COA 4131 1st Edition Lecture 17 Outline of Last Lecture I For Sale A Mistress a Sheep II Why Insure Art III Insurance IV Types of Coverage V Terms VI Coverage Considerations VII How Much Coverage Do You Need VIII Cost IX Insurance for artists X When Art is Stolen XI Art Prices XII Preventative Conservation and Risk Management XIII Companies XIV Property and Liability Insurance XV Liability and Auto Insurance Outline of Current Lecture I Liability and Auto Insurance II Costs of Auto Insurance III Health Care Costs IV Health Care Coverage V Providers Three Main Choices VI Long term Care Insurance Current Lecture A Liability and Auto Insurance a Personal Auto Policy PAP i Liability coverage 1 Injury to a person in the accident 2 This is number one 3 Single limit a Different ways to figure it 4 Split amount a 200 000 on liability and 300 000 on medical b Divided into categories for the maximum instead of one single lump ii Everyone is likely to get in at least one accident in their life b Medical Payment Coverage i Covers medical expenses for people injured in one s car 1 Pay a part of it c Uninsured and underinsured motorists coverage i Coverage for the cost of injuries to a person member s of his her family caused by a driver with inadequate insurance or hit and run driver 1 Person s in the other car 2 Rear ending is the most common type of accident 3 Some states allows cars to not be insured a In Florida you HAVE to be insured i That s better and safer for us d Physical Damage Coverage i Collision 1 Pays for damage to the insured s car when involved in an accident ii Comprehensive 1 Covers you for risks such as fire theft glass breakage falling objects vandalism wind hail flood ect e Exclusions deductibles and other provisions of PAP i Deductibles the amount the insurance will pay up to before you pay out of pocket ii Inclusions 1 If you have an old clunker you probably won t want collision coverage because if it gets hit you will just drive around with the dent or get a new one 2 Want collision coverage for new nice cars that you want to keep and protect f Accidents i Filing a claim ii Autos and the law iii No fault insurance 1 Florida tried this it didn t work out a Sounds better than it actually is 2 Florida is now a no fault state 3 You have to have your own insurance 4 Half of the states have no fault a Don t have to claim who hit who B Costs of Auto Insurance a Insurer factors i Territory ii Age sex and marital status iii Use of Auto iv Driving Record v Number of cars insured vi Good student discount vii Year make and model of auto b Lowering Auto Insurance i Compare companies ii Maintain safe driving record iii Avoid accidents traffic violations iv If two people get hit and it s not serious many times people will not file a claim so then insurance won t increase c If in an accident i Stop car in a safe spot if possible 1 Don t want people to hit you 2 Do not pick up debris or anything let the police see for evidence ii See if anyone is hurt iii Call police or high way patrol immediately iv Emergency authorities will help you 1 If hurt want to definitely be checked out v Get contact info of other vehicle s and witnesses if any d Attorney s i Accident auto attorney s ii See them on the phone books radio ads commercials on TV iii Contingency 1 Don t have to pay them 2 Will get 10 or whatever the percent they choose of the money you get from the accident iv People purposefully get in accidents to get this money from lawyer and scam 1 If caught will get in big trouble from authorities e Lower rate of auto insurance when you graduate college C Health Care Costs a Right now for full time workers i Trying to get for part time workers but not yet a Changes in who pays i 1970 1 A lot of people would go to doctor and pay cash to the doctor ii 1993 1 Far fewer people paying out of pocket and in cash 2 More people relying on the government b Rising costs i Advances in medical technology and care 1 Affects babies and elder care ii Decline in lengthy hospital stays Outpatient services 1 In and out 2 Birth of baby a Will only cover 24 hour stays iii Demographics iv Increases in 3rd party payments v Rising costs in labor prescriptions supplies and administration 1 PA s physical therapists supplies just going up and up not the other way B Health Care Coverage a Children health plans and insurance i A lot of children in this country are not covered by insurance or government 1 Certain diseases are not covered either ii Parents are not taking their sick children to doctor s and this is not good b Healthcare plans or insurance marriage and divorce i Who has the better plan and become spouse on the better one ii After divorce decide what is going to happen 1 Example woman getting divorced after 33 years marriage has not worked in 20 years raising kids has to be careful in her divorce settlement for insurance she has no retirement funds or anything so she needs his insurance c Financial pains of childbirth i Very expensive ii Want health insurance during pregnancy and after iii Want insurance and the care providers you want C Providers Three Main Choices a Private Group health insurance i Get a better rate ii Includes managed care 1 Health Maintenance Organization HMO a Most common probably the ones our parents have b Been around since 1930 s i First one was Keiser Permanente in California c Blue Cross Blue Shield i This one is excellent d Fixed monthly fee e Employers pay part of it f Given a list of doctors who are under your plan and you can pick which ones you go to and they suggest within i You have primary care physician and they will suggest specialist ii People pick mostly by specialist or by location g Pro i Take care of preventative care as well as when you are sick and injured h See them once a year for checkups and other things and it is covered i Some people do not like HMOs and their insurance company because they could have had a bad experience 2 Preferred Provider Organizations PPOs a Smaller list b More specialist c Sometimes cost more d You might pick this instead if there is someone on the list you want and specialization e People are particular about obstetricians 3 Point of Service Organizations POSs a More rare choice b Traditional coverage plus a HMO list c List of providers and who you want d Doctors will choose who they …
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