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News Release

New Jersey Department of
Banking and Insurance

Acting Commissioner Richard J. Badolato

For Immediate Release:
February 16, 2016

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064

Christie Administration Helps Union County College Students
Learn About Finances

ELIZABETH — Department of Banking and Insurance Acting Commissioner Richard J. Badolato and Banking Division Director Patrick Mullen last Friday gave a financial literacy presentation to college students at Union County College (UCC). He explained the benefits of budgeting, saving and smart credit card use to about fifty students who gathered at the college’s Elizabeth Campus to polish their financial literacy skills. His talk included available shopping tips for auto and renters insurance and how to best handle student loans. 

“When I talk about financial literacy, I mean understanding how to manage your money,” said Acting Commissioner Badolato. “That is going to be crucial in your lives. The financial decisions you make over the next few years will impact you for the rest of your lives.”

“My best advice to you is to make a budget and stick to it on a weekly basis,” said Director Mullen.

Acting Commissioner Badolato advised students to shop around for auto insurance to secure the best coverage at the best price and also to consider purchasing renters insurance for their property in their dorm rooms. In addition, he suggested they download free apps from the National Association of Insurance Commissioners that can streamline the auto or homeowners or renters insurance claims filing process.

One app assists users in conducting inventories for their homeowners or renters insurance. Called myHOME, this free app helps catalogue and record property to make filing a claim easier in the event of a loss. The other, Wreck Check, helps auto accident victims document a collision or comprehensive claim at the accident scene.

Acting Commissioner Badolato’s and Director Mullen’s presentation was part of the Department’s ongoing financial literacy program, which was expanded in 2006 with programs for high school students and expanded in 2012 to include programs for senior citizens and college students.

NJ Department of Banking and Insurance at Union County College
  From right to left, Acting Commissioner Richard J. Badolato with Union County College President Margaret McMenamin and New Jersey Department of Banking Division Patrick Mullen on Friday, February 12, 2016.  
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