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Page | 12 2.6.5.L1
© Take Charge Today – August 2013 – Types of Insurance Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Types of Insurance Note Taking Guide
Total Points Earned Name
Total Points Possible Date
Percentage Class
Directions: Use the prompts provided to take notes during the lesson.
What is risk? What is emergency savings?
Risk is managed by using…
What is insurance?
THE INSURANCE PROCESS
What is one benefit of insurance?
What is an insurance policy?
What is coverage? Who is a policyholder? What is a premium?
Paige0113115
Personal Finance
Chance of Afinancialprodnctthatlossfnumanevent An emergency fund isboughtbypeopkwhothatpaqsfornmonths face similar risks
.that can't Decontrolled
worthoff- contract betweeninsurance company and
insured Hou)
Theamountaf protection Person who pays for Money You pay togiven resulting loss purchase policy
If something happens, you don't need to paythousands of dollars.
Page | 13 2.6.5.L1
© Take Charge Today – August 2013 – Types of Insurance Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
SOURCES OF INSURANCE
Once an insurance policy is in place, a claim can be made if an accident occurs. What is a claim?
What is a deductible? What is co‐insurance?
Insurance can be provided to an individual from any of these three sources:
Why do insurance policies include deductibles and co‐insurance?
1. Individual 2. Employer 3. Government
Employer provided insurance is an employee benefit. What is an
employee benefit?
Employee benefits are a form of in‐kind income. What is in‐kind
income?
What are government programs designed to do?
Request asking for payment ofpolicy .
Out of pocket money you mustpay Pay a fixedpercentagein order far insurance
company toCover the rest
.
To find ways to pay insurance
protect citizens fromEmployer may provide health
,Economic hardships
disability ,and occasionally
Health insurance .
when the employerpaysa large portion of thepremium
.
Page | 14 2.6.5.L1
© Take Charge Today – August 2013 – Types of Insurance Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Complete the table below by filling in the blank information:
Type of Insurance Definition Provided by individual,
employer and/or government?
Additional Information and Definitions
Health
x May cover doctors’ visits, hospital bills, vision care, dental care, etc.
x If dollars are limited, health insurance is extremely important
Disability
Payment to replace earnings during times when workers cannot work due to illness or injury
Long‐term care
Individual
Property
Individual
Liability
x Pays for injuries or losses to other people
x May include automobile, homeowners, and renters
Life
Employers and/or individuals
TYPES OF INSURANCE
provides money for heath care for AH optionsinjuries ,etc
.
HI optionsHigher the disability payments,the more premium you pay .
Provides payment for extensive care Nsieedreehowughhntpyfoxninishonspttwdue to old age or illness
. but cant live independently.
Provides payment if property isHave many options
damaged.
Provides payment to others if household Individualof a insured person injures them
very important to individuals whoProvides payment to beneficiaries had dependants .