Insurance basics
The regular payment you make to an insurance company to keep your coverage plan.
Premium
This is the specific type of auto insurance coverage required by law.
Liability coverage
These are fixed amounts (like $20) or percentages paid at the time you receive medical care.
Copays
While a landlord’s insurance covers the building, this insurance covers a tenant's personal belongings like furniture and electronics.
Renters insurance
This is a legally enforceable declaration of how a person wants their property distributed after death.
Will
The out-of-pocket amount you must pay before the insurance company starts covering costs.
Deductible
This type of coverage helps pay for damage to your own car if you are in an accident.
Collision coverage
These health plans are provided by employers and typically offer lower costs and more stable premiums.
group health plans
Homeowners insurance should be based on the cost to do this, rather than the home's market value.
Rebuilding the home
This term describes the 70% of Americans who die without a will or estate plan.
Dying intestate
Formal request made to an insurance company to pay for a covered loss or expense.
Claim
According to the presentation, this is the average cost of a car accident in the U.S.
$10,000
This type of insurance replaces 60-80% of your income if you are unable to work due to injury or illness.
Disability insurance
According to statistics, 43% of identity theft is caused by these being stolen.
Wallets
This is the court process by which a will is proved valid or invalid.
Probate
Insurance works by doing this with money from many people so no single person faces the full cost of a loss.
Pooling
This type of coverage protects against non-accident events like theft, weather damage, or vandalism.
Comprehensive coverage
This type of coverage is specifically for elderly individuals or those with disabilities needing help with daily activities.
Long-term care insurance
This service monitors personal info, credit files, and social security numbers for suspicious activity.
Identity theft protection
These are the people or organizations who are given shares of assets in a will.
Beneficiaries
This term describes specifically what an insurance plan will pay for or protect.
Coverage
This is a benefit of paying cash for a car, as it eliminates the requirement for "full coverage" insurance.
Lower insurance costs
This specific disability coverage applies if an injury prevents you from performing your specific job (ex-a surgeon).
occupational disability
This part of homeowners insurance covers costs if someone is injured on your property.
Liability protection
In most states, a will must be signed, witnessed, and have this done to it to be considered legal.
Notarized