Insurance Basics
What is money you pay regularly to keep your insurance active?
What is a premium?
This type of insurance pays for medical expenses such as doctor visits, hospital stays, and prescriptions.
What is health insurance?
A legal plan that directs how assets are distributed after death.
What is an estate plan?
The fixed amount you pay monthly to keep your insurance policy active.
What is a premium?
This legal document specifies how assets are distributed after death.
What is a will?
What is the amount you pay out-of-pocket before your insurance covers the rest?
What is a deductible?
This insurance provides financial support to a beneficiary when the insured person dies.
What is life insurance?
A document specifying how healthcare decisions should be made if you can’t speak for yourself.
What is a healthcare power of attorney
The amount you pay out-of-pocket before insurance begins to cover expenses
What is a deductible?
This type of trust can be changed or revoked by the creator during their lifetime.
What is a revocable trust?
What is the name for the written contract between you and the insurance company?
What is a policy?
This type of insurance protects your home and belongings from risks like fire, theft, and certain natural disasters.
What is homeowners insurance
The person in charge of managing a deceased person’s estate.
Who is an executor?
Insurance coverage that protects you if someone else sues you for damages
What is liability insurance?
This type of trust cannot be altered once created and can help with tax planning.
What is an irrevocable trust
What is the term for the maximum amount your insurance will pay for a covered loss?
What is coverage limit?
This insurance covers damages you cause to others while driving, and can also cover your own vehicle depending on the policy.
What is auto insurance?
The court process that validates a will and oversees asset distribution.
What is probate?
The maximum amount an insurer will pay for a covered loss.
What is a policy limit?
A document that allows someone to make financial decisions for you if you become incapacitated
What is a financial power of attorney?
What is the process of asking your insurance company to pay for a loss?
What is filing a claim?
This broad insurance category covers professionals who need protection against claims of negligence, including doctors, accountants, and consultants.
What is professional liability insurance
A plan that can reduce estate taxes and protect assets for beneficiaries
What is a trust?
The person or entity receiving the death benefit from a life insurance policy.
Who is the beneficiary?
A trust designed to provide income for charity while benefiting heirs and reducing taxes.
What is a charitable remainder trust