Fp101 Insurance Matrix Essay

Submitted By baseballmommy
Words: 781
Pages: 4

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 |To protect drivers when they’re involved in an |Medical Payments, Bodily Injury, Collision, |Farmers, USAA, Allstate, State Farm, Geico, |
| |accident. It also covers fire, theft, or a natural |Comprehensive, Uninsured Motorist, No Fault, Liability,|Progressive, AIG |
| |disaster. The insurance company will cover the cost of |Under Insured Motorist, Towing | |
| |repairing vehicles involved depending on which type of | | |
| |insurance the person at fault has. Certain insurances | | |
| |will cover medical bills for injuries received from an | | |
| |accident. | | |
|Home |Provides coverage for damage or destruction to the |Injuries and Accidents, Lawsuits, Living Expenses, |Allstate, StateFarm, AIG, Farmers, USAA, Progressive, |
| |policyholder’s home. Will pay for damage such as fire, |Personal Items, Liability Protection, Personal Property|Geico |
| |rain, hail, wind or other natural disasters. Losses due|Protection, Buildings and Structures | |
| |to theft or injuries on the property. Depending on | | |
| |where you live some insurance companies have specific | | |
| |coverage for earthquake or flood damage. | | |
|Health |Used to pay expenses as a result of an illness or |Personal Care, Managed Care (HMO, PPO, POS, EPO), |Blue Cross, Blue Shield, Humana, TriCare, Aetna, |
| |accident. Will cover a percentage of a medical or |Government Coverage (Medicare, Medicaid, Worker’s |Medicare (Government funded) |
| |dental bill to the provider, and the person who is |Compensation), Fee for Services (Basic Health Care and | |
| |insured pays a smaller co-payment. |Major Medical), Consumer Choice (Dental or Vision) | |
|Disability |A policy that will provide financial support if the |Short-term: Sick Days, Leave Days, Paid Vacation Days, |Government programs, Employer programs, State Farm |