CREDIT & INSURANCE
Published on Nov 26, 2015
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PRESENTATION OUTLINE
CREDIT & INSURANCE
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SALES & CASH CREDIT
DIVIDED INTO TWO CATEGORIES: NON-INSTALLMENT & INSTALLMENT CREDIT
Photo by the justified sinner
NON-INSTALLMENT CREDIT
THIS IS CREDIT THAT WILL BE REPAID AT THE END OF THE MONTH (BILLS, REPAIRS)
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3 TYPES OF SALES CREDIT
1. REGULAR CHARGE ACCOUNTS - FORMS OF NON-INSTALLMENT CREDIT
2. INSTALLMENT CHARGE ACCOUNT - FORMS OF INSTALLMENT CREDIT
3. REVOLVING CHARGE ACCOUNTS - ABLE TO
PURCHASE UP TO A CREDIT LIMIT SO A COMBINATION OF BOTH OTHER TYPES OF CREDIT
Photo by Guillaume Brialon
CREDIT CARDS
THIS IS A REVOLVING CHARGE ACCOUNT WHERE YOU HAVE A LIMIT ON PURCHASE AMOUNTS
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PROS & CONS OF USING CREDIT
ADVANTAGES - IT IS CONVENIENT, ALLOWS YOU TO HAVE EXPENSIVE THINGS AND CAN BE USED IN AN EMERGENCY
DISADVANTAGES - MAKES SPENDING TOO EASY, IT CAN ENCOURAGE IMPULSE BUYING, YOU CAN LOSE ITEMS YOU HAVE PAID ON
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APPLYING FOR CREDIT
CREDITORS HAVE TO DECIDE IF YOU HAVE THE ABILITY TO PAY BACK WHAT YOU BORROW
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ESTABLISHING A GOOD CREDIT RATING
YOUR CREDIT RATING IS THE MOST IMPORTANT FACTOR IN DETERMINING IF YOU GET YOUR LOAN
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THE 3 C'S OF CREDIT
1. CHARACTER - HONESTY AND RELIABILITY
2. CAPITAL - THIS IS YOUR INCOME
3. CAPACITY - YOUR ABILITY TO REPAY AND HOW MUCH DEBT YOU ALREADY HAVE
Photo by Sam Ilić
WHY CREDIT COSTS
IT COSTS BECAUSE THERE ARE THOSE THAT CAN'T PAY BACK AND SO CREDITORS TAKE THE HIT
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SHOPPING FOR CREDIT
COMPARE TERMS OF YOUR CREDIT AGREEMENT AT SEVERAL PLACES BEFORE YOU CHOOSE ONE
Photo by Jesse757
3 FACTORS DETERMINE THE COST OF USING CREDIT
1. SIZE OF THE LOAN OR AMOUNT BORROWED - INTEREST IS HIGHER THE MORE YOU HAVE TO BORROW
2. ANNUAL PERCENTAGE RATE (APR) - THIS IS THE ANNUAL RATE YOU WILL PAY PER YEAR
3. REPAYMENT TIME - THE LONGER YOU PAY BACK THE MORE IT WILL COST YOU
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CREDIT CONTRACTS
THIS IS A LEGALLY BINDING AGREEMENT SO READ CAREFULLY BEFORE YOU SIGN
Photo by NobMouse
HANDLING CREDIT PROBLEMS
CREDIT PROBLEMS CAN EXIST BECAUSE OF DIFFERENT SITUATIONS - ILLNESS, DEATH, JOB LOSS.
THEY CAN ALSO EXIST WHEN YOU MISUSE CREDIT AND BUY SOMETHING YOU REALLY COULDN'T AFFORD.
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CREDIT PROBLEMS
WHEN CREDIT PROBLEMS DO OCCUR TRY AND HANDLE THEM AS QUICKLY AS POSSIBLE OTHERWISE COLLECTORS WILL START REPERCUSSIONS AND YOU COULD LOOSE EVERYTHING.
