Download Slide 1 - Miami Beach Senior High School

Selecting Insurance
SELECT INSURANCE
FOR A SPECIFIC CIRCUMSTANCE
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©2014 National Endowment for Financial Planning | Lesson 6-3: Selecting Insurance
Do You Know?
1.
What are the top five most expensive states for car insurance?
2.
Young adults in their 20’s and 30’s account for what percentage of new
long-term disability claims?
a.
b.
c.
3.
Which of the following is a major factor in nearly a third of all
business bankruptcies?
a.
b.
c.
2
Zero, they haven’t worked long enough to file disability claims
A small portion because of their good health and youth (0-5 percent)
A significant portion (20 percent)
employee theft
customer theft
poor management
©2014 National Endowment for Financial Planning | Lesson 6-3: Selecting Insurance
Preview
Today we will answer these questions:
• What can I insure?
• What types of insurance are right for me?
• Will I have the same insurance my entire life?
Use what you learn today to decide
on insurance coverage for a specific circumstance.
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©2014 National Endowment for Financial Planning | Lesson 6-3: Selecting Insurance
Specialist Insurance Topics
•
•
•
•
•
•
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Auto
Dental
Disability
Fidelity Bond
Health
Homeowners’
•
•
•
•
•
•
Liability
Life
Renters’
Unemployment
Vision
Workers’
Compensation
©2014 National Endowment for Financial Planning | Lesson 6-3: Selecting Insurance
Specialist Report Outline
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1.
What is the purpose of the insurance?
2.
Who is the logical candidate to purchase the insurance?
3.
What factors impact the cost of this type of insurance?
4.
Do you think that the insurance is worthwhile? Why or why not?
5.
What are some ways to keep costs down for this type of insurance?
©2014 National Endowment for Financial Planning | Lesson 6-3: Selecting Insurance
Reflection
What two or three types
of insurance coverage
do think are most important
for teens and young adults?
Why?
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©2014 National Endowment for Financial Planning | Lesson 6-3: Selecting Insurance
Challenge
Should you insure your cellphone?
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1.
Find out how much it would cost to replace or repair your phone.
2.
Find out the cost of cellphone insurance, the terms, any deductible, and
the conditions for coverage.
3.
Investigate whether or not your cellphone is covered by an existing
homeowners’ insurance policy.
4.
Decide whether or not it is worthwhile to insure your cellphone.
5.
Consider alternative ways to reduce, avoid, or accept the risk to replace
the cellphone.
©2014 National Endowment for Financial Planning | Lesson 6-3: Selecting Insurance