INSURANCE & RISK MGMT
the exposure to danger, harm, or loss
risk
Name an auto insurance company
....
What are the 2 types of property insurance
homeowner's and renter's insurance
a contract between a person (the insured) and an insurance company. The insured pays a regular amount of money, called a premium, to the insurance company. In exchange, the insurance company promises to pay a certain amount of moneyto the insured's beneficiaries (such as family members) if the insured die
life insurance
the process of identifying, assessing, and taking steps to minimize or eliminate the risks that we face in our daily lives.
Risk management
a contract between a vehicle owner, or driver, and an insurance company
car insurance
Name 3 types of events that property insurance covers
Fire, theft, vandalism, storm
Insurance that provides protection against loss of life for only a specified term, or period of time
What is term insurance
Name 2 types of health insurance
individual, employer-provided, government provided
a type of contract that transfers the risk of something bad happening to an insurance company
insurance
This covers the cost if you cause an accident and someone else gets hurt or their property is damaged. It does not cover your own injuries or damage to your car.
liability coverage
Name 2 types of losses or damages property insurance covers
structural, personal property, liability
A permanent policy for which you pay a specified premium each year for th rest of your life
What is whole life insurance
Name 2 types of government-funded health insurance plans
Medicaid, Medicare, CHIP, Tricare
the maximum amount the insurance company will pay for a claim
policy limit
This helps pay for repairs to your car if it's damaged in an accident, no matter who's at fault. It does not cover damage from things like theft or vandalism.
collision coverage
Name 3 factors that affect the costs
location, home value, deductible, coverage limits
the insurance company promises to pay a certain amount of money to the insured's beneficiaries (such as family members) if the insured dies
death benefit
Name 2 things to think about when looking at health insurance
Premium, Deductible, co-pay, co-insurance, network, out-of pocket maximum
The set amount that the policyholder must pay per loss on an insurance policy
What is a deductible
If you're in an accident with someone who doesn't have enough insurance or doesn't have any at all, this coverage helps pay for your medical bills and car repairs. It does not cover damage caused by you.
Name 3 features to consider when comparing property insurance policies
replacement cost, actual cash value, liability, personal property, additional living expenses
People who frequently need life insurance are: (name 2)
What are 2 of the four big types of health insurance plans
HMO, PPO, EPO, HSA