Key Terms
The contract between an insurance company and the insured individual.
Policy
Long-term ________ insurance covers lost income due to long-term illness or injury.
disability
protection for destroyed or stolen personal property for a renter
Renters Insurance
A(n) __________ is someone (typically a child) who relies on you financially
dependent
________ insurance is not very expensive.
Renters
A formal request by a policyholder to their insurance company for compensation for a covered loss
Claim
Good ID theft protection includes ________ services.
restoration
This type of home insurance covers the structure of your home.
Dwelling Insurance
The _________________________ indicates the most you would pay for health insurance in a year.
out-of-pocket maximum
The purpose of insurance is to transfer ______ that we can’t handle ourselves.
risk
Protection for you and passengers if you‘re hit by an uninsured or underinsured motorist, or if you
Uninsured Motorist Protection (Insurance)
The more risk you accept on the front end, the _____ your premium is going to be.
lower
You won’t lose your coverage unless you pay later than the_________ allows.
grace period
You should buy a life insurance policy that‘s _____ times your annual salary
10-12
A ______ deductible means lower premiums.
high
a type of insurance that covers some or all of the costs of nursing home care, assisted living, in-home care, and other end-of-life care
Long-Term Care Insurance
You need an _______ policy if you have a $500,000 net worth or greater.
umbrella
Name one of 3 ways that you can save on insurance:
Raising your deductible.
Paying premiums once or twice a year instead of monthly.
Removing any unnecessary coverage.
HDHP insurance with a Health Savings Account can save you money on what?
Premiums
Also known as Obamacare; the health care reform law enacted in 2010, intended to make affordable health insurance more available.
Affordable Care Act (ACA)
Life insurance that lasts for the life of the policyholder and uses a portion of the premium as an investment
Whole Life Insurance (or Cash Value):
A __________________ is something you should be able to cover with your emergency fund.
short-term disability
The top three causes of homeowners insurance claims:
Fire and lightning
Wind and hail
Water damage and
freezing
You can save money on life insurance by getting a(an)
_____________ policy
term life insurance
With disability insurance, the deductible is called the ___________.
elimination period.