INSURANCE & RISK MGMT
the amount of liability protection offered to an individual through an insurance policy
Coverage
Insurance that covers damage to YOUR vehicle when it is involved in an accident
(collision / liability / personal protection / uninsured motorist / comprehensive)
What is collision insurance
Coverage that provides protection for YOUR residence and its associated financial risks
homeowners insurance
A person named to receive the benefits from a life insurance policy
What is a beneficiary
Insurance that covers you and your family members if you are involved in an accident with an uninsured or hit-and-run driver
(collision / liability / personal protection / uninsured motorist / comprehensive)
What is uninsured motorist's protection
Coverage that provides protection for your property when in renting or leasing a property
Renter's Insurance
the amount of money paid for an insurance policy
Premium
The age you are when you can no longer be on your parents insurance
26
You are in a car accident and have $20,000 in bills total - your deductible is $5,000 and your insurance covers $10,000 in this incident.
How much money is LEFT to pay? WHO pays the remaining?
$5,000 - YOU
Insurance that covers other person and car caused by a vehicle accident for which you are responsible
(collision / liability / personal protection / uninsured motorist / comprehensive)
Liability Coverage
What kind of coverage do you add to cover earthquakes, mold, or whatever is not usually covered by insurance
Umbrella Insurance
the amount of money you will pay out of pocket before the insurance company will make a payment
Deductible
A ____ deductible means lower premiums.
High
A fee paid for insurance coverage (paid monthly, annually, semi-annually)
insurance premium
Insurance that protects you if your vehicle is damaged in a non-accident situation
(collision / liability / personal protection / uninsured motorist / comprehensive)
What is comprehensive coverage
A tree hits your house causing $1500 damage. Your deductible is $400 and your insurance covers $900. How much do YOU have to pay TOTAL?
400 + remaining 200 = 600 total
the payments an individual makes each time they get medical service
Copay
List 2 factors that have an affect on health insurance premium
Options : where you live, age, health history, plan you choose, family vs independent, income