General
An agreement where you make regular payments to a company and the company promises to pay you money if you suffer an injury, illness, loss, etc...
INSURANCE
An estimate of your premium and your plan for certain insurance coverage.
QUOTE
True or False: You need to have some type of insurance on every car you own
TRUE
True or False: Health insurance is a waste of money because it doesn't even cover the cost of medical care.
FALSE
Insurance renters can buy to protect their belongings
RENTERS INSURANCE
Name a benefit of insurance?
Losing your home in a fire, being unable to work permanently due to disability, or owing millions of dollars in liability due to an accident.
When someone with insurance endures a negative outcome, such as injury or theft, and expects payment from the insurance company to compensate them
LOSS
This type of auto insurance protects you against costs to repair or replace your vehicle after a collision.
COLLISION COVERAGE
A contract between an insurer and a policyholder in which the insurer guarantees payment of a death when the insured person dies.
LIFE INSURANCE
True or False: If someone breaks into your apartment and steals some of your belongings, renters insurance will help cover the cost of things damaged or stolen.
TRUE
Name 4 common types of insurance
Auto, Homeowners, Renters, Life, Disability, Health
Amount you pay monthly, quarterly, semiannually or annually to purchase different types of insurance
PREMIUM
This type of auto insurance protects you against costs to repair or replace your vehicle after an event out of your control that is not a collision
COMPREHENSIVE COVERAGE
In Life Insurance, someone designated to receive payment when an insured person dies.
BENEFICIARY
A type of property insurance that covers damage to a private residence that is owned by the insured.
HOMEOWNERS INSURANCE
What is a typical way to get car, life, homeowners, or renters insurance?
Through an insurance agent
A formal request from the customer to an insurance company asking for a payment to cover a loss based on the terms of their insurance policy
CLAIM
This type of auto insurance protects you against medical costs for the bodily injuries of others and damages to the property of others if you are at fault in an accident
LIABILITY COVERAGE
A set dollar amount you agree to pay each time medical treatment is received
COPAY
True or False: Different types of insurance (health, dental, eye, life, disability, etc...) are never provided by employers.
FALSE
How does insurance work?
You pay a premium to the company to ensure that you're covered in case of the unexpected.
The amount of $ you agree to pay towards your losses before your insurance coverage will begin paying
DEDUCTIBLE
Auto insurance that protects you against another driver not having enough coverage to pay for your entire loss
Uninsured/Underinsured Motorist Coverage
The maximum amount of money you will have to spend on health care in a year, after which the insurance company agrees to cover all costs
MAXIMUM OUT-OF-POCKET EXPENSE
True or False: Without insurance, you will likely face daily financial risks without support or a backup option.
TRUE