Risk Management & Fin, Planning
Risk management
What is the process of identifying and minimizing potential financial loss?
Collision coverage
What type of auto coverage pays for damage to your own car in an accident?
Term insurance
What type of policy provides coverage for a set number of years?
Insurance floater
What policy covers valuable items like jewelry beyond standard limits?
HMO
This health plan requires members to use a network of doctors and hospitals.
It protects assets and reduces financial risk
What role does insurance play in financial planning?
Liability coverage
Which coverage pays for injuries you cause to others in an accident?
Universal life insurance
What is a flexible policy combining savings with life insurance protection?
Umbrella policy
Which policy adds extra liability protection beyond home and auto coverage?
PPO
This plan offers more flexibility in choosing providers but at a higher cost.
Insurance float
What is the term for funds insurers hold between collecting premiums and paying claims?
Uninsured motorist coverage
What coverage protects you if the other driver has no insurance?
Variable life insurance
What is a policy where cash value is invested in sub-accounts similar to mutual funds?
Location and risk of damage
What factor most affects property insurance premiums?
FSA
Which account lets employees set aside pre-tax dollars for medical expenses but must be used within the year?
Umbrella policy
Which policy provides extra liability coverage beyond standard limits?
Driving record
Which factor most affects auto insurance premiums?
Credit life insurance
This is a policy that pays off a borrower’s debt if they die before repayment.
Which policy is commonly added to homeowners insurance for expensive personal items?
Insurance floater
HSA
Which account allows tax-free savings for medical expenses and rolls over year to year?
Covers unexpected losses like accidents or illness.
How does insurance reduces financial uncertainty?
Covers theft, fire, or non-collision damage
Name one benefit of comprehensive coverage.
Variable life insurance
Which life insurance type offers both death benefit and investment options?
Umbrella policy
Which policy protects against lawsuits exceeding standard coverage?
HSA
Which account is only available with high-deductible health plans?