Insurance Vocabulary
a person who receives the death benefits of a life insurance policy after the insured’s death.
What is beneficiary
The number of American adults who say they need (or need more) life insurance.
What is 102 Million?
The number one reason consumers give for not purchasing life insurance.
What is expensive?
How much is the World's Largest Life Insurance Policy according to Guinness Book?
$250M
The percentage of Americans who feel financial stress.
What is 79%
The accumulated refundable value of an insurance policy; results from the investment earnings on paid-in insurance premiums.
What is cash value
According to 2022 data, over 84 million Americans are covered by which government health insurance?
What is Medicaid
If you miss Open Enrolment—but you have a qualifying event (like losing your job), what kind of enrolment period might you still be able to get?
What is Special Enrollment?
In 1929, Baylor Hospital in Texas provided PREPAID HOSPITAL CARE for some 1,500 teachers. This was the origin of what health insurance company?
What is Blue Cross
The book mentions this as the "silent killer".
What is Inflation?
The process used by insurers to decide who can be insured and to determine applicable rates that will be charged for premiums.
What is underwriting?
A social media platform used by 62% of the Gen Z population to find information about financial or insurance topics.
What is Youtube?
Insurance dates back to over ____ years.
4,000 years
Stella Liebeck needed skin grafts for the third-degree burns the drive-thru disaster caused. She just wanted McDonald’s to pay $20,000 to cover her medical bills. When they said no, the case picked up steam. Which menu item was involved in the famous 1994 product liability suit?
What is Coffee?
This concept is a simple way to show the relationship between taking care of your responsibility and building your wealth.
What is the X-Curve?
Your coverage _______, if you have mortgage life insurance and are paying down the principal.
What is decrease?
In January 2024, 54% of consumers reported owning life insurance (e.g. individual, employer-sponsored, etc.,). In 2011 it was?
What is 63%
How much does each American need to retire comfortably?
$1.4 Million
Facts: As of 2024, data and facts show 65 and above Americans are only receiving $272K
The oldest insurance company in the United States, the Philadelphia Contributionship, was first organized in 1752 by what famous Philadelphian and Founding Father?
Who was Benjamin Franklin?
The number of people worldwide who lack access to clean and safe drinking water.
What is 785 Million?
Also called an “endorsement,” what horseback riding term is also used when you amend an insurance policy to add or remove coverage?
What is Rider?
Over ___% of younger generations cite a lack of knowledge about life insurance products as a barrier to ownership.
What is 25%
78% of Americans overestimate the true cost of a BASIC TERM LIFE policy. About 44 percent of millennials said they thought the cost of a policy was $1,000 a year. True or False?
True
Walt Disney used his life insurance policy to help secure funding to build Disneyland... True pr False.
True.
Walt Disney borrowed $50,000 from his bank against the security of his life insurance policy to help fund the early stage creation of Disneyland.
An estimated number of Americans living in poverty.
What is 34 Million?