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Life Insurance
Insurance that guarantees a specific sum of money to a designated beneficiary upon the death of the insured or to the insured if he or she lives beyond a certain age.
(It's important to have life insurance when you are born. Since you do not know when you are going to die, it provides coverage for your future family if you were to die unexpectedly). -
Youngju was born into the world
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Lifetime of Youngju Shin
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Insurance protects consumers, who invest money, against risks by providing compensation for their loss.
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Youngju gets her very first car
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Automobile Insurance
This type of insurance indemnifies for losses arising from or connected to the ownership and operation of motor vehicles.
(Most people will have cars before they turn 20 years old. Cars are prominent especially if you attend college because it serves as a mode of transportation. Automobile insurance is important because it provides coverage over any car wrecks. Some irresponsible college students may also go drinking. This helps protect other people who are injured by the intoxicated drivers). -
Youngju finishes college and buys her very first house
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Property Insurance
Insurance that indemnifies for loss or damage to property for certain specified risks, inlcluding fire is broadly termed property insurance.
(Most people own houses when they are 30 years old. If there was an accidental fire or a natural phenomenon that destroys your house, you will be covered for these risks. This is essential if you live in a very unstable environment). -
Youngju finds a company that she stays loyal to.
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Workers Compensation (Business)
A form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence.
(Once people start working at the age of 35, they will typically stay loyal to one company. This helps solidify their relationship by providing free medical insurance for the employee. It also benefits the company by protecting them against future lawsuits). -
Disability Insurance (Business)
A form of insurance that insures the beneficiary's earned income against the risk that a disability creates a barrier for a worker to complete the core functions of their work.
(If a worker can't work because of an accident that causes a disability or some kind of disorder, they are compensated. Therefore, they don't have to worry about providing money to their family. This applies to anyone who works and takes care of their family at the same time). -
Youngju worries about the future and her children.
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Youngju branches out and starts a new company
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Liability Insurance (Business)
It protects against financial losses resulting from claims of injury or property damage caused by you or your employees and your products or services.
(Entrepreneurs are already dealing with alot of risks. This type of insurances helps protect them from further risks including bankruptcy and etc). -
Youngju dies at the age of 80
