Summary: Personal Finance

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  • Personal finance

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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?

    1. Recognize the risks to which you are exposed
    2. Decide whether to protect against those risks
    3. Decide on the amount of coverage you need and the policy provisions you require. 
  • 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:

    1. Third party liability coverage
    2. Accident benefits
    3. Loss or damage to the insured automobile
  • Third party liability?

    Legal term that describes the person who have experienced loss because of the insured. 
    1. Bodily injury liability coverage = Protects you against liability associated with injuries you cause to others.
    2. Property damage liability coverage =  Protects against losses that result when the policy owner damages another person's property with this or her car. 
  • 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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