Where did that mailbox come from?
Insurance that covers damage to your vehicle when it is involved in an accident
What is collision insurance?
Coverage that provides protection for your residence and personal belongings
What is homeowners insurance?
Your monthly payment to your insurer, whether or not you use any services
What is a premium?
Provides money to replace lost income for years -- even up to retirement
What is long-term disability?
A person named to receive the benefits from a life insurance policy
What is a beneficiary?
Insurance that covers physical damage to your vehicle caused by a deer or hail
What is comprehensive insurance?
The coverage under renters insurance will cover the costs of your personal stuff, hotel if needed, but not this
What is damage to the building or structure?
One example is the $$$ you have to pay for a car accident or illness AFTER you've gone over your maximum coverage limit
What is an out-of-pocket expense?
Generally, lower premiums will result in a ___________ deductible
What is higher?
Insurance that provides protection against loss of life for only a specified term, or period of time
What is term insurance?
Insurance that covers physical injuries to YOURSELF caused by a vehicle accident for which you are responsible
What is personal injury protection (PIP)
What is $5000?
Insurance companies make money by
Collecting more in premiums than they need to pay out each year
This generally provides insurance for the elderly or disabled
What is Social Security?
A life insurance policy for which you pay a specified premium each year for the rest of your life
What is whole life or permanent insurance?
The amount of money the insured pays for damage to their vehicle, before the insurance company pays
What is deductible?
Your computer starts a fire in your dorm room, what coverage protects you from a law suit and covers your personal belongings
What is renters insurance?
Since doctors only accept certain health insurance plans, what should you do prior to selecting your own plan?
What is check the list of doctors "in the network"?
The concept where insurance companies collect everyone's premiums and then use it to pay the few who file claims
What is risk pooling?
The purpose of life insurance is to replace this when you die
What is your income?
A speeding ticket and/or collision will do this to your insurance premium
Damage caused by flood and earthquake is automatically covered by a traditional homeowners policy
What is NO?
The maximum age you can stay on your parents health insurance
What is 26?
Type of insurance that is probably the lowest priority for a young, single person
What is life insurance?
Name three reasons life insurance may be important to an individual and/or family
What is
1) Survivor's income - Lost Wages
2) Funeral Expense
3) Debt Relief
4) Leave A Legacy
5) College Expenses
6) Business Planning
7) Estate Planning