Terms
Contract between individual and an entity that provides financial protection against specified risks.
Insurance
Protection against financial losses resulting from accidents, theft, or damage to vehicles
Car/Auto Insurance
Covers medical expenses. Can be provided by employers or purchased individually.
Health insurance
Offers financial protection to beneficiaries in the event of the insured's death. Helps cover funeral expenses, outstanding debts, mortgage payments, and provides income replacement for dependents.
Life Insurance
Premium
True or False: Driving record/history does not affect insurance rates
False
true or false: health insurance never covers prescribed medications
False
Protects homeowners or renters against property damage, theft, and liability risks. Covers dwelling repairs, personal belongings, additional living expenses, and liability claims for accidents on the property.
Homeowners/Renters Insurance
An insurance ______ is a formal request for payment made by someone to their policy provider. It is made after an incident occurs that's covered by the policy.
Claim
True or False: It is illegal to not have car insurance
True
A _________ is a set dollar amount a policyholder must pay out of pocket for health care services upon receiving the service (such as a doctor’s appt.) with the insurance company covering the rest of the costs.
Co-pay (copayment)
Provides income replacement for individuals unable to work due to illness or injury. Offers financial support to cover living expenses, medical bills, and other financial obligations during periods of disability.
Disability Insurance
Deductible
True or False: The type of vehicle, and your age can affect your insurance rate
True
_________ a shopping and enrollment service for medical insurance created by the Affordable Care Act (ObamaCare).
In most states, the federal government runs it (sometimes known as the "exchange") for individuals and families. On the web, it's found at HealthCare.gov. Some states run their own at different websites.
Marketplace Health Insurance
An insurance _______ is helpful if you want to compare policies from many different insurance providers. They help you price shop and analyze different types of coverage. They are paid commissions from the insurance company and could charge fees, although many do not.
Broker
_________ insurance covers you in case you're responsible for injuring someone or damaging their property. It's often included in auto and homeowners insurance policies.
Liability
This type of coverage includes comprehensive, collision, and liability coverage. Can include weather damage, an at-fault accident, and vandalism.
Full coverage
(2 Answers) ________ is for low-income people of any age, while ________ is for people 65 or older, and some younger people with certain disabilities or diseases.
Medicaid and Medicare
Insurance ________work with a specific company, or companies, and can offer products from the providers they represent. They typically get paid on commission, though sometimes they also receive a salary. They can also have access to specific products not available to insurance brokers. If you know exactly what type of insurance you need or what company you want to purchase insurance from, it can make sense to work directly with them.
Agents