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Noets for weel 4/6

by: Shayna Davis

Noets for weel 4/6 CSR 342

Marketplace > Finance > CSR 342 > Noets for weel 4 6
Shayna Davis
GPA 3.4
Personal Finance

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Personal Finance
Class Notes
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This 3 page Class Notes was uploaded by Shayna Davis on Friday April 10, 2015. The Class Notes belongs to CSR 342 at a university taught by Plouviez in Fall. Since its upload, it has received 201 views.

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Date Created: 04/10/15
Property Insurance 39639 There are two primary types of exposure that most people face 39639 Property Loss 393 Economic loss because your property is damaged destroyed andor stolen 393 Liability 393 Damage you cause others either from your actions or through your own negligence Property Insurance 393 Most property and liability insurance contracts are founded on the principle of indemnity 39639 This principle states 393 The insured is entitled to payment from the insurance company only if a loss has been suffered 393 The amount of payment should not be greater than the economic value of the loss Perils and Property Covered 393 Perils rarely covered are things like 393 Floods earthquakes acts of war 393 Your policy may include other perils 393 Additional coverage may be obtained through endorsements 39639 Limits are always placed on the covered property 393 E g reimbursement of furnishings and personal property in your home will be limited to 75 of the policy amount 393 For expensive items that leave the home consider adding a Personal Property Floater PPF 393 Watches and other jewelry golf clubs etc Persons Covered 393 This section states who is covered under the policy 39639 Usually the homeowner and residents of the household 39639 Coverage for guests might be limited Locations Covered 393 Most policies cover your personal property worldwide and even in a second home 393 Although usually the second home dwelling structure isn t covered 393 Factors that limit homeowner s insurance payments 393 Insurable interest subrogation other insurance 393 Replacement cost is the amount necessary to restore your property at today s prices 39639 All HO policies are now automatically sold at their replacement cost 393 But it s not included if you live in a designated older home Internal Limits Example 393 Deductibles help hold down insurance costs because they eliminate frequent small loss claims which are proportionately more expensive to administer 39639 Money 200 39639 Securities 1000 393 Watercraft 1000 393 Jewelry 1000 393 Firearms 2000 39639 Silverware 2500 393 Homecomputer 5000 Policy Limits of Liability 393 Minimum Liability Requirements 39639 Indiana 255010 393 Illinois 204015 393 Louisiana 102010 393 What does that mean Take for instance Indiana 393 Your insurer will cover at most 25000 bodily injury per person 50000 bodily injury per accident 10000 property damage per accident 39639 But who pays if the costs exceed those limits 39639 You do 393 Keep that in mind when you decide how much insurance to purchase 393 Find a balance The higher the policy limits the higher the premiums 39639 Rule of thumb 393 As you become more established in life increase your coverage appropriately Part B Medical Payments 393 Reimburses for medical expenses resulting from an accident 39639 Covers the insured family members and passengers in covered automobiles 393 It also covers injuries sustained as a pedestrian or while riding a bicycle Part C Uninsured Motorists 39639 Pays when the other driver has no insurance or in the event of a hitandrun You must meet the folowwing criteria though 39639 The other driver was at fault 39639 The other driver had no insurance and you know who that person was 39639 Damages were incurred 393 Additional coverage is available for protection against underinsured motorists


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