Insurance 101
What is the purpose of insurance?
What is to reduce financial uncertainty and make accidental losses manageable
What does health insurance pay off?
What is medical treatment, drugs, and preventative check-ups.
What is auto insurance?
What is 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 is renters insurance?
What is an insurance policy that provides coverage to help protect renters living in a house or apartment
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 factors affect your monthly health insurance?
What is age, gender, health, smoking, driving record, and family medical record
Factors that affect the monthly rate of auto insurance?
What is credit score and your insurance provider
What does renters insurance not cover?
What is the structure or dwelling with exception of small alterations that a tenant makes to the structure.
What are some benefits of having life insurances?
What is income replacement for years of lost salary, paying off your home mortage, paying off any debts, and providing funds for your kids' college education
What is a deductible?
What is the amount you pay for health care services before your health insurance begins to pay.
Good things about health insurance?
What is health insurance makes treatment less expensive, preventive care helps you stay healthy,you may qualify for financial help and avoid penalties, and a peace of mind
What type of car insurance is required for people to have no matter what? What type of insurance are you required to have if you are paying off loans on your vehicle?
What is liability?
What is full coverage?
What is the point of renters insurance?
What helps you repair or replace property after loss due to many types of damage theft
Why is it call term life insurance?
what is it because it only provides for a set period, 10,20 or 30 years. If you die during the term, your beneficiaries can receive the death benefit. But if you outlive the term, the insurance ends.
What determines your insurance premium or deductible?
What is the higher a plan's deductible, the lower the premium
What is type of plan and provider network, premiums, deductibles, co-pay or coinsurance, and coverage of medicine.
What are the basic types of car insurance?
What is liability insurance, collision coverage, comprehensive coverage, personal injury protection, uninsured/ underinsured motorist protection.
What type of things can renter insurance cover?
What things should you know before getting life insurance?
What is insurance needs, how much coverage you need, your current life insurance policy, compare the different kinds of insurance policies, be sure you can afford the premium payments, and etc.
What does out of pocked maximum mean?
The highest amount you will have to pay for insurance in a plan year. Your insurance pays 100% of the cost after OPM is met.
What are reason to get health insurance?
What is how it protects you from health and financial risks and protection from high medical costs.
Why do you need car insurance?
What is helps protect individuals involved in accidents that aren't at fault. Car insurance is a requirement in every state in the United States.
What are one of three majors parts of renter's insurance policy?
What is personal possessions, liability, additional living expenses.
True or false: All benefit amount from life insurance have to be taxed.
What is false, life insurance isn't inclusive in gross income and you don't have to report them. However, any interest you receive is a taxable and you should report it as interest received.