Insurance 101
What is the purpose of insurance?
What is to reduce financial uncertainty and protect against financial loss
What does health insurance pay for?
What is medical treatment, drugs, and preventative check-ups.
What is auto insurance?
a contract between you and the insurance that protects you against financial loss in the event of an accident or theft of a vehicle.
What does P and C insurance stand for?
Property and Causality (damage to others)
What is provides a cash sum to your loved ones that die during the length of the policy.
The amount of money an individual or business pays for an insurance policy is called?
What is a Insurance Premium
What is a copay?
a fixed dollar amount a patient pays for a specific healthcare service at the time of receiving care. It's a cost-sharing mechanism where the patient and their insurance company split the bill for the service
2 Factors that affect the monthly rate of auto insurance?
credit score, age, gender, driving record, etc.,
What does renters insurance not cover?
What is the structure or dwelling with exception of small alterations that a tenant makes to the structure.
Explain the difference between whole and term life insurance
Whole is permanent and term in temporary
What is a deductible?
What is the amount you pay for services before your insurance begins to pay.
What did the Affordable Car Act do about pre-existing conditons?
Made them mandatory inclusions for health insurance
What demographic typically has the highest auto insurance prices?
young men, ages 16-25
What is a state mandated disability insurance
Social Security
What is a cash value
How much your whole insurance has accumulated that can be taken out of the policy.
how are insurance premiums and deductibles generally related?
the higher a plan's deductible, the lower the premium, and vice versa
When does a health insurance deductible reset?
Each Year
Is auto insurance mandatory?
Yes, it is illegal to drive a car without insurance in the state of Kentucky(and most states)
What type of things can renter insurance cover?
This document explains the rights, responsibilities, coverage details, and exclusions of a life insurance contract.
Policy
Name 4 factors affect your monthly auto insurance rate?
What is your car price and performance, your driving habits, demographic factors and the coverages, limits and deductibles you choose.
Name 4 factors affect your monthly health insurance?
What is age, gender, health, smoking, driving record, and family medical record
What are 4 different types of auto insurance?
The main types of car insurance include liability, collision, PIP and comprehensive coverage. Liability covers injuries or property damage you cause to others, while collision and comprehensive cover damage to your own vehicle. Other important types include uninsured/underinsured motorist, medical payments, and personal injury protection.
What is the difference between Medicaid and Medicare
Medicare is for older people over 65 and young people with disabilities. Medicaid is for low income people, children and poor seniors needing long term care.
What is the tax rate on life insurance payouts and loans on a policy?
None