Types of Insurance
What is Disability Insurance?
Payment to replace earnings during times when workers cannot work due to illness or injury.
Who provides Liability Insurance?
Can be the following: Employer, individual, and/or government
Premium In Insurance Definition
What is a deductible?
The money that is paid out of pocket by the policyholder before the insurance company will cover the rest.
What is Health Insurance?
Insurance that provides money to pay for healthcare.
What is Uninsured/Underinsured Motorists Insurance?
Definition of Insurance Policy.
A contract that specifies what risks are covered and how much will be paid
What is co-insurance?
The percentage of the loss required to be repaid after the deductible.
What is Long-Term Care Insurance?
Payment for extended nursing care when a person cannot live independently.
What is the most which will be paid in property
damage liability from an accident?
$25,000
Definition of Coverage.
Risks covered & amount of money paid for losses under an insured policy
What is one source of insurance besides the individual?
Employer or Government
What is Liability Insurance?
Insurance that covers OTHER person or their property during an incident.
What is the most your insurance will pay for any one person's bodily injury liability losses from an accident.
$50,000
What is a policyholder?
A person who owns the policy
Who is the provider for long-term care?
The Individual
What is Property Insurance?
Provides payments to the insured person if his or property is damaged or destroyed by accident.
What is the most your insurance can pay for all bodily injury from an accident per person?
$100,000
What is one benefit of insurance?
Answers may vary;
-Payments received from an insurance policy can far exceed the premiums paid
-Provides financial security and peace of mind
What does household production refer to in life insurance?
Unpaid work