Difficulty 1
What is insurance?
a way to protect yourself financially
Property insurance covers?
Home replacement cost
Value of personal belongings
What is renters insurance?
For tenants, covers personal property
What is a will?
A legal document stating how to distribute your assets
What does ACA stand for?
Affordable Care Act
What is policy?
The contract between you and the insurance company
What is the face value in life insurance?
The amount of money the policy will pay out upon the insured persons death
What does HMO stand for?
Health Maintenance Organization
What is making a claim?
The process of requesting payment from your insurance company after a loss
What does long term care insurance cover?
Nursing home or in home care
What is a deductible?
The amount you pay before insurance kicks in
What is mortgage insurance?
Protects lender if borrower defaults coverage amount based on property value and personal belongings
What does bodily injury liability cover?
Injuries you cause to others
What is the Benefit Period?
The length of time an insurance will pay out benefits
What is assigned risk pool profile?
For high-risk drivers who can’t get standard insurance
What is Flood insurance?
An Insurance that specifically covers for flood damage
What are Insurance Benefits?
The amount paid out by the insurance company for a valid claim
Who often pays higher premiums?
Males
What is a guardian?
Person designated to car for children
What are types of health insurance?
Medicare and Medicaid
What is a Beneficiary?
What is an Executor?
A person responsible for carrying out your will
A living will does what ?
specifies your medical wishes if incapacitated
What does PPO stand for?
Preferred Provider Organization
What is premium?
The amount you pay regularly to maintain your insurance policy