Guest Speaker: Dr. Jim Boyd, E.J. Ourso College of Business, Department of Finance
Subject: Automobile Insurance
PART A - Liability Coverage: Protects a person against a suit or claim arising out of the ownership or operation of a covered vehicle
Bodily Injury: Pays for the other driver's medical treatments, rehabilitation, or funeral costs. It also pays legal costs and settlements for non-monetary losses up to the limit of the policy.
Property Damage: Pays to repair or replace another person's vehicles or property that someone insured on your policy damages in an accident
A few specifics on Auto Liability Insurance in Louisiana
PART C - Uninsured/Underinsured Motor VehicleUninsured Motorist Coverage: Pays you and your household for bodily injury, such as medical expenses, rehab, losses from pain and suffering, and funeral costs.
Underinsured Motorist Coverage: Covers bodily injuries sustained by an insured when the negligent driver has liability insurance, but the liability limits are less than those provided by the insured's Uninsured Motorist coverage.
PART D - Collision and Comprehensive
Collision: Collision coverage is typically required by lenders when you have a car loan because it pays for the repair of your car or replacement of its market value, regardless of who was at fault. (It does NOT cover impacts with animals!)
Comprehensive coverage is also usually required by lenders on a car loan and pays for replacements or repairs after your car has been stolen or damaged as the result of events such as fire, flood, windstorm, and contact with a bird or animal.
Article 1 - A Prospective Buyers' Guide to the Costs and Benefits of Homeownership
Article 2 - How to Land a Finance Job With a Bachelor's Degree
(October 14-20)
Subject: Automobile Insurance
PART A - Liability Coverage: Protects a person against a suit or claim arising out of the ownership or operation of a covered vehicle
- Who is covered under the policy? First, the named insured and resident family members. Second, any other person using the named insured's covered auto is also insured provided that person can establish a reasonable belief.
Bodily Injury: Pays for the other driver's medical treatments, rehabilitation, or funeral costs. It also pays legal costs and settlements for non-monetary losses up to the limit of the policy.
- Some experts recommend buying at least $100,000 per person, or $300,000 per accident if you have a home, bank accounts, and a reasonably well-paying job, and to buy less if you have little income or few assets to protect.
Property Damage: Pays to repair or replace another person's vehicles or property that someone insured on your policy damages in an accident
- Louisiana's new law in 2010 raised the property damage minimum to $25,000.
A few specifics on Auto Liability Insurance in Louisiana
- In Louisiana, if you do not have liability coverage on your car at the time of the accident, the "No Pay, No Play" law applies.
- This prohibits uninsured motorists from collecting the first $15,000 of bodily injury and the first $25,000 of property damage, regardless of fault.
- The general rule is that is you have "reasonable belief" that you are entitled to use someone else's car and an accident occurs, the liability coverage on the vehicle pays first.
- Louisiana is a "pure" comparative negligence state, which means that a driver can be assigned a range of fault from zero to 100%.
- This coverage is optional, with increments of $1,000-$10,000/person.
PART C - Uninsured/Underinsured Motor VehicleUninsured Motorist Coverage: Pays you and your household for bodily injury, such as medical expenses, rehab, losses from pain and suffering, and funeral costs.
Underinsured Motorist Coverage: Covers bodily injuries sustained by an insured when the negligent driver has liability insurance, but the liability limits are less than those provided by the insured's Uninsured Motorist coverage.
PART D - Collision and Comprehensive
Collision: Collision coverage is typically required by lenders when you have a car loan because it pays for the repair of your car or replacement of its market value, regardless of who was at fault. (It does NOT cover impacts with animals!)
Comprehensive coverage is also usually required by lenders on a car loan and pays for replacements or repairs after your car has been stolen or damaged as the result of events such as fire, flood, windstorm, and contact with a bird or animal.
Article 1 - A Prospective Buyers' Guide to the Costs and Benefits of Homeownership
- How long will I stay in this area?
- What are the interest rates now?
- Is this a declining real estate market or are properties appreciating?
- Can I afford to pay more each month?
- Do I want the added responsibility?
- Do I mind doing maintenance or do I like having someone else handle all of that?
- Do I have money in the bank for closing costs and down payment?
- How well do I know my FICO or credit score?
- What are my feelings about homeownership?
Article 2 - How to Land a Finance Job With a Bachelor's Degree
- Tip #1 - Land an internship.
- Tip #2 - Start early.
- Tip #3 - Diversify your experiences.
- Tip #4 - Learn to talk the talk.
- Tip #5 - Start your CFA.
(October 14-20)