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Types of Risk & Risk Management
Auto Insurance
Life Insurance
Health Insurance
Property Insurance
100
The process of managing risk to decrease the likelihood of possible loss
What is risk management
100
An increasing amount of speeding tickets and car wrecks would cause an individual to become __________, due to the increased likelihood of loss.
What is uninsurable
100
A _________ is someone who receives part or all of the value of a life insurance policy.
What is a beneficiary
100
True or False: Some services such as dental, vision, or mental health care, may not be covered by health insurance policies
What is true
100
In order to protect my home from a flood, earthquake or nuclear hazard, I should add a(n) _____ to my policy for specific damage coverage.
What is a rider
200
Paying for all finanical losses due to the lack of insurance
What is Risk Retention
200
A type of auto coverage that covers any type of accident with an object other than a car
What is comprehensive coverage
200
If I only want life insurance coverage for the next 10 years, I should buy ______________.
What is term insurance
200
A government issued health insurance program for the elderly
What is medicare
200
Property that is attached to land, such as a house or garage
What is real property
300
Not wearing your seat belt when you drive is called ________, which is known as failure to take reasonable action to avoid risk.
What is negligence
300
A type of auto coverage that protects the policyholder’s vehicle
What is collision coverage
300
Life Insurance does NOT cover this specific type of death, therefore the family would not receive any benefits.
What is suicide
300
A government funded health care plan for people who are unable to pay for insurance or healthcare
What is medicaid
300
Property that can be removed such as jewelry and furniture
What is personal property
400
A(n) _______ is anything that increases the likelihood of loss. An example would be speeding on an icy road
What is a hazard
400
Covers the possibility of damages caused by someone else.This type of insurance is required in the state of Georgia
What is liability insurance
400
provides both savings and death benefits - part of the premium pays for death benefits and the rest builds up like a savings account.
What is cash value insurance
400
Health Insurance that is offered through a company or organization for it’s employees is known as
What is group health insurance
400
The possibility of a tornado hitting your home is known as a _____ risk.
What is a natural risk
500
when you can transfer your loss to an insurance company to protect you and pay for the majority of the losses
What is risk transfer
500
The decline in value of an asset, such as a house or car, because of use
What is depreciation
500
The three main factors that contribute to the cost of life insurance are:
What is age, health, and occupation
500
With this type of healthcare you must go to a specific set of doctors and pay a fixed fee per month.
What is Health Maintenance Organization (HMO)
500
based on the replacement cost of an item minus depreciation
What is actual cash value