Insurance Basics
What is the term for the amount paid monthly for an insurance policy
Premium
This is the name of a coverage when your car gets into a crash
Collision
A fixed monthly membership fee paid to be a member of the plan
What is premium?
If you own a house, do you pay renters insurance?
No, renters insurance applies only to renters
The term used for a potential financial loss evaluated by insurers
A Risk
The term for the maximum an insurer will pay for an insurance claim
The name of the coverage for non-collision damages: Theft, fire, deer
Comprehensive
The amount of money you must pay for most covered services out of pocket before the insurance company be to share the cost
Deductibles
What is Actual Cash Value?
The current value of am item accounting for depreciation due to age
The factor you can get lower premiums on for having driven less miles in a year
Mileage
This is the name of a professional who evaluates insurance claims on behalf of the people
Broker
This is the term for the insurance coverage for damages caused by you
This is the institution where most Americans get their health insurance
Employer
What is replacement value?
The amount of money it would cost to replace an item with a brand new one.
The factor relating to Traffic violations like speeding tickets or DULS significantly affecting your premium
Driving Record
Johnny leaves home for a few weeks and his house gets in a fire. Since he has no money he demands his insurer to pay for it. What is this demand called
Claim
You get into a violent, vicious car accident with a motorcycle driver. He unfortunately does not have any insurance to cover the damages he is liable to.|
What is the component of insurance that would cover your expenses should such an occurrence take place
Underinsured motorist coverage
A program that is for individuals and families with low incomes and resources.
What is Medicaid
Which one of the cash values are usually lower cost than the other?
ACV - Actual Cash Value
or
Replacement Value
Actual Cash Value
The requirements by law set in place by the Florida Government over minimum insurance coverage
$10,000 in Personal Injury Protection (PIP) and $10,000 in Property Damage Liability (PDL) per person
Provide the names of the two insurance professionals who work for insurance companies
Actuary and Underwriter
List ALL FIVE COMPONENTS of auto insurance
Liabilty, Collision, Comprehensive, Personal Injury Protection (PIP), And Uninsured/Underinsured motorist coverage.
A participant must reapply for Medicaid how often?
What is a year
What kind of coverage would apply for if your house burns down in a forest fire?
Supposed you get into a really bad car accident. You and a friend of yours drives really fast on a main road during the nighttime. 7 Blocks down your drag race, you happen to crash into a car crossing your road at an intersection. The crash between you and the other driver causes irreparable damage, both bodily and property related damages.
List both types of coverage relevant to this situation.
Property Damage Liability and Bodily Injury Liability