Life Insurance
Life insurance guarantees your loved ones get a certain amount of money when you _________________.
Pass Away
protection against claims resulting from personal injury or property damage as the result of an auto accident
What is Liability Insurance
True or False? Dwelling Coverage covers the structure of your home, including the roof, walls, floors, and any other part of the structure.
True
Why is health insurance less expensive for people who have full time jobs?
Their employer pays a percentage of the premium.
You get pneumonia after catching a cold and are hospitalized
Health insurance
an arrangement in which an individual will receive financial protection or reimbursement
What is Insurance
What is Life Insurance meant to help cover?
protection for damage to your car resulting from a collision with another car or object
What is Collision Insurance
Can you be sued if someone is injured at your home?
Yes
the payments an individual makes each time they get medical service
What is Copay
A tree branch falls on your car
Comprehensive Coverage
The amount of money the insurance company agrees to pay for an incident is called ___________.
What is Coverage
a person who relies on someone for financial support
What is a Dependent
Why is car insurance typically less expensive for an older vehicle?
Older vehicles are less expensive to replace
Homeowners insurance costs are ______ in states that are more susceptible to hurricanes, floods or tornadoes.
Higher
Through the Affordable Care Act, you can stay on your parents' health insurance until
You turn 26
Liablility Coverage
the amount of money you will pay out of pocket before the insurance company will make a payment
What is a Deductible
people who are designated by the policyholder to receive the death benefit of a life insurance policy
Who are Beneficiaries
At what age does car insurance get cheaper?
What is 25 years old
Can you get a mortgage without Homeowners Insurance?
No, you must obtain homeowners insurance before a lender will approve you.
Medicare and Medicaid are examples of . . .
Public Health Insurance
A tornado causes your roof to need repairs
Homeowners insurance (dwelling)
Insurance helps you transfer the _________ from your bank account to the insurance company.
What is Risk
When is the best time to purchase life insurance?
While you are young to lock in lower rates
This type of car insurance provides protection for loss or damage to your vehicle caused by something other than a collision (such as vandalism)
What is Comprehensive Insurance
What type of coverage are you wanting to use if your house floods and you are unable to live in it?
Loss of use coverage
What type of plan would be best for a young person with no health concerns.
A High Deductible Plan
An uninsured driver wrecks into you at a stop sign
Unisured/Underinsured driver coverage
When your premium goes up, your ________ goes down.
What is Deductible
What is one thing that would make you ineligible for life insurance?
Drug abuse, dangerous job or hobby, severe sickness or condition
What are three ways you can get a good deal on car insurance?
Good grades, drivers education class, drive older car, shop around for best rate, stay on parents policy, be a safe driver
What are three reasons you might file a Homeowners Insurance claim?
Fire, Storm damage (wind, hail, lightning, water, etc), theft, injuries
Explain the financial benefits of a Health Savings Account (HSA)
Money is never taxed. Goes in before taxes are taken from your paycheck and can be spent tax free.
Your friend breaks their leg in a car accident while you are driving
Personal Injury Protection (PIP)
Why is insurance important when it comes to having a solid financial plan?
Insurance protects you from unexpected costs that could bankrupt you otherwise.