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Welcome to Finance 230 Introduction to InsuranceLet’s Learn About You and Try the i-clickersWhat year are you at the U of I?What College are You In?Where Is Your Hometown?Your Favorite Baseball TeamYour Car Insurance CompanyHow Many Auto Accidents Have You Had Since You Started Driving?How Many Wins for the 2007 Illini?What you will learn during the semesterWhat’s Hot TodayWhat’s Hot Today - continuedGoal Setting Assignment Due Friday, August 24Significant GoalsAttainable GoalsMeasurable GoalsToday’s HandoutsSituations Covered by the State Farm Car PolicyDeclarations PageCoverageCoverage (Continued)Slide 22What’s NextWelcome to Finance 230Introduction to InsuranceProfessor Steve D’ArcyTAs: Brian Alvin (Head TA)Kathy Gu, Eric Lam, Bill Schneider, Neal Simons and Pan WongLet’s Learn About You and Try the i-clickersWhat year are you at the U of I?A) FreshmanB) SophomoreC) JuniorD) SeniorE) Graduate StudentWhat College are You In?A) ACESB) BusinessC) EngineeringD) LASE) OtherWhere Is Your Hometown?A) IllinoisB) United States other than IllinoisC) EuropeD) AsiaE) OtherYour Favorite Baseball TeamA) CubsB) CardinalsC) SoxD) Other National League TeamE) Other American League TeamYour Car Insurance CompanyA) State FarmB) AllstateC) GEICOD) ProgressiveE) OtherHow Many Auto Accidents Have You Had Since You Started Driving?A) 0B) 1C) 2D) 3E) 4 or moreHow Many Wins for the 2007 Illini?A) Less than 3B) 3-4C) 5-6D) 7-8E) 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 InsuranceWhat’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 RiskWhat’s Hot Today - continued•Liability Cases•Social Security Reform•Insurance Fraud•Directors and Officers Liability Insurance•Life Insurance Sales IllustrationsGoal Setting AssignmentDue Friday, August 24SettingSignificantAttainableMeasurable GoalsSignificant 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 weekendAttainable 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 DayMeasurable 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 lifeToday’s Handouts•Syllabus•State Farm Car Policy•Declarations Page•Goal Setting AssignmentSituations 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 carsDeclarations Page•Identifies Insured•Describes Coverage•Policy Period: 8/22/07 - 2/21/08•Premium: $435.08CoverageA) Bodily Injury Liability$100,000 Each Person $300,000 Each Accident Property Damage Liability $100,000 Each AccidentThis coverage is often described as: 100/300/100Coverage (Continued)C) Medical Payments $25,000 Each PersonD) ComprehensiveG 100) $100 Deductible CollisionH) Emergency Road ServiceCoverage (Continued)U) Uninsured Motor Vehicle $100,000 Each Person $300,000 Each AccidentW) Underinsured Motor Vehicle $100,000 Each Person$300,000 Each AccidentWhat’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


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UIUC FIN 230 - Insurance

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