Principles of insurance and fundamental insurance
A formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.
What is a claim?
Risk management methods.
What is risk avoidance, reduction, assumption, and transfer?
Includes any moving violations, traffic tickets, and accidents you've had either within a given time period or throughout your history.
What is a driving record?
The maximum amount a plan will pay for a covered health care service.
What is copay?
Pays for losses and damage to your property if something unexpected happens, like a fire or burglary.
What is homeowners insurance?
A document detailing the terms and conditions of a contract of insurance.
What is a premium?
Personal auto policy terms and features.
What are liability, deductible, comprehensive, collision, underinsured, and uninsured?
The maximum amount your insurer may pay out for covered claims.
What is a coverage limit?
Services patients are responsible for paying on their own.
What are non-covered expenses?
Covers you against lawsuits for bodily injury or property damage done by you, your family members, and even your pets through the liability portion of your policy.
What is renters insurance?
A document detailing the terms and conditions of a contract of insurance.
What is a policy?
Different types of life insurance products.
What are term, whole life, and variable life?
Ferrari, Lamborghini, Cyber Truck, Porsche, Bugatti.
What are some types of vehicles? (That are expensive to repair in an accident.)
The amount you pay for covered health care services before your insurance plan starts to pay.
What is a deductible?
Coverage protects you financially if you're responsible for someone else's injuries or property damage.
What is liability coverage?
The person designated to receive money from a life insurance policy.
What is a beneficiary?
Fundamental insurance terminology.
What is a claim, beneficiary, deductible, policy, premium, insured?
Damages to others.
Bodily Injuries
Property Damages
NOT your damages
What is liability coverage?
A health problem, like asthma, diabetes, or cancer, you had before the date that new health coverage starts.
What is pre-existing condition?
To help provide financial security to your loved ones upon your death.
What is the purpose of life insurance?
A person or organization whose life, health, or property is covered by an insurance policy.
What is insured?
Risk assessment, risk assumption, risk avoidance, risk reduction, risk transfer.
What are things you can do in the presence of a risk?
Covers losses totally out of your control.
Examples:
Fire
Vandalism
Theft
Hitting an animal
Natural disasters
More common for new vehicles
What is comprehension coverage?
The costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body.
What are medical expenses?
Coverage provides wage replacement that is between 50-70% percent of your earnings before a non-work-related injury or illness that impacts your ability to work.
What is long-term disability coverage?