Auto Insurance
Insurance Coverage for damages to other people's property or injury in an accident you are responsible for.
What is Liability coverage?
Damage to the homes structures and personal belongings from events like Fire, Storms and Theft.
What is Homeowner Insurance?
A contract between an individual and an insurance company that pays a lump sum to beneficiaries upon the insured person's death.
What is Life insurance?
Red Cars cost more to insure
False:
The color of your car has no impact on your insurance premium. Rates are based on the car's make, model, age and your driving history
The amount of money you pay regularly (monthly or annually) to keep your health insurance coverage in force.
What is a premium?
Covers damage to your vehicle if you are in an accident
What is collision coverage?
If pays for additional living expenses if your home is uninhabitable due to a covered event
What is Loss of Use?
The person or people designated to receive the death benefit from a life insurance policy.
What is a beneficiary?
True :
Flood and earthquake are not standard coverages on a homeowners or renters' policy. Earthquake can be added on as an endorsement and Flood is a separate policy that needs to be purchased.
A fixed amount you pay for a medical service or prescription, typically due at the time of the service.
What is a co-payment? Co-Pay for short.
What is comprehensive coverage?
Coverage for Structures not attached to the home such as a barn, fence or inground pool
What is Other Structures coverage?
Two types of life insurance?
Term and Whole life:
Term life provides coverage for a set period (like 10,20 or 30 years) while whole life insurance provides coverage for the insured entire life and includes a savings component.
Life insurance is only for people with dependents
False, Life insurance can be beneficial for even without dependents. It can help cover funeral cost, debts or leave money to a loved one or charity
The most you will have to pay for covered services in a year, after which the insurance company covers 100% for your medical expenses
What is out of pocket maximum?
What is a Deducible?
An add on or modification to your homeowners or renters' insurance policy that give you more coverage or coverage for a something not automatically covered in your unendorsed homeowner's such as Jewelry coverage, a home business, or water backup
What is an endorsement in a homeowner or renters' policy.
Age, Health, Lifestyle, occupation, policy type and amount of coverage?
What factors influence the cost of the life insurance premiums?
Renters do not need insurance because the landlord's insurance covers everything
False:
The landlord's insurance covers the building, but it does not cover your personal belongings from fire, theft or other damages.
Renters insurance also gives you personal liability coverage in case you are responsible for someone's injury or damage to their property.
A tax-advantaged savings account available for people with high-deductible plans, used to pay for qualified medical expenses.
What is a Health Savings Account? or HSA
It protects you if you are in an accident with someone who does not have insurance or has less insurance than you
What is Uninsured Motorist?
Underinsured is when the other party has less liability coverage than your liability coverage.
Example: Driver responsible for the accident has: 50K. You have 300K. You can file a claim for the difference under your own underinsured coverage.
It covers legal costs and damages if someone is injured on your property or if you accidentally damage someone else's property
What is Personal Liability
The amount of money paid to beneficiaries when the insured person dies
What is a death benefit?
My personal auto insurance will cover me for if I drive for a rideshare service like Uber or Lyft.
False
Personal auto insurance typically does not cover accidents while driving for hire. Rideshare drivers need special insurance or supplemental coverage for protection.
A health condition that you had before your new health insurance policy began. The Affordable Care Act prohibits insurers from denying coverage due to pre-existing conditions.
What is a pre-existing condition in health insurance?