- Understand the basics of insurance
- Create a copy of this Google Document and rename it Insurance Terms-(Your Initials) and move it into your Lesson 1 folder.
- Use an online dictionary resource to define the following insurance terms:
- Grace Period
Fundamentals of Insurance
- Read the information provided in this article regarding the fundamentals of insurance.
- Create a copy of this Google Document, rename it Insurance Fundamentals-(Your Initials), and place it in your Lesson 1 folder.
- Using the information in the article, answer the following questions in complete sentences:
- What are they referring to when they talk about risks with insurance?
- What are the two ways you can control risks?
- What does it mean to retain the risk involuntarily or voluntarily?
- What does it mean to share the risk?
- What are the two types of agents that can help you with your risks?
- What does binding a policy mean?
- What is underwriting and how is it involved with insurance?
- What does insurable interest mean?
- Define the following:
- Insurance Rider/Endorsement
- Insurance Umbrella Policy
- Insurable Interest
- After completing the assigned tasks in Lesson 1 above, share your Lesson 1 folder with your teacher. You should have the following files in your Lesson 1 folder:
- Insurance History
- Seeds of Hope
- Insurance Terms
- What is Insurance
- Insurance Fundamentals
Lesson 1 Quiz-IU
- Complete the Lesson 1 Quiz for the Insurance Unit.