Welcome to Finance 230 Introduction to Insurance Professor Steve D Arcy TAs Brian Alvin Head TA Kathy Gu Eric Lam Bill Schneider Neal Simons and Pan Wong Let s Learn About You and Try the i clickers What year are you at the U of I A B C D E Freshman Sophomore Junior Senior Graduate Student What College are You In A B C D E ACES Business Engineering LAS Other Where Is Your Hometown A B C D E Illinois United States other than Illinois Europe Asia Other Your Favorite Baseball Team A B C D E Cubs Cardinals Sox Other National League Team Other American League Team Your Car Insurance Company A B C D E State Farm Allstate GEICO Progressive Other How Many Auto Accidents Have You Had Since You Started Driving A B C D E 0 1 2 3 4 or more How Many Wins for the 2007 Illini A B C D E Less than 3 3 4 5 6 7 8 9 What you will learn during the semester What everybody needs to know about insurance Auto Insurance Homeowners Insurance Health Insurance Life Insurance Structure of Insurance Industry Current Hot Topics in Insurance What s Hot Today Health Care Costs higher and higher Term Life Insurance Costs lower and lower Life Settlement Backed Security death bonds Medical Malpractice Insurance Catastrophe Coverage Natural Disasters Terrorism Risk What s Hot Today continued Liability Cases Social Security Reform Insurance Fraud Directors and Officers Liability Insurance Life Insurance Sales Illustrations Goal Setting Assignment Due Friday August 24 Setting Significant Attainable Measurable Goals Significant Goals Your goals should be meaningful Achieving your goals should make a difference Example of a significant goal Achieve an A in Finance 230 Example of a goal that is not significant Go to a movie this weekend Attainable Goals Your goals should represent a stretch but should still be possible to achieve Unrealistic goals set you up to fail Attainable goals serve to motivate you Example of an attainable goal Getting to the gym 3 times a week Example of an unattainable goal Losing 50 pounds by Labor Day Measurable Goals Your success in achieving a goal can be clearly determined Someone else can see if you have achieved your goal Example of a measurable goal Having a job within 3 months after graduation Example of a goal that cannot be measured Having a good semester Being happy with my life Today s Handouts Syllabus State Farm Car Policy Declarations Page Goal Setting Assignment Situations Covered by the State Farm Car Policy While you are using your own car While other people are using your car While you are using other cars While other people are using other cars Declarations Page Identifies Insured Describes Coverage Policy Period 8 22 07 2 21 08 Premium 435 08 Coverage A Bodily Injury Liability 100 000 Each Person 300 000 Each Accident Property Damage Liability 100 000 Each Accident This coverage is often described as 100 300 100 Coverage Continued C Medical Payments 25 000 Each Person D Comprehensive G 100 100 Deductible Collision H Emergency Road Service Coverage Continued U Uninsured Motor Vehicle 100 000 Each Person 300 000 Each Accident W Underinsured Motor Vehicle 100 000 Each Person 300 000 Each Accident What s Next Guest Speaker Todd Hart State Farm Research Center Program Manager Pizza Lunch Party Fridays 11 30 12 30 370 Wohlers Hall Tontine Game starts Monday Bring your I Clicker Goal Setting Project Due Friday August 24 Auto Insurance Policy
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