Unit+5+Insurance

=Insurance=

Week 1: All about insurance
Types of insurance >
 * Health Insurance: My Broken Leg Costs How Much?!
 * Automobile Insurance: Keeping Your Wheels – and You – Rolling!
 * Homeowner’s Insurance: Home Sweet Home
 * @http://www.cscpa.org/Content/23947.aspx

Week 2: Insurance
Short Presentation about insurance

Lesson plan and Insurance Game rules (Great lesson plan -- used Game almost "as is") [] The game: The Hand of Fate

What does an actuary do? []

Sample actuary tables from the Social Security []

Calculations: []

HOMEWORK: Read before the field trip []

Other lesson plans found:

30 minute lesson plans for: 1. Automobile insurance 2. House/rental insurance 3. Health insurance []

@http://www.ohioinsurance.org/teachers/pdfs/Traffic_Ticket_Cost12-2005.pdf [] You have been working for the past year to save money for your first car. Once you have a car, the next important consideration is to purchase insurance so that protection is provided in case of loss. One snowy day on your way to school you are involved in a crash. You were tailgating the car in front of you and when they applied the brakes quickly, you swerved to miss the car but couldn’t avoid hitting its rear corner. As you swerved to avoid the crash you hit a stop sign and mailbox. Fortunately, the passengers in the other car only had minor injuries. However, you received a broken arm. If you did not have insurance, how would you pay for this damage? Are you required to have auto insurance in Ohio? What types of coverage(s) will you need to be protected? Questions:

What is an insurance policy? Under NC law is an auto owner required to obtain auto insurance? What is required if an auto owner does not have auto insurance? What is the minimum amount of liability insurance required to satisfy NC's financial responsibility law? What type of insurance will pay for medical and funeral expenses no matter who caused the accident? What type of insurance protects you against a claim for damage to another auto or other property, for an accident in which you are at fault? What type of coverage protects you against loss resulting from an injury to a passenger, for an accident in which you are at fault? What type of coverage pays for the damage to your car caused in a single car accident? What type of coverage protects the owner from loss due to a hit- and-skip accident

ANSWER KEY

a. What is an insurance policy?

A policy constitutes a contract by which a company promises to pay to, or on behalf of, an insured certain losses under specified conditions. The policy also provides certain services. Automobile insurance contracts generally spell out the dollar limits of coverage and the conditions applicable to a loss occurrence.

b. Under Ohio law is an auto owner required to obtain auto insurance?

The financial responsibility (FR) law, which took effect October 1953, is NOT a compulsory automobile insurance law. No motorist is forced to buy auto liability insurance. However, most law-abiding citizens choose to satisfy the FR law by purchasing automobile liability insurance coverages.

c. What is required if an auto owner does not have auto insurance?

The law DOES require drivers to carry automobile liability coverages or have other arrangements to pay for injuries or damages they cause in the event of a crash. The law provides protection against irresponsible drivers.

d. What is the minimum amount of liability insurance required to satisfy the Ohio financial responsibility law?

Under Ohio law, the minimum amounts of liability insurance that satisfy financial responsibility law requirements are:


 * $12,500 for any one person killed or injured in an accident caused by the policyholder
 * $25,000 as a total limit for all persons killed or injured in an accident caused by the policyholder
 * $7,500 for property damage caused in the accident by the policyholder

e. What type of insurance will pay for medical and funeral expenses for you and others while in your car, no matter who caused the accident?

—This coverage pays for medical, hospital or funeral expenses for you and others inured or killed while riding in your car, regardless of fault. It also covers you and family members if struck by a car as a pedestrian or if riding in another car.

f. What type of insurance protects you against a claim for damage to another auto or other property, for an accident in which you are at-fault?

—This coverage pays for at-fault damage that you cause to someone else’s vehicle or property, and for which you are legally liable. This does not cover your car or property

g. What type of coverage protects you against loss resulting from an injury to a passenger, for an accident in which you are at-fault?

Bodily Injury Liability—If you injure someone in an automobile accident for which you are legally to blame, this coverage will pay claims for injury or death against you and the cost of legal defense.

h. What type of coverage pays for the damage to your car caused in a car accident?

—This coverage pays for damage to your car caused by impact with another object or an overturn, irrespective of fault. The collision coverage usually includes a deductible. This means you pay the first $100, $200 or so for repairs to your car and the company pays the rest.

i. What type of coverage protects the owner from injury loss (not loss to the car) due to a “hitskip” accident?

—Provides injury coverage to the insured driver, resident members of your family and passengers, up to the policy limits, when involved in an accident caused by the owner or operator of an uninsured vehicle or a “hit-skip.” Named insured and family members are also covered if they are pedestrians and struck by a UM vehicle.

Week 3: Insurance Agent Field Trip
Josh Lipstone Lipstone Insurance

Risks