The point of this essay is to learn how to assess risk and put an economic value on it!

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1 Essay 4 1) Write an auto insurance policy for a relative. a)detail the risks involved and how they determine 1) the amount of coverage, and the premium. b) Spread the risk/cost over a larger customer base. 2) Use web-based insurance companies to obtain an independent estimate 3) As risk increases, coverage decreases (higher deductible, lower max), premiums increase. 4) Figure out probabilities of various outcomes. 5) Calculate premiums to insure profit. The point of this essay is to learn how to assess risk and put an economic value on it! Part 1: Things insurance companies want to know about you: Driving record Claims history Credit history Make, model, and year of car Primary vehicle use? Zip code where the vehicle is primarily kept Number of one way miles traveled to work Annual mileage Own/lease Equipped with electronic tracking device Gender Marital Status Date of birth License status (valid, permit, suspended, etc.) Age you were fist licensed Has your license been suspended/revoked within the past 3 years? Violations and Accidents Provide all accidents, regardless of fault, that occurred in the last 36 months for each driver. Provide all comprehensive claims and traffic violations within the last 3 years and total number of driving under the influence incidents which occurred after 12/31/1998. My recommended: $ per month. Part 1a: what kind of coverage would your family member want? How do you determine that? Basically they are paying for something they may not ever need. Cost and Benefit! Examples are: Auto Insurance Liability Coverages: Protect yourself and others with liability

2 coverages* Liability Coverage typically helps protect you for damages to others if you re at fault in a covered accident. Medical Payments Coverage typically helps provide payment for your reasonable and necessary medical treatment for bodily injury caused by a covered accident. Underinsured/Uninsured Motorists Coverage typically helps protect you for covered damage caused by drivers who don t have auto insurance or don t carry enough auto insurance. Auto Insurance Property Coverages: Protect your car with property coverages* Collision Coverage typically helps pay to repair or replace your insured car after a covered accident. Comprehensive Coverage typically helps pay for covered damages to your insured car resulting from a peril other than a collision, such as theft, windstorm or flood, to name a few. Additional Auto Insurance Coverages: Protect your assets with additional coverages* Personal Injury Protection Additional coverage options Optional coverages such as Towing & Labor Costs* and Tape/CD Coverage* can help tailor your coverage to help fit your particular needs. The Premium: Definition: A premium is an amount of money paid to an insurer, in exchange for insurance protection. The Deductible: The deductible is the amount of the loss you agree to pay or absorb in the event of an accident. With auto insurance, deductible amounts typically range from $50 to $1,000 per claim. That means you absorb the deductible amount every time you make a claim. Choosing a higher deductible reduces the cost of your insurance. Part 1b: This is how auto insurance agencies stay in business. If you have lots of customers, they are all paying you money for insurance, but not all of them will actually

3 use the insurance. If one person makes a claim and you have to cover their accident, you will lose money, but if you have lots of customers, you will minimize you loss by taking in their money. Part 2 Websites: (auto insurance deductible calculator) Part 3: As risk increases, coverage decreases (higher deductible, lower max), premiums increase. In you paper, talk about this. Do you understand why? If the person you are insuring is likely to have an accident in the future (based on lots of info), then they will have to pay more to get any coverage. Cost and Benefit for the insurance company: the cost of insuring that person may be high, so they need a big benefit to doing it (i.e. they get paid lots of money if the person doesn t get in an accident). Part 4: What is the probability you will have to pay for an accident? What is the probability there will be an injury? Part 5: The more likely your customer is to have an accident, the higher the premium you will have to charge to make a profit.

4 10 Things You Should Know About Buying Auto Insurance 1. How is Your Insurance Rate Determined? Two factors determine what you pay for auto insurance. The first factor is underwriting and the second factor is rating. Insurance companies underwrite to assess the risk associated with an applicant, group the applicant with other similar risks and decide if the company will accept the application. Based on the results of the underwriting process, the rating assigns a price based on what the insurer believes it will cost to assume the financial responsibility for the applicant s potential claim. 2. Several Factors Will Affect Risk Rating Your driving record, area in which you live, gender and age, marital status, prior insurance coverage, vehicle use and make and model of your vehicle are common factors that can affect the price you will pay for your auto insurance. 3. Ask Your Agent About Discounts Discounts are awarded because the insurance company sees you as a better risk. Here are some discounts you should look for: multiple vehicles, driver education courses, good student, safety devices, anti-theft devices, low mileage, good driver/renewal, auto/home package and dividends. Not all states offer all discounts, so check with your agent to see if you qualify. 4. Tort System vs. No-Fault System Each state must implement either a tort system or a no-fault system. The system your state has implemented will determine what kind of insurance is available to you. The three basic coverages sold under the tort system are bodily injury liability insurance, property damage liability insurance and uninsured motorists coverage. In a no-fault state, coverages will vary, but under a no-fault system your insurance company pays you directly for your losses as a result of injuries sustained in an accident, regardless of who is at fault. Check with your state insurance department for questions concerning tort or no-fault state systems. 5. Check Into Optional Coverage The most commonly recognized coverages, in addition to the basic liability package, are collision and comprehensive coverages. Collision coverage pays for

5 physical damage to your car as a result of your auto colliding with an object such as a tree or another car. This is relatively expensive coverage and is not required by law. Comprehensive coverage pays for damage to your auto from almost all other causes, including fire, severe weather, vandalism, floods and theft. This coverage will also cover broken glass and windshield damage. Comprehensive coverage is less expensive than collision, but is also optional. Other optional coverages include medical payments coverage, rental reimbursement coverage and towing and labor coverage. 6. Where to Go for More Information Information is available to consumers from a number of unbiased sources. These sources include public libraries, state insurance departments, online resources, consumer groups and consumer publications. Every state insurance department has personnel available to answer questions regarding auto insurance coverage and many departments publish premium comparisons to make shopping around easier. 7. Shop Around Before You Buy When shopping for auto insurance, premium quotations are a useful tool for comparison of different companies products. When asking for price quotations, it is crucial that you provide the same information to each agent or company. The agent will usually request the following information: description of your vehicle, its use, your driver s license number, the number of drivers in your household, the coverages and limits you want. 8. Where to Shop Check the newspaper and yellow pages of the telephone directory for companies and agents in your area. In addition, ask your neighbors, relatives and friends for recommendations on insurance companies and agents. In particular, ask them what kind of claim service they have received from the companies they recommend. Remember to shop around to get the best price and service. 9. For Your Protection Once you have selected the insurance coverages you need and an insurance agent or company, there are steps you can take to make certain you get your money s worth. Before signing an application for any insurance coverage, call you state insurance department and verify that the company and the agent are licensed to do business in your state. It is illegal for unlicensed insurers to sell insurance, and if you buy from an unlicensed insurer, you have no guarantee that the coverage you pay for will ever be honored. 10. Read Your Policy Carefully

6 You should be aware that an auto insurance policy is a legal contract. It is written so your rights and responsibilities, as well as those of the insurance company, are clearly stated. When you purchase auto insurance, you will receive a policy. You should read that policy and make certain you understand its contents. If you have questions about your insurance policy, contact your insurance agent for clarification. If you still have questions, turn to your state insurance department. This alert is produced by the National Association of Insurance Commissioners, a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The overriding objectives of state regulators are to protect consumers and help maintain the financial stability of the insurance industry.

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