Insurance
This is the financial protection you buy to guard against a large, unexpected financial loss.
What is Insurance?
Amount of money you pay to keep insurance active.
What is premium?
A 2010 federal law that allows kids to stay on parents’ insurance until 26 along with other benefits.
What is Affordable Care Act
This is the main section of a renter's policy that covers the cost of replacing your stolen or damaged furniture, clothes, and electronics.
What is Personal Property Coverage?
what is higher deductible usually lowers your premium, because you agree to pay more out of pocket before the insurance company pays.
does having a higher deductible affect your premium?
This is the regularly scheduled payment made by the insured person to the insurance company to keep a policy active.
What is Premium?
What type of auto insurance pays for damage you cause to other people or their property?
What is Liability insurance
Federal health insurance mainly for people over 65, young people with disabilities and people with end stage kidney diseases.
What is Medicaid?
A landlord's property insurance policy covers damage to the building structure, but not the renter's personal belongings, which makes this type of insurance necessary.
What is Renters Insurance?
What is liability insurance designed to cover
Injury you cost to the people
This is the fixed amount of money you must pay out-of-pocket for a loss before the insurance company begins to cover the rest of the claim.
What is a deductible?
How does a deductible affect the amount you pay after an accident
You must pay the deductible amount first, and then the insurance covers the rest of the repair costs
Plan that lets you see any doctor without referrals.
What is Preferred Provider Organization?
This coverage pays for your hotel, temporary rent, and restaurant meals if a covered loss, like a fire, makes your rental unit uninhabitable.
What is Additional Living Expenses (ALE) or Loss of Use Coverage?
What does a claim mean in insurance
This principle states that insurance companies use large groups of similar risk exposure units to predict the approximate number and cost of future losses.
What is the Law of Large Numbers?
the difference between collision coverage and comprehensive coverage
What is Collision covers damage to your car from crashes (like hitting another vehicle).Comprehensive covers non-crash damage (like theft, fire, vandalism, or weather)
The most you will pay in a year for deductibles, co-pays, and co-insurance. After you reach this limit, the insurance company pays 100% of covered costs.
What is Out-of-Pocket maximum?
If a guest slips and falls inside your apartment, this portion of your policy can cover their medical bills and your legal defense costs if you are sued.
What is Personal Liability Coverage?
What does an out-of-pocket maximum do in a health insurance plan
what is the most you’ll have to pay in one year for covered medical services. After you reach it, the insurance pays 100% of covered costs
fundamental legal principle that requires the insured to be in a position to suffer a loss if the event being insured against occurs.
What is Insurable Interest?
can your risk profile affect your insurance rates, and why do insurers use this information?
What is Drivers with higher risk—such as young drivers, people with accidents or tickets, or those living in high-risk areas—pay higher rates because insurers charge more when the likelihood of claims is higher.
Type of plan where you must use in - networks doctors to see specialists.
What is Health Maintenance Organizatio?
This is the type of personal property coverage that pays to replace your damaged items with brand new equivalents, without deducting for wear and tear.
What is Replacement Cost Value (RCV) coverage?
Why might someone choose term life insurance instead of whole life
Much cheaper