Summary: Personal Finance
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Personal finance
This is a preview. There are 26 more flashcards available for chapter 01/12/2014
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What is Property Insurance?
Ensures that any damages to your auto and home are covered and that your personal assets are protected form any liability. -
What are the Risk Management Steps?
- Recognize the risks to which you are exposed
- Decide whether to protect against those risks
- Decide on the amount of coverage you need and the policy provisions you require.
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What is the role of Insurance Companies?
Insurance Companies offer insurance policies that can protect you against financial loss. -
Captive insurance agent
Works for one particular insurance company. -
Independent insurance agent
Represents many different insurance companies -
What is an insurance policy?
Contract between an insurance company and the policy owner -
What is an auto insurance policy?
Specifies the coverage provided by an insurance company for a particular individual and vehicle. -
Generally, auto insurance policies contain three sections:
- Third party liability coverage
- Accident benefits
- Loss or damage to the insured automobile
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Third party liability?
Legal term that describes the person who have experienced loss because of the insured.- Bodily injury liability coverage = Protects you against liability associated with injuries you cause to others.
- Property damage liability coverage = Protects against losses that result when the policy owner damages another person's property with this or her car.
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Uninsured motorist coverage
Insures against the cost of bodily injury when an accident is caused by another driver who is not insured.
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