Photo by Lst1984
CREDIT COUNSELING
WHEN CREDIT PROBLEMS ARE OUT OF CONTROL CREDIT COUNSELING IS AN OPTION
Photo by Sebastiaan ter Burg
INSURANCE NEEDS
INSURANCE CONTRACTS ARE CALLED POLICIES AND THEY ARE A RISK-SHARING PLAN
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LIFE INSURANCE
THIS TYPE OF INSURANCE IS A PROTECTION OF FINANCIAL LOSS DUE TO DEATH
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3 TYPES OF LIFE INSURANCE
1. TERM INSURANCE - IS FOR A SPECIFIC NUMBER OF YEARS AND ONLY PAYS IF THE POLICYHOLDER DIES WITHIN THOSE YEARS
2 WHOLE LIFE INSURANCE - COVERS FOR A LIFETIME NOT A SPECIFIC NUMBER OF YEARS
3. UNIVERSAL LIFE INSURANCE - COMBINES TERM WITH AN INVESTMENT FEATURE - THE CASH VALUE IS INVESTED
Photo by Hammonton Photography
HEALTH INSURANCE
1. YOU USUALLY HAVE A DEDUCTIBLE THAT HAS TO BE MET BEFORE YOUR INSURANCE WILL PAY FOR ANYTHING
2. WHEN YOU GO FOR A CHECK UP OR VISIT YOU HAVE TO PAY A COPAY WHICH IS A SET AMOUNT EACH TIME
3. THEN YOUR INSURANCE WILL ONLY PAY A PERCENTAGE OF THE BILL AND YOU HAVE TO PAY THE REST
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3 MAIN TYPES OF HEALTH COVERAGE
1. BASIC MEDICAL - PAYS STANDARD HOSPITAL COSTS, SOME DOCTOR VISITS AND SIMPLE PROCEDURES
2 MAJOR MEDICAL - PAYS THE BULK OF EXPENSES, COVERS SURGERY AND SERIOUS ILLNESS OR INJURY
3. DISABILITY INSURANCE - PROVIDES PAYMENTS TO THOSE WHO CANNOT WORK DUE TO ILLNESS OR INJURY
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HEALTH MAINTENANCE ORGANIZATIONS (HMO)
GROUP OF MEDICAL PROFESSIONALS WHO PROVIDE HEALTH CARE TO MEMBERS
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PREFERRED PROVIDER ORGANIZATIONS (PPO)
GROUP OF DOCTORS THAT PROVIDE MEDICAL CARE AT REDUCED RATES
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6 TYPES OF AUTOMOBILE INSURANCE
1. BODILY INJURY INSURANCE- COVERS YOU IF YOU ARE LEGALLY LIABLE FOR THE DEATH OR INJURY OF OTHERS
2. PROPERTY DAMAGE LIABILITY - PAYS FOR THE DAMAGES CAUSED BY YOUR CAR TO THE OTHER PERSON'S CAR
3. MEDICAL PAYMENTS COVERAGE - PAYS MEDICAL RESULTING FROM ACCIDENT NO MATTER WHOSE AT FAULT
Photo by Damian Morys Photography
4. UNINSURED MOTORISTS - PAYS FOR BODILY INJURIES WITH AN UNINSURED MOTORIST OR A HIT AND RUN ACCIDENT
5. COMPREHENSIVE PHYSICAL DAMAGE - PROTECTS YOUR CAR FROM DAMAGE BY SOMETHING OTHER THAN A VEHICLE
6. COLLISION - PAYS FOR DAMAGE TO YOUR CAR BY COLLISION WITH ANOTHER CAR OR OBJECT
Photo by Ian Hampton
AUTOMOBILE INSURANCE PREMIUMS
BE SURE TO CHECK SEVERAL INSURANCE COMPANIES BEFORE MAKING A DECISION ON AUTO INSURANCE BECAUSE THERE ARE A VARIETY OF PRICE RANGES IN POLICIES
Photo by Onasill ~ Bill Badzo
HOUSE RELATED INSURANCE
2 TYPES OF POLICIES: HOMEOWNER'S INSURANCE AND RENTER'S INSURANCE
Photo by ξωαŋ ThΦt (slowly back...)
PROPERTY INSURANCE
THIS COVERS YOUR PROPERTY AGAINST DANGERS SUCH AS FIRE, THEFT, BURGLARY, WIND, ETC.
Photo by dvs
LIABILITY INSURANCE
PROTECTS YOU FROM FINANCIAL LOSS IF OTHERS ARE INJURED ON YOUR PROPERTY
Photo by amslerPIX
