Fp/101 Week 7 Insurance Matrix

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University of Phoenix Material

Insurance Matrix

Directions – Matrix

For each type of insurance listed in the matrix, identity three functions, three coverage characteristics, and three companies that offer this type of insurance.

Type of Insurance | Functions | Coverage Characteristics | Companies That Offer It |

Auto | Auto insurance covers your personal bodily injury, as well as the risk of liability for another persons injury. It covers the damage done to your vehicle, as well as the risk of liability for another person’s vehicle. | Bodily injury liabilityMedical expenses coverageCollision coverage | GeicoState FarmSafe Auto |

Home | Home insurance covers the risk of personal damage to personal property, the risk of stolen personal property, and the risk of liability for another person’s losses. | HO-1 Basic FormHO-2 Broad FormHO-3 All-Risk Form | Liberty MutualAllstateNationwide |

Health | Routine careEmergency careChronic illness | Free for servicePPOHMO | CignaHumanaBlueCross BlueShield |

Disability | Serves as a replacement for part of your income do to disability. Used to cover a multitude of expenses. Work related injuries are covered by worker’s compensation. | Short-term: Pays 60%-70% of predisability earnings. Lasts up to 12 months. Start after sick days are exhausted or you have been unable to work for the specified amount of days.Long-term: Many policies are for people, age 65 and older if they are permanently disabled. Usually pays 60% of predisability income. Eligibility is usually three to six months of continued disability. | MetLifeGuardian LifePrudential |

Life | Covers funeral costs.Covers the final expenses of the deceased such as unpaid bills.Covers the beneficiaries expenses or whatever they wish to use the money that they acquire for. | Term Life: Protection for a specific period of time. Premiums rise sharply as you age. Lapses can occur at the end of a term,...