Risky Business
How likely a hazard is to harm someone
Contract between you and the insurance company that protects you against financial loss in the event of an accident or theft to your vehicle
Auto insurance
To tell your insurance company that you need them to cover you, you must first file a…
Insurance claim
Insurance for your car
Auto insurance
The type of risk strategy where you avoid the risk entirely
Risk avoidance
Looking at how likely a risk is to occur and how much damage it could cause
Risk management
Comprehensive
The amount you must pay out of pocket to the insurance company before your insurance kicks in
Deductible
Insurance covering most doctor and hospital visits, prescription drugs, wellness care, and medical devices
Health insurance
Something that impacts the premium a person pays for auto insurance:
Age, car type, location, driving history, etc.
The type of risk strategy involves not doing anything, and paying for the damages if the risk becomes a hazard?
Risk acceptance
These types of auto insurance are not mandatory by law:
Collision, Comprehensive, Medical Payments
The maximum amount of money an insurance company will cover you for is a…
Coverage limit
Insurance covering your home and assets
Homeowner’s insurance
To obtain insurance you must have…
An insurable asset
What type of risk strategy involves transferring the risk to another entity for a fee?
Risk transfer/Insurance
These 3 types of auto insurance are mandatory by law:
Bodily Injury Liability, Property Damage Liability, Un/Underinsured Motorist
The amount a person pays for insurance
Premium
Insurance meant to cover beneficiaries if you die
Life insurance
The types of auto insurance that have deductibles are:
Collision and Comprehensive
Lifeguards at a pool to prevent people from drowning is an example of which risk strategy?
Risk reduction
The first thing you need to know when something happens to your car is…
Whose fault it was
A 30-60-25 is an example of a…
Split limit
Insurance if you get injured on the job at work
Worker’s compensation insurance
You are driving down the street with your friend and another driver runs a stop sign and causes an accident with you. It is the other driver’s fault. You and your friend are hurt and your car is damaged. What coverages are used?
Property Damage Liability (your car)
Bodily Injury Liability (your health)