What is Insurance?
A form of risk management & a way to protect yourself from financial loss.
Insurance
A type of insurance that covers a family/individuals medical expenses in the event of an injury or illness?
Health Insurance
Specified amount of payment periodically by an insurer to provide coverage under a plan.
Premium
What are some common factors that that can affect/influence a customers insurance coverage?
Age, Gender, Location, Credit Score, Marital Status, Driving Record.
A company agrees to compensate you in the event of injury, damage, or loss for what?
In exchange for a fee.
Provides financial protection against potential losses related to car accidents, thefts, etc.
Auto Insurance
A legal contract between the insured and the insurance company.
Policy
Collision, Uninsured motorist's protection, Bodily injury liability, and Comprehensive physical damage are all categorized insurances under what?
Auto insurance
Where and when did the concept of insurance originate from?
Babylon. 1750 BC.
Protects property owners from financial losses & damages to their homes & belongings.
Homeowners Insurance
A formal request from the customer to the insurance company that asks for a payment based on the terms of the given policy.
Claim
The higher a plan's deductible, the _____ the premium.
LOWER
What is the purpose of insurance?
To provide financial protection against losses and reduce financial uncertainty.
Helps owners cover the costs of an animal's veterinary costs. Includes coverage of accidents, illnesses, & routine care.
Pet Insurance
What the insurance company will cover financially if a specific event occurs that is outlined in the policy.
Coverage
Personal property is a type of insurance under what major insurance category?
Homeowners Insurance
What event caused a rise in fire insurance?
The Great Fire of London, 1666.
provides financial protection for those traveling against risks/losses that may/can occur during their trip.
Travel Insurance
The amount of money you have to pay towards your losses before your insurance company will pay the rest of their coverage.
Deductible
HSA and HDHP are type of insurance plans listed under what insurance category?
Health Insurance