GROUP 8: MIKE, BRIAN,JIMMY, BRIAN. INSURANCE Life Insurance Property and Casualty Insurance Credit...
-
date post
19-Dec-2015 -
Category
Documents
-
view
214 -
download
0
Transcript of GROUP 8: MIKE, BRIAN,JIMMY, BRIAN. INSURANCE Life Insurance Property and Casualty Insurance Credit...
NONBANK FINANCE 1GROUP 8: MIKE, BRIAN,JIMMY, BRIAN
INSURANCELife InsuranceProperty and Casualty InsuranceCredit Insurance
LIFE INSURANCE•1,000 life insurance companies in the U.S, they are split into stock companies and mutuals•Most are stock companies, but some of the largest ones are mutuals•The life insurance market never fails, so it is regulated only by the state in which it operates, death rates are highly predictable•Two kinds of life insurance policies: Permanent life insurance and temporary insurance•Life insurance companies have also started to deal with pension funds and annuities
PROPERTY INSURANCE•Open Perils•Named Perils•Most common incidents•Famous Recent Cases
CASUALTY INSURANCE•Third Party on Liability•Disability on Accident and Health•Material Damage
CREDIT INSURANCE•is a way for consumers to insure repayment of loans even if the borrower dies, becomes disabled, or loses a job.•There are 2 types of credit insurance:
• Business credit insurance• Consumer credit insurance
INSURANCE MANAGEMENTScreening, Premiums, Provisions, Fraud
Prevention, Deductibles, etc.
Insurance Management
•is a general term used to describe an insurance broker or services firm•The insurance industry has grown a lot in the past 10 years, offering many different insurances and products. The services offered by an insurance management company are designed to streamline this product offering and simplify matters for clients.
RIMS IMS
PENSION FUNDSDefined-Contribution PlanDefined-Benefit Plan
Fully FundedUnderfunded
Private Pension PlansPublic Pension Plans
PRIVATE PENSION PLANS•Background Information•ERISA• Pension Benefit Guarantee
Corporation (PBGC also called Penny Benny)• Problems with Penny Benny
•FYI
PUBLIC PENSION PLANS•Background Information•Social Security• Problems
•FICA•FYI
VideoState Farm Commercial