Auto
In auto insurance, things not covered by insurance are considered . . .
Exclusions
True or false: Homeowners insurance covers your land and landscaping.
False
Health insurance is required/not required by law
Required
Life insurance is required/not required by law
Required
Why do we need insurance?
Insurance helps us manage risk.
The higher the deductible, the ______ the premium
Lower
Personal Property coverage covers what?
Covers possessions in your house.
A co-pay is . . .
Fee you pay for a doctor/hospital visit
What is one reason we need life insurance?
Payment of final expenses.
Repayment of debts and mortgages.
Pre-funding expected educational expenses.
Replacement of lost income.
The money you pay before insurance kicks in.
What is property liability?
Covers property damage your accident caused.
What are two factors that determine the cost of your homeowner insurance?
Amount of coverage
Location
Neighborhood crime
Fire hazards
Age and condition of home
Credit score
What is co-insurance?
Amount you pay after deductible.
The person who receives the face value of the money owed to them
If you use your premium, your insurance will . . .
Rise
If you are middle aged, married, and have a steady job, your premium will be . . .
Lower
Finish the phrase: You should purchase enough home insurance to . . .
Medicare and medicaid are both examples of _________ run insurance
Government
If a person stops paying life insurance premiums, what happens?
The company will not pay the death benefit.
What are one of the four ways to manage risk?
Eliminate, reduce, handle, insure
What is one thing that car insurance will usually not cover?
Wear and tear, really small damages
True or false: Homeowner's insurance covers damage caused by earthquakes
False
What are the two ways of obtaining health insurance>
Through work, individually
The term "face value" refers to . . .
Total amount of money received by beneficiaries in the form of annuities.
Name three factors that determine the cost of your premium
Age, gender, occupation, past history, credit score, geographical area, type of car, age of car, marital status