PROPERTY INSURANCE POLICIES Homeowners policies Renters policies Special coverage Making a claim
Chapter 20
Slide 16Introduction to Business
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>> C H E C K P O I N T
How does a renters policy differ from homeowners insurance?
Chapter 20
Slide 17Introduction to Business
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PROPERTY INSURANCE COSTS Coverage selection Insurance premiums
Chapter 20
Slide 18Introduction to Business
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>> C H E C K P O I N T
What factors affect the cost of home insurance?
Chapter 20
Slide 19Introduction to Business
© Thomson South-Western
LESSON 20-3
Life Insurance
Goals Discuss the principles of life insurance. Explain the types of life insurance. Describe the process of buying life
insurance.
Chapter 20
Slide 20Introduction to Business
© Thomson South-Western
Key Terms
beneficiary term life insurance permanent life insurance
Chapter 20
Slide 21Introduction to Business
© Thomson South-Western
LIFE INSURANCE PRINCIPLES The life insurance policy Beneficiary selection
Chapter 20
Slide 22Introduction to Business
© Thomson South-Western
>> C H E C K P O I N T
What is an insurable interest?
Chapter 20
Slide 23Introduction to Business
© Thomson South-Western
TYPES OF LIFE INSURANCE Term life insurance Permanent life insurance
Whole life insurance Variable life insurance Universal life insurance
Group life insurance
Chapter 20
Slide 24Introduction to Business
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>> C H E C K P O I N T
What is the difference between term and permanent life insurance?
Chapter 20
Slide 25Introduction to Business
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BUYING LIFE INSURANCE
Coverage amount Life insurance application Premium payments
Chapter 20
Slide 26Introduction to Business
© Thomson South-Western
>> C H E C K P O I N T
What factors affect the need for life insurance?
Chapter 20
Slide 27Introduction to Business
© Thomson South-Western
LESSON 20-4
Health Insurance
Goals Describe health insurance coverage. Discuss health insurance providers. Explain disability and long-term care
insurance.
Chapter 20
Slide 28Introduction to Business
© Thomson South-Western
Key Terms
hospital insurance surgical insurance regular medical insurance major medical insurance coinsurance comprehensive medical policy disability income insurance
Chapter 20
Slide 29Introduction to Business
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HEALTH INSURANCE COVERAGE Hospital insurance Surgical insurance Regular medical insurance Major medical insurance Comprehensive medical policy Dental insurance Vision care insurance
Chapter 20
Slide 30Introduction to Business
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>> C H E C K P O I N T
What four types of health insurance would be included in a comprehensive medical policy?
Chapter 20
Slide 31Introduction to Business
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HEALTH INSURANCE PROVIDERS Group health insurance Individual health insurance Managed care plans
Health Maintenance Organization (HMO) Preferred Provider Organization (PPO)
State government assistance Federal government assistance Cost containment
Chapter 20
Slide 32Introduction to Business
© Thomson South-Western
>> C H E C K P O I N T
Who are the main providers of health insurance?
Chapter 20
Slide 33Introduction to Business
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DISABILITY AND LONG-TERM CARE INSURANCE Disability income insurance Long-term care insurance
Chapter 20
Slide 34Introduction to Business
© Thomson South-Western
>> C H E C K P O I N T
What is the purpose of disability income insurance?
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