What is Insurance ?  An agreement that states something is protected if it is damaged, hurt, or stolen.  Essentially, when you purchase insurance on something it can protect your investment. If anything happens that is covered by the policy you can receive funds from the insurance company to have it replaced, fixed or receive a cash settlement. www.lifethenfinance.com 2 3. What types of insurance are there?  Health Insurance  Automobile Insurance  Renter’s Insurance  Property Insurance  Umbrella Policies 

1. Insurance
www.lifethenfinance.com
www.lifethenfinance.com

2. What is Insurance ?
 An agreement that states something is
protected if it is damaged, hurt, or stolen.
 Essentially, when you purchase insurance on
something it can protect your investment. If
anything happens that is covered by the
policy you can receive funds from the
insurance company to have it replaced, fixed
or receive a cash settlement.
www.lifethenfinance.com 2

3. What types of insurance are there?
 Health Insurance
 Automobile Insurance
 Renter’s Insurance
 Property Insurance
 Umbrella Policies
 Life Insurance
www.lifethenfinance.com 3

4. What types of insurance do I
need ?
Health:
 This includes, vision, medial and dental insurance.
 Health insurance is a must. If you don’t get sick
often, there are cheaper forms of insurance that will
protect you in case of a major medical emergency.
Automobile:
 Insures you and your vehicle
 Automobile insurance is a must. Talk to your
insurance agent and make sure you have enough
coverage.
www.lifethenfinance.com 4

5. What types of insurance do I need ?
Cont…
Renter’s Insurance:
 Covers your personal belongings in the place
that you rent.
 Renters insurance is important for those with
nicer things. If have a 20 year old TV and a
couch you found in the alley–this insurance
may not be so important.
www.lifethenfinance.com 5

6. What types of insurance do I need ?
Cont….
Property Insurance:
 Covers any properties that you own.
Umbrella Policies:
 Provides additional coverage on the insurance
policies you have and additional protection that
covers accidents and other issues that medical,
property and auto insurance policies don’t.
Life Insurance:
 Provides your loved ones coverage in case of
death.
 Will or trust – although not insurance per say these will
help your family avoid probate.
www.lifethenfinance.com 6

7. Steps to ensure you have enough
Insurance Coverage:
 Contact the companies you currently have your
insurance with and 2 other companies and make
comparisons.
 Ask a lot of questions and take good notes.
 Consult with a trusted, knowledgeable, friend that
may help you sort through the information you
received.
 Make a decision to keep your policies the same or
make changes so you are better protected.
 A knowledgeable agent can help you pick the best
insurance to protect you and save you money.
www.lifethenfinance.com 7

8. Insurance information ….
 All insurance policies are made up of an
actual policy and a premium.
 This defines that coverage in the policy and
the amount you will pay for the coverage.
www.lifethenfinance.com 8

9. Commonly used Insurance
definitions:
Insurance policy:
 An insurance contract that describes the type and amount of coverage,
as well as the premiums and deductibles included in the policy
Insurance premium :
 The payment made to an insurance company in exchange for an
insurance policy guaranteeing protection or coverage on what you
insure.
Deductible:
 The amount of the loss you pay out of pocket to the insurance company
on the damaged good.
 For example: If you get in a car accident and have $4,000 in damage and a
www.lifethenfinance.com 9
$500
deductible, the insurance company will pay everything but $500. The $500 is
your responsibility.
.

10. Commonly used Insurance
definitions: Cont….
Coverage limits:
 The maximum amount paid by an insurance
company.
 Example: Your insurance covers only $50,000 in damages
and you have $60,000 in damages, they will only pay up to
the coverage limit.
Insurance policy:
 An insurance contract that describes the type and
amount of coverage, as well as the premiums and
deductibles included in the policy.
www.lifethenfinance.com 10

11. What is an Insurance claim ?
 This is the paper request for reimbursement of
damages or a request for payment of damages to
the insurance company.
 When a claim is made to an insurance company,
the insurer or person filing the statement must make
a written or verbal statement to the company.
 This statement included details about the incident
that occurred and why they need the insurance
company to get involved with the payment process.
 This is a crucial part as many companies use this
statement to determine eligibility for payment within
the claim.
www.lifethenfinance.com 11

12. What is an Insurance claim:
Cont…
 This is a crucial part as many companies use this statement to
determine eligibility for payment within the claim.
 Some companies are in the business of paying as little claims as
possible.
 The insured person must submit in writing all records of financial
expenses involved with the claim.
 This means that you must submit all receipts for the items when
you purchased them or bids/estimates of how much the work will
cost to repair the item
 If this is done incorrectly the insurance company will find a
reason to pa you less or not at all.
www.lifethenfinance.com 12
 Be truthful at all times.