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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? Paige 0113115 Personal Finance Chance of Afinancialprodnctthat lossfnumanevent An emergency fund isboughtbypeopkwho thatpaqsfornmonths face similar risks that can't Decontrolled worthoff - contract between insurance company and insured Hou) Theamountaf protection Person who pays for Money You pay to given resulting loss purchase policy If something happens , you don't need to pay thousands of dollars

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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 .