Auto Insurance
Norris has a deductible of $1,000. He damages his car in an accident and it will cost $3,300 to repair.
$1000
$2300
A form of property insurance, available to people who do not own their own home, that covers losses to their personal property and protects the insured person from liability claims
Renters Insurance
A fixed dollar amount that you agree to pay each time you receive medical treatment, such as a doctor's visit or prescription
Co-Pay
provides coverage for the costs of care associated with the activities of daily living, such as eating, bathing, dressing, and other needs.
long term care insurance
$0
$40,000
A federal and state assistance program that pays for health care services for people who cannot afford them
Medicaid
The maximum amount of money you will have to spend on health care in a year, after which the insurance company agrees to cover all costs
Out of Pocket Maximum
Which of the following items below would be covered by a standard renters insurance policy?
A type of insurance paid to an individual if they are injured and unable to work for a specified length of time
Disability Insurance
Liability
Insurance paid to named beneficiaries when the insured person dies
Life Insurance
A plan that balances a low monthly premium with a larger deductible and out-of-pocket costs for doctor visits and prescriptions.
High deductible health plan
Provide 1 example of why someone would have to rely on long term disability insurance?
1. breaks an arm on a trip
2. extended hospital stay for a disease
3. becoming disabled after an accident
Pays a benefit for a limited period, usually less than a year, pays a percentage of a loss of income due to injury or sickness
short term disability insurance
Auto insurance that protects you against costs to repair or replace your vehicle after events out of your control such as weather, vandalism, theft, etc.
Comprehensive Coverage
A form of property insurance, available to property owners, that covers losses to the physical structure as well as to their personal property and protects the insured person from liability claims
Homeowner's Insurance
What happens when you have reached your health care deductible and out-of-pocket maximum?
The insurance company pays all covered costs for the rest of the year, with no annual limit
The cause of a possible loss, such as fire, windstorm, theft, explosion or riot.
Peril
The cheapest form of life insurance, doesn't build a cash value, higher rates may occur when you renew your policy
Term Life Insurance
Auto insurance that protects you against another driver not having enough coverage to pay the entirety of your losses
Uninsured/Underinsured Coverage
Most homeowners insurance policies don't cover this type of damage, one inch of flood water can cause up to this much in damage. What type of insurance and how much in damage?
25,000 Flood Insurance
The amount you pay to buy an insurance policy
Premium
The type of property that's usually movable and easily transported. Refers to your "belongings". In simplest terms, everything other than real property
Personal Property
the amount paid upon the death of the insured in a life insurance policy
death benefit