Insurance Terms
People who rely on you financially are called your ______.
dependents
The purpose of insurance is to transfer the _________ from you to the insurance company.
risk
_____________ is the amount of money you pay for the insurance policy every month.
premium
What type of insurance gaurantees your loved ones get a certain amount of money if you pass away?
life insurance
You are elderly and need assistance from medical professionals to continue living at home.
What insurance do you need?
long term care
________ _______ is the time allowed by insurance companies during which you can pay your premium before you lose coverage.
grace period
True or False. Comprehensive coverage pays for loss or damaged caused by collision.
False
Which type of insuranc is the biggest scam that people get sucked into?
whole life insurance
________will provide money to replace lost income for years-even up to retirement. (Be specific)
Long-term disability
You are unable to work for three months and need help paying your expenses while you’re out of work.
What insurance do you need?
short term disability
_______ is the amount you have to pay before the insurance company will make a payment.
deductible
What auto coverage is required by law?
liability
Medicare and Medicaid are examples of what?
government funded programs for public health and insurance
(you must be close to recieve points)
When you don't own your home, this type of insurance will cover your belongings if there is a fire, theft, or vandalism.
renter's insurance
You get food poisoning and visit the hospital emergency room.
What insurance do you need?
health insurance
The amount of money the insurance company agrees to pay for an incident is called ___________.
coverage
A high deductible health plan with lower monthly premiums is a good option for ________ healthy people
young
Life insurance companies look at several things to determine the amount of your premium, name at least two.
life expectancy charts, weight, age, hobbies, and whether you smoke
What type of insurance covers the structure of your home if there is a fire? (be specific)
home owners- dwelling
You are hit by another driver and they do not have insurance.
What type of coverage do you need?
Unisured/under insured motorist protection
____________ insurance is things that fall outside of your home and auto insurance policies.
Umbrella
The cap on the total amount of benefits you can get from your insurance company is called the ________ ________.
lifetime limit
The _______ _________ ________says you can stay on your parents health insurance until the age of 26.
Afordable Care Act
What type of insurance do I need if I cause an auto accident? ( Be specific)
Auto-liability
You and your passenger were in an auto accident casued by the other driver. You incurred medical expenses, lost wages, and financial losses.
What type of coverage do you need?
PIP-personal injury protection