**This assignment is a minimum of 6 complete sentences.
**This blog is due Wednesday, May 1, 2019 at the BEGINNING OF YOUR CLASS PERIOD.
**REMEMBER: SPELLING, PUNCTUATION AND GRAMMAR COUNT!!
Thursday, April 25, 2019
Ch 11 Insurance - SP 19
Identify 3 specific insurance concepts that you learned in Chapter 11 about which you were previously unaware. How will this new learning affect your decision making in: (1) your near future (2) your mid-range future and (3) your long term future?
**This assignment is a minimum of 6 complete sentences.
**This blog is due Wednesday, May 1, 2019 at the BEGINNING OF YOUR CLASS PERIOD.
**REMEMBER: SPELLING, PUNCTUATION AND GRAMMAR COUNT!!
**This assignment is a minimum of 6 complete sentences.
**This blog is due Wednesday, May 1, 2019 at the BEGINNING OF YOUR CLASS PERIOD.
**REMEMBER: SPELLING, PUNCTUATION AND GRAMMAR COUNT!!
Subscribe to:
Post Comments (Atom)
I never understood or knew the different types of life insurance and why one was better than the other. In the question and answer section of the packet, I learned more information about gap insurance and what that means. Gap insurance covers the difference between what you owe on a car and what the insurance company says its worth. This type of insurance is needed for when you buy a car on credit and your car sustains damage from an accident. If a driver gets into an accident, the bank demands a portion of money for what you owe them and that didn't get covered by insurance. I didn't know some people make money from creating absurd insurance policies (including alien abductions).
ReplyDeleteThe three insurance that I learned in Chapter 11, is Self Insurance, Term Insurance and Long Term Insurance. Self insurance is if I would to pass my family would be able to cover all of the expense and financial needs with my assets. Term insurance is a type of life insurance policy that provides coverage for a certain period of time. A specified "term" of years. If the insured dies during the time period specified in the policy and the policy is active or in force then a death benefit will be paid. Long Term Care is a variety of services which help meet both the medical and non-medical needs of people with a chronic illness or disability who cannot care for themselves for long periods.
ReplyDeleteOne insurance concept that I learned is that without proper insurance, certain losses can bankrupt you. Knowing this now will affect my decision making in my near future when I decide on which insurance policies to choose. It will affect my mid-range future because I will be more aware of what occurs in my life to avoid those losses. My long term future will be affected because if I follow this and am careful, I won't become bankrupt because I understand what causes it and how to avoid it. I will understand that I need to transfer risk. The second concept I learned is if you have a full emergency fund, raise your deductible. This will affect my decision making in my near future because I won't wait too long to complete this. In my later life, I will understand what it means to do this and I will raise my deductible once I have my emergency fund fully covered. The third concept I learned is there are two types of life insurance: Term insurance and Cash Value insurance. Term insurance is for a specified period. It's also cheaper and has no savings plan built into it. Cash Value insurance is normally for life and is more expensive because it funds a savings plan. It is also good to know the insurance to avoid, including credit life and disability, credit card, cancer and hospital indemnity, accidental death, etc.
ReplyDeleteI learned a lot about whole and term life insurance. I didn't know that term life insurance would be a better deal than whole. I also learned more about auto insurance and how you can get cheaper insurance with the vehicle you buy. If I would purchase a sports car, insurance would be more expensive. Renter's insurance is also important to get in cases of stolen items, fires, or even if someone gets hurt. In the near future, renter's insurance would be good to look at for my college dorm or apartment. Car insurance would be a good idea when I finally purchase my own car in the mid-future in case of accidents. For the long term future, life insurance would be good to invest in but only term insurance so I'm not getting ripped off.
ReplyDelete