CHAPTER 14, 14-2
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Transcript of CHAPTER 14, 14-2
How insurance worksINSURANCE COMPANY
Insurer Insured
YOUUh oh! Something happened. I need your help!
File a claim
No problemo! That’s why we’re here.
Ways to get insuranceBuy it directly from the companyGet it through your employerObtain it through a professional
organization (ex. VEA)
TYPES OF AGENTS
Single company agent Freelance agent
Writes insurance policies for only the company they work for
Writes insurance policies for several different companies.
THE REASON BUSINESSES AND INDIVIDUALS PURCHASE INSURANCE IS TO
a. Make a profitb. Provide financial protectionc. Reduce taxesd. Increase sales
THE REASON BUSINESSES AND INDIVIDUALS PURCHASE INSURANCE IS TO
a. Make a profitb. Provide financial protection!!c. Reduce taxesd. Increase sales
INSURANCE THAT PROVIDES COVERAGE FOR CLAIMS BY OTHERS BASED ON DAMAGES SUFFERED AS A RESULT OF BUSINESS OPERATIONS, EMPLOYEES, OR PRODUCTS IS
a. Health insuranceb. Property insurancec. Vehicle insuranced. Liability insurance