Insurance Questions
What is a Deductible?
The amount you pay for covered health care services before your insurance plan starts to pay.
What to look for in good health insurance?
What is a money order?
Is a payment order for a pre-specified amount of money and is purchased at different types of stores - it is used like a check. They are usually limited in maximum face value to some specified figure (for example, the United States Postal Service limits domestic postal money orders to US $1,000.00. US Postal money orders are hard to counterfeit.
Definition of Policyholder
The policyholder is the one who proposes the purchase of the life insurance policy and pays the premium.
Name the 3 top Insurance types.
liability, comprehensive, and collision insurance.
What is personal liability coverage?
A Claim coverage within your homeowners policy provides coverage to pay for claims of bodily injury and property damage sustained by others for which you or covered residents of your household are legally responsible.
How to make sure health insurance is affordable when I´m sick?
Understanding how your coverage works before you need care can also make things easier if you get sick.
What is Compound Interest?
Interest added to principal - interest earned on interest.
Definition of Cancellation
Terminating an insurance contract before the specified end-date listed in the policy
What is collision insurance.
Collision coverage helps pay for the cost of repairs to your vehicle if it's hit by another vehicle.
What is a premium in insurance?
The amount you pay for your health insurance every month
How to make sure doctors are covered by health insurance
Call your insurance company or state Medicaid and CHIP program. Look at their website or check your member handbook to find doctors in your network who take your health coverage.
What are most liquid assets?
Savings and checking accounts are most liquid.
Definition of Claim
Request by a policyholder or third party from an insurance company for compensation of losses covered by insurance.
What is comprehensive insurance
Comprehensive coverage helps cover the cost of damages to your vehicle when you're involved in an accident that's not caused by a collision.
What is a umbrella policy?
Umbrella insurance refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies.
How much is health insurance per month?
The average national cost for health insurance is $456 for an individual and $1,152 for a family per month.
What are the least liquid assets?
Certificate of deposit and money market accounts are less liquid.
Definition of Claimant
A person requesting an amount for covered losses from the insurer.
What is life insurance.
Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract.
How do I make a deductible?
the amount you pay for health care services before your health insurance begins to pay.
What is a Insurance policy?
An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured).
What is a Debt to Credit Ratio?
A credit-to-debt ratio is the amount of available credit you have relative to the amount of debt you carry.
Definition of Conditions
Portion(s) of an insurance policy that explains duties and responsibilities of the insured and the insurer.
What are the three different types of life insurance.
Whole, Universal and Variable.