insurance basics
a chance of loss from an event that cannot be entirely controlled
what is risk?
a percentage of health care costs that you have to pay for covered services, insurance will pay the rest
what is co-insurance?
this coverage protects you from visitors on your property that try to sue you for damage to their health or property
Liability coverage
car insurance is required in all but these two states
what are New Hampshire and Virginia?
this is how much renter's insurance typically costs per month
what is $10-15?
a contract between the insurance and the insured to provide that states the exact terms of coverage.
what is a policy?
once you hit this limit, you won't have to pay for any covered healthcare for the rest of the year
what is an out-of-pocket maximum?
unlike car insurance, homeowners insurance not mandatory. However, this institution may require it.
what is a bank?
a significant impact on the price of your car insurance is your age. It's more expensive when you are young, but rates drop once you reach this age
what is 25?
this kind of coverage would pay for the value of your items after their value has depreciated
what is actual cost value?
the person who owns the insurance policy is called this
what is a policy holder?
a fixed amount you have to pay for a specific service or prescription medication
what is a copayment?
these lovable friends are considered part of the family and homeowners insurance agrees, which is why they are included in your liability coverage.
what are pets?
In most states this is the only required coverage for car insurance
what is liability coverage/insurance?
this kind of coverage provides enough money to buy new items for all your lost or damaged property.
what is replacement cost value?
the risks covered and the amount of money paid for losses under an insurance policy
what is coverage?
These kinds of health care are not typically included in standard coverage and have to be purchased as supplemental coverage
dental and vision
standard homeowners insurance covers damage from most natural disasters EXCEPT these two
what are floods and earthquakes?
this kind of coverage includes all kinds of damages to your car from events beyond your control
What is comprehensive coverage?
this kind of coverage pays for your stay at another residence(like a hotel) while your rental home is under repair.
what is loss of use of residence coverage?
what is a deductible?
these government programs provide healthcare to low income, elderly, and qualified disabled individuals
what are Medicaid and medicare?
Homeowners insurance usually covers these FOUR things.
what are 1. interior damage, 2. exterior damage, 3. loss of personal belongings, and 4. injury that occurs on the property?
this kind of extra coverage helps pay off your car loan if you total your car.
What is gap coverage?
this coverage covers the cost of any damage to your rental property, even if you are at fault
personal liability coverage