Car Insurance
What is the monthly fee you pay to an insurance company so you have coverage when you need it?
Premium
What is the regular payment (often monthly) that keeps your health insurance active?
Premium
If someone hits your parked car and drives away with no insurance, what part of your policy can help cover your losses?
Uninsured/Underinsured Motorist
Which insurance covers the building you own from damage by covered perils?
Homeowners insurance
What is the term for the amount you pay before the insurance company pays?
Deductible
True or False, In Maine, car insurance is legally required before you can drive a car or truck?
True
What is the amount you must pay out of pocket before insurance begins to pay?
Deductible
You dent another car in a collision and the other driver is injured. Which coverages will likely be used for vehicle damage and bodily injury you caused?
Collision for vehicle damage (your car) and Liability for the other driver's vehicle and injuries (if you are at fault).)
Which insurance protects the personal belongings inside an apartment you rent?
Renters insurance
What does "full coverage" typically include for an auto policy?
Which type of auto insurance covers damage to another person's car and injuries if you are at fault?
Liability
What is the fixed fee you often pay at a doctor's visit or ER visit?
Co-pay
You live in an apartment and a pipe bursts damaging many of your belongings. Which insurance would cover replacing your items and possibly temporary housing?
Renters insurance
What kind of insurance provides money to family members if the policyholder dies and is often recommended if someone depends on your income?
Life insurance
What is "liability" in insurance terms?
Coverage that protects you financially if you are responsible for injuring others or damaging their property
What coverage pays for damage to your vehicle from hitting another vehicle or object?
Collision
After you pay the deductible, what shared-cost arrangement might still require you to pay a percentage until you reach an out-of-pocket maximum?
Co-insurance
A falling tree from a windstorm destroys part of your house. Which homeowner policy element describes events like wind and falling trees?
Perils (examples include wind, hail, fire); homeowners insurance covers perils listed in policy
Name two examples of perils listed in the notes that homeowners insurance commonly covers.
Fire and theft (also acceptable: lightning, wind, hail, vandalism, explosion, smoke, glass breakage, riots, falling aircraft
Define "uninsured/underinsured motorist" coverage in one sentence.
Coverage that pays you if someone without sufficient insurance hits your car.
What type of coverage is also known as act of god coverage? Briefly explain why
Comprehensive
List two sources through which people commonly get health insurance
Government — Medicare/Medicaid (MaineCare); Private — Anthem Blue Cross Blue Shield, United
A 25-year-old single driver with multiple speeding tickets buys a new sports car. Name three factors from the notes that will likely increase their car insurance cost.
Age, number and types of traffic violations, type of car (sports car); marital status and previous accidents could also affect cost.
True or False, Renters insurance will cover damages to your belongings even if they are not in your apartment
True
What does "medical payments" coverage do in an auto policy?
Helps pay for medical expenses for you and your passengers after an accident, regardless of fault