Insurance, wills, ethics.
Final exam is Wedneday, May 9, 12:00 to 1:50.
Types of Insurance:
- Auto Insurance. In Texas, as most states, carrying a minimum amount of auto insurance is compulsory. Liability and property damages must be insured. Minimum insurance is 20,000 per person, 40,000 per accident, and 10,000 in property damage.
- Homeowner’s Insurance
- Health Coverage or Health Insurance
- Life Insurance
- Term — Pay periodic sum for set amount of insurance. Premiums will increase depending on what term you are in. Terms usually set by age.
- Whole Life (ordinary) — Higher premiums than term, but eventually policy matures and has cash surrender value.
- Home or Property Insurance — company will value the property in question at either replacement value or fair-market value.
The Coinsurance Clause is important. Look this up.
- Universal