Insurance Basics
An insurance policy
What is a contract between you and the company?
Liability Insurance
What is a payment to others if a member of the insured household accidentally causes harm to other people or property?
Health insurance covers these things
What is providing money for health care such as hospital bills, vision, and dental care?
Collision coverage
What is a payment for repairs to your vehicle after an accident?
What is a request for a payment when the policyholder has an accident?
A premium
What is money paid to purchase the insurance policy?
Workers Compensation
What is a type of insurance that provides lost wages or medical care to employees that are injured or ill?
Term Life Insurance
What is a life insurance policy that provides coverage for a set period of time?
Comprehensive coverage includes this
What is including all physical damage losses to a vehicle except for collision.
A beneficiary
What is someone who receives money/assets from your financial products?
A deductible
What is the out-of-pocket paid by the policyholder?
Renters Insurance
What is a payment for damage/loss of property in a rental unit in addition to liability losses?
Long-Term Care Insurance
What is a payment for extended care when a person cannot live independently?
You can reduce the cost of Auto-Insurance by doing these 3 things
What is selecting appropriate coverage and limits, avoiding expensive or higher performance vehicles, and take advantage of discounts?
A policyholder
What is a person or group in whose name an insurance policy is held?
What is a fixed amount of money you pay out-of-pocket for a healthcare service or prescription when covered by insurance?
Homeowners Insurance
What is a payment to cover liability losses and damage/loss of the home's structure and its content?
This type of insurance can pay a death benefit of the insured and can have a cash value as a benefit.
What is Whole Life Insurance?
A consumer would terminate their collision coverage because of this
What is when the value of their vehicle is less than the premium and deductible?
The purpose of a beneficiary in an insurance policy is because of this
What is to receive the financial payout or benefits from the policy when the insured event occurs?
The purpose of insurance
What is to protect against financial loss by sharing risk between the insurer and the insured?
Disability Insurance
What is a payment to replace earnings during times when workers cannot work due to illness or injury?
Government programs are designed to do this
What is providing basic insurance as a part of the social safety net to protect citizens from economic hardship?
Insurance rates are determined due to these 5 things
What is age, gender, marital status, driving record, and age of vehicle?
In-Kind Income
What is the donation of a product or service in place of cash?