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University of Phoenix Personal Finance Week 7 Assignment 1

University of Phoenix Personal Finance Week 7 Assignment 1...

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Associate Level Material Appendix E Insurance Matrix Type of Insurance Functions Example of Company Coverage Characteristics Auto To protect a driver if they are involved in a car accident. Auto insurance will also cover other types of incidents affecting the car such as fire or theft. If an accident or theft should occur the auto insurance company will pay the policy owner the appropriate amount once the deductible is met. State Farm The most common are: Liability Collision Uninsured Motorist Medical Personal Injury Comprehensive Home To protect your house from unexpected damage or malicious actions. If your home is damaged or robbed, the insurance company will provide funds to repair or replace items
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Unformatted text preview: affected by the incident. Farmers The most common are: Dwelling Loss of Use Personal Property Medical Payment Liability Health To assist with the cost of medical charges. Health insurance pays the majority of your medical expenses when you need to see a doctor or go to a hospital. Aetna PPO HMO Fee for service FP/101 Disability To ensure you have an income if you get injured and are unable to work, usually a percentage of your income or a predetermined amount. Aflac Short term disability Long term disability Life Life insurance provides a predetermined amount of money to the beneficiary of your choice when you die. Metlife Whole life Term life FP/101...
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