Definitions
Premium
The amount of money a person pays to an insurance company in exchange for coverage
Co-pay
A copay is a fixed amount the person pays for a covered health care service, such as a doctor's visit, prescription, or lab test
T or F? You can get a ticket for not having life insurance
false
This insurance is a contract between an insurance company and customer, where the company promises to pay a designated beneficiary a sum of money upon the death of an insured person.
Life insurance
Your auto insurance policy states you pay $215 premium monthly. How much money do you spend on auto insurance for six months?
$1,290
Liability
You are held responsible for causing injury or property damage to someone else.
Claim
A formal request to an insurance company for financial reimbursement after a covered incident
Is a co-pay a fixed amount?
Yes, you will know your co-pay amount set through insurance by the conditions of your plan
This insurance is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle.
Auto insurance
You visit the doctor because you might have the flu. In your wallet you have $23.67. Your co-pay for the doctor is $15.74 and the prescription is $13.98. How much money do you still need?
$6.05
Deductible
The amount of money you pay for covered expenses before your insurance company starts paying
Bodily injury
Personal injury refers to a legal claim of harm to one person that was caused by someone else's negligence or other misconduct
If you don't have car insurance and someone hits you when it isn't your fault, they still have to pay to fix your car
Nope, no insurance to help you with those costs
This insurance, is a type of property insurance that covers a private residence.
Home insurance
You got into an accident. Your auto insurance claims they will cover your accident after you pay a $566.32 deductible. The damage is totaled to $4,957.88
How much did the insurance company cover?
$4,391.56
Policy
A legal contract between the insurance company and the person, business, or entity being insured. Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company's responsibilities if a loss occurs.
Depreciation
Insurance depreciation is the decrease in value of an item over time due to age, wear and tear, or becoming obsolete
Car insurance is automatic and the plans last forever?
No, you have to pay it every month and sometimes renew the policy
This insurance is a contract that provides financial protection for health care costs in exchange for a premium. It can help pay for a variety of medical expenses.
Health insurance
Health insurance co-pay:$42.35
Auto insurance deductible: $650.50
This month you went to the doctor twice, and also had two car accidents.How much did you spend on these events this month?
$1,385.70
Quote
An estimate of the cost of an insurance policy, based on the information you provide to the insurance company and the coverage you select
Appraisal
A professional assessment of the value of an insured property. It's a process that's used to determine the cost to repair or replace a property, and is requested when there's a dispute between an insurer and policyholder about the value of a property involved in a claim
No, different policies and companies cover different things at different prices
This insurance helps cover the cost of dental exams and treatment
Dental insurance
Your monthly premium is $864 that covers home and auto insurance. You want to pay this in one lump sum to save 10% for one year. What is that total?
$9,331.20