Insurance 101
An arrangement between an individual (consumer) and insurance company to protect the individual against risk
What is insurance?
Medical treatment, drugs, and preventative check-ups.
What does health insurance cover?
The contract between you and the insurance company that protects you against financial loss in the event of an accident or theft of a vehicle.
What is auto insurance?
An insurance policy that provides coverage to help protect renters living in a house or apartment
What is renters insurance?
Insurance that pays out a sum of money either on the death of the insured person or after a set period.
What is life insurance?
An amount of money you pay to be covered by an insurance policy. It can be a one time expense or it can be something that you pay monthly/annually
What is an Insurance Premium?
the possibility of financial loss or physical harm
What is risk?
Financial factor that effects the monthly rate of auto insurance
What is credit score?
The building or structure
What is not covered by renters insurance?
Income replacement for years of lost salary, paying off your home mortgage, paying off any debts, and providing funds for your kids' college educations
What are some benefits of having life insurance?
The amount of money you have to pay yourself (which is called ‘paying out of pocket’) before your insurance begins to cover the cost.
What is a deductible?
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
Why is health insurance important?
A person who works for an insurance company who handles your claim.
What is an insurance agent?
Because it helps you repair or replace property after loss due to many types of damage or theft
Why do you need renter's insurance?
The person who receives the money paid out by an insurance company if the insured person dies
What is a beneficiary?
The higher the deductible, the lower the premium
What choice can you make to determine your insurance premium or deductible?
The amount of money you may have to pay when you go to the doctor's office or have a procedure completed
What is a co-pay?
The type of car, your driving habits, demographic factors like your age and the coverage, limits and deductibles you choose.
What factors affect your monthly auto insurance rate?
You can pay for this to protect your purchases beyond the manufacturer's warranty
What is an extended warranty?
Determine your insurance coverage needs, be aware of your current health, compare the different types of insurance policies, be sure you can afford the premium payments
What things should you know before getting life insurance?
A written contract detailing what an insurance company will cover, how much it will pay, and how much the person who buys the insurance will pay
What is an insurance policy?
Protects you from health risks and providea financial protection from high medical costs.
What are reasons to get health insurance?
Helps protect individuals involved in accidents that aren't at fault. This car insurance coverage is required in every state in the United States (except two)
What liability coverage?
True or False: Renter's insurance protects belongings outside of home
True. Renter's insurance protects your belongings regardless of where they are located when damaged or stolen.
Offers income protection to individuals who become disabled for a long period of time, and as a result can no longer work during that time period.
What is disability insurance?