Terms
likelihood of risk resulting in loss
probability
coverage that covers hit and run
Uninsured/Underinsured Coverage
Health insurance is important because medical emergencies can make you...
Bankrupt
If a deductible is low, the premium is.. (High or Low)
High
protects YOUR possessions if damaged, ect. while renting due to unexpected catastrophes
Renters Insurance
passing risk to another party
risk transfer
Covers Crash related damages to your car
Collision Coverage
Medical accidents happen...
when you least expect it
Insurance companies determine insurance costs based off...
your risk factors
Insurance that covers medical expenses
Health Insurance
specified amount of money insured must pay before insurance company pays a claim
deductable
Covers losses totally out of your control
Comprehension Coverage
Who do you contact for questions about Health Insurance?
Insurance Company
The purpose of insurance is to..
transfer risk
A form of property insurance covering loss/damages to individual's home or property.
Home insurance
setting aside money to be used in the event of injury or loss of assets
self-insure
Coverage required by law in SC
Liability Coverage
what expenses does health insurance keep manageable?
medical
Drivers who get in many accidents pay ____ premiums than safe drivers. (Higher or Lower)
Higher
Insurance paid to you if you become disabled
Disability Insurance
the process of measuring risk and deciding how serious they are
risk assessment
You get in an accident with someone and YOU are at fault and get the OTHER driver injured. What coverage do you need?
Liability Coverage
3 primary sources of Health insurance
Medicaid, Employer Sponsor, purchased through Marketplace
If an insurance company's model isn't good at predicting risk, they are at stake of...
Going Bankrupt
Life Insurance