Risky Business
This term describes the possibly of financial loss due to events like accidents, illness, or natural disasters.
What is risk?
Insurance that covers damage to your house from fire or theft falls under this category.
What is Property Insurance?
This is the fixed amount you pay out of pocket for covered medical services before your insurance plan begins to pay.
What is deductible?
The two major types of life insurance.
What are term and permanent life insurance?
The typical number of months in an auto insurance policy term.
What is 6?
Choosing not to drive in dangerous weather conditions is an example of this method of handling risk.
What is risk avoidance?
This form of insurance protects you from a legal claim or judgement.
What is umbrella liability insurance?
This is the nominal amount you pay when you go to doctor.
What is Co-Pay?
This form of life insurance is analogous to renting property.
What is term life insurance?
The percentage most health insurance plans aim to cover after you meet your deductible
What is 80?
The four ways of managing different types of risk include
Risk Retention
Risk Reduction
Risk Transfer
Risk Avoidance
An insurance company that is owned by the policy holders is referred to as this.
What is a mutual insurance company?
This federal health insurance program is primarily for people for people 65 and older.
What is Medicare?
This life insurance payment policy pays the policy proceeds in one amount.
What is a lump sum
If your deductible is $1,000 and you have already paid $600, this is how much more you must pay before insurance starts covering costs.
What is 400?
Installing a home security system instead of moving away from a high-crime area demonstrates this method of handling risk.
What is risk reduction?
Intentional acts are generally excluded from liability insurance for this reason.
What is insurance is designed to cover accidental, not intentional, losses?
This 2010 law expanded health insurance coverage and reduced denial for preexisting conditions.
What is the Affordable Care Act (ACA)?
This nonforfeiture option allows the life insurance policy owner to request an immediate cash disbursement when the policy is surrendered.
What is a cash surrender?
The age you can typically stay on a parent’s health insurance plan under U.S. law.
What is 26?
This risk management concept is what causes individuals with greater probability of loss to seek insurance over individuals with little probability of loss.
A defective product injures a consumer. Even if there was no negligence a manufacturer may still be liable under this doctrine.
What is strict liability?
Someone may choose this account for tax advantages and lower premiums while saving for medical expenses.
What is a Health Savings Account (HSA)?
The owner assumes the financial risk for the performance of the life insurance policy with this type of life insurance policy.
What is Universal Life Insurance?
The standard deductible amount often seen in basic auto insurance examples in textbooks.
What is 500?