Insurance basics
This is the agreement by which a company provides a guarantee of compensation for specified loss, damage, illness, or death in return for payments of a premuin
What is insurance
This is the coverage that pays for the other persons damage if you caused the accident
what is liability
this Is co insurance
this is what pays you the current value of something, minus the depreciation
What is actual cash value
This is after a storm damages her roof, valerias policy helps pay to repair it to so she isn’t stuck with the full cost to herself
what is insurance
This is the amount you pay every month to keep your insurance active
This is premuin
This is what pays to fix your car if its damaged in a crash no matter who caused it
What is collision
This is the fixed amount you pay for a medical service
this is what pays the full cost to replace the item with a new one, without subtracting the depreciation
What is replacement value
This is when Alondra accidentally spills coffee on a neighbors laptop and his insurance covers the cost to replace it
what is liability
This is the amount you have to pay out of your pocket when something happens before your insurance starts helping
What is deductible
This is what pays for the damage to your car from things that are not a crash
what is comprehensive
This is a federal Health insurance program that allows older people pay for medical care
what is medicare
this is replacement value
This is who approves Jake’s insurance the company reviews his house, neighborhood and past claim to decided if they will insurance him
what is underwriter
this is underwriter
Samantha got stopped at red light when another driver runs the light and hits her car. The other driver does not have insurance so Samanthas policy helps pay for her car repairs and medical bills
what is uninsured motorist coverage
This is a health insurance plan that requieres you to use a network doctors and usually gets referrals for specialist
what is HMO
this is when fatima 5 year old laptop is stolen and her insurance pays her $300, the laptops current Value not the $1000 she had originally paid
this is atcual cash value
This is when Tom’s hits a tree while backing out of his drive way and his insurance pays to fix his car even though it was his fault
What is collision
This is when someone driving really fast in heavy rain which increased the chance of losing control and crashing
what is risk
what is personal injury protection
This is the age which most people become eligible for medicare
what is 65 and older
This is when emma’s 3 year old couch is destroyed in a fire and her insurance pays the full cost to buy a bran new couch of the same type
what is replacement value
This is what isabella pays while visiting her doctor for a checkup and pays $20 at the office while the insurance covers the rest of her visit
what is copayment