Vocabulary
Renter's Insurance
Different Types of Insurance
Automobile Insurance
What type of insurance do you need?
100
The chance of loss from some type of danger.
What is risk?
100
Pays for personal damage or injuries to others...if it happens in your home.
What is liability?
100
Pays medical bills when you or your family becomes sick or injured.
What is health insurance?
100
What are 3 factors that can lower your premium?
if you are married, the bigger and safer your car, clean driving record
100
You are 17, live at home with your parents, have a car, and work part-time.
What is auto insurance and health insurance?
200
The amount you pay for an insurance policy. (This can be paid monthly, quarterly, semi-annually, or annually)
What is your premium?
200
KEEP YOUR RECEIPTS!
What is proof of loss?
200
Protects your possessions such as clothes, furniture, electronics, appliances, sports, equipment, and computers.
What is property insurance?
200
Covers your lost wages and medical expenses is you are in an accident with someone who doesn't have insurance.
What is Uninsured motorist insurance
200
Your rented condo is vandalized and items are stolen.
What is Renter's Insurance?
300
A means of guaranteeing your financial protection against various risks.
What is insurance?
300
The insurance company will pay for the CURRENT value of your possessions-will NOT replace. (ex. ACV)
What is the Actual Cash Value Policy?
300
Provides financial support for the people who depend on you in the event of yoru untimely death.
What is life insurance?
300
3 ways to lower your premium.
What is choosing to pay a higher deductible, shop around, look for discounts, drive less, get married, keep your driving record clean
300
Liability: $100,000 Personal Property Limit: $30,000 Supplemental Insurance: $2,500 Deductible: $250 Courtney is renting a house near campus. She decided to cook a Valentine's supper for her boyfriend. It turned out to be a little more than she could handle, and the end result was a fire in the kitchen. All major kitchen appliances were lost, the rest of the aparment experienced smoke and water damage. The total cost of the claim was $27,500. 1) How much did Courtney pay? 2) How much did the insurance company pay?
1) $250.00 2) $27,250
400
The amount of loss you must pay out of your own pocket before the insurance company will step in and pay the rest.
What is deductible?
400
The insurance company will pay to REPLACE your possession(s) that is stolen or lost. (ex RC)
What is the Replacement Cost Policy?
400
Protects your earning power?
What is disability insurance?
400
2 ways to buy insurance.
What is talk and work one on one with a specific agent, buy online or by calling the 800 number.
400
Manuel has the following health insurance policy. Includes: -Basic health insurance (hospitalization, surgical, outpatient coverage, also known as physician expense). -Major medical insurance with prescription coverage Excludes: -Vision and Dental coverage Insurance includes a $500 deductible, 80/20 co-insurance, $2,500 stop loss point, and a $1 million maximum. Manuel had the following bills throughout the year: Jan-Office visit for sore throat ($40); prescription-brand name ($50) April-Office visit and allergy shot ($60) May-Annual eye exam, replace broken eye glasses ($250) June-Teeth cleaned ($48) July-Broken arm-x-rays, surgeon's fee, cast, etc. ($4,000) Dec-Teeth cleaned ($48)
Manuel: 599.20 Insurance: 3896.80
500
The maximum amount the insurance company will pay if you file a claim.
What is a coverage limit?
500
This is designed to protect you from a total loss of your rented property.
What is Renter's Insurance?
500
If your car is broken into and your window is broken, seats are torn, and radio ripped out...you need this insurance.
What is auto insurance?
500
Steps you must take to file a claim if you have an accident.
1) call your agent immediately, 2) fill out a claim form, 3) someone will come survey the damage and take pictures, 4) claims adjuster will take pictures and make a recommendation to insurance company, 5) insurance company will decide whether they are going to cover you or not.
500
You are 32, married, have 2 kids, own your house, work full-time, own two cars, rent a beach house once a year, collect baseball cards
What is life insurance, health insurance, auto-insurance, renter's insurance, supplemental insurance, homeowner's insurance
M
e
n
u