Auto Insurance
What is a Premium?
The monthly or yearly cost of your insurance policy
What’s the difference between a Renters Insurance and a Homeowners Insurance?
What does the insurance do when you met decutable?
Copay (when you split the bills with the insurance)
Is life Insurance worth it if you're healthy and have never had a reason to go to the hospital?
Yes - Your premiums are the absolute lowest when you're young and in great shape.
What is a Deductible?
The amount you must pay before insurance kicks in.
What steps can I take to file a claim?
Show the pictures and videos of the destroyed item(s).
Note the date and time the damage was discovered
A detailed list of the brand, age, and estimated replacement cost of the item(s) that were destroyed.
If a company needed to observe the destroyed item(s), make sure to receive receipts.
What is an out-of-pocket maximum?
After meeting a set amount of copay, the insurance pays the rest of the year.
What are the three types of plans pet insurance offers?
Accident Only, Accident & Illness, and Wellness Insurance.
What does a policy limit refer to?
The maximum amount the insurance will pay
What areas are covered for Homeowners and Renters insurance? (Name two things covered for each insurance)
Homeowners - Dwelling, personal property, personal liability, other structures of your building, & medical payments for guests
Renters - personal property from theft, fire damage, & natural disasters
What health plan has a PCP, but you need a referral to see a specialist?
HMO
What are the pros and cons of permanent life insurance & term life insurance? (Write down one con & one pro for each topic)
Permanent Life - Pro: Lifetime protection, guaranteed death benefit, cash value accumulation, stable premiums. Con: Higher cost, more complex, slower cash value growth in early years.
Term Life - Pro: Simple, affordable, high coverage amounts (high death benefit/low premium). Con: No cash value, expires without value if you outlive the term.
Fender bender! you rear end another car at a stoplight, other drivers bumper is damaged and your front hood is dented, what type of insurance covers the damage to your car?
Collision
If I’m renting an apartment, what kind of personal property would renters insurance cover? (Name two item)
Furniture, clothing, electronics, and bikes.
What plan can you get if you can't obtain any other?
HDPD (High dedctible plan)
How can disability insurance be beneficial to you? What does it do?
It replaces a portion of your income if an injury or illness prevents you from working.
You were hit by an uninsured driver! What might you have to do if you don't carry uninsured motorist insurance?
Pay out-of-pocket
Is renters insurance required?
Not legally required - but may be mandated by your landlord or property manager.
When choosing a health insurance metal plan, what factor should I consider?
The percentage of cost covered by your health insurance.
Do you need to sign up for Pet, Disability, and life insurance, or are they optional?
No, everything is optional.