Homeowner's Insurance
Which Insurance covers losses and damages to an individual's house/dwelling?
Homeowners insurance
What is the name for the type of disability insurance that covers you if you get hurt at work and it is the fault of the employer you got hurt?
Workers Compensation coverage.
Name 4 auto insurance companies.
(Lots of possible answers)
Life insurance is used for what?
To ensure that your finances are taken care of in the event of your death (Funeral costs, money to take care of family, pay off remaining debts/liabilities, etc.)
Why do we get insurance?
To prevent financial losses.
What is the name for the amount of money you pay for an insurance policy per month or per time period?
Insurance Premium
What is the percentage of costs that an individual pays for health services after the insurance company pays their percentage?
Coinsurance
What are at least two factors that impact the cost of your auto insurance premium?
Deductible amount
The vehicle you are insuring
Your age
Type of coverage
Driving record
As your age goes up, what typically happens to the cost of life insurance for you?
It also goes up.
What demographic has the highest auto insurance premiums on average?
Young, Single, Male.
Daily Double!
We discussed that usually insurance companies will pay you the Actual Cash Value (ACV) of your damaged property. What is the formula to calculate ACV?
Hint: It involves replacement cost
What is the name of the amount you pay when you check-in for your healthcare provider appointment?
A copay
What type of auto insurance covers the damages to your car if a tree falls on it?
Comprehensive insurance.
What is the person called who receives the funds from your life insurance policy when you pass away?
Beneficiary
An HDHP has a high ______ and a low ________.
What insurance guarantees payment on loan if the buyer defaults or dies before the mortgage is paid
(We didn't go over this but I want to test your critical thinking skills). Remember y'all "Occam's Razor"
Mortgage Insurance
What is COBRA? (As in what is it used for?)
Allows you to retain an employer's insurance plan up to 18 months after leaving the job.
What is the type of insurance you are LEGALLY required to have in Virginia in order to drive?
Liability Insurance
What are the two main types of life insurance discussed in class? (Must name both)
Term-Life and Whole-Life
What are the two types of disability insurance covered in class?
Short-Term and Long-Term.
Name two of the types of damages not covered by a standard homeowner's insurance policy.
Floods, Earthquakes. (Tornadoes are covered as is hail damage)
Why would an insurance company offer zero copay and zero coinsurance on regular check-ups/wellness visits to the doctor?
Because regular check-ups are an ideal secondary prevention strategy for disease (And sometimes primary). If you stay healthy that costs them less money in the long run, so it is worth the investment for them to pay for the total cost.
Primary Prevention Strategy: Meant to prevent disease entirely (Vaccines, etc.)
Secondary Prevention: Screenings for disease (You don't prevent entirely, just catch early)
Tertiary Prevention: You are not able to cure the disease, you just manage symptoms to minimize negative effects (Diabetes type 1 is a good example. Can't cure, but you can manage symptoms through meds for higher quality of life and longer life)
What type of auto-insurance policy is used for people with high risk such as someone with DUI's/DWI's or many traffic tickets.
Assigned-Risk policy.
Name one of the types of life-insurance discussed in class that have an investment feature in order to grow the cash value of your policy?
Universal, Variable
Daily Double!
What are the 4 risk management strategies discussed in class? Give an example of each.