All About Insurance
What is insurance?
Insurance protects you from financial loss in risky or uncertain situations.
Define co-pay.
a flat fee an individual pays for health care services.
What are insurance coverage/benefits?
The things (services, procedures, medicines) insurance can provide protection for
Name three items found an Auto Policy's declaration page.
Who is insured.
Who's not insured.
The cars that are being insured.
The name of the agent
Premium cost
The address of the individuals being insured
Coverage
Limits
Deductible amounts
Vehicle ID number
Any lienholders
Identify four vocabulary words that deals with auto insurance.
collision
comprehensive
liability coverage
depreciation
policy
claim
bodily injury insurance
Name three vocabulary words that deals with life insurance.
whole life insurance
term life insurance
benefits
face value
beneficiary
What is a premium?
amount of money you pay every month (or other set time period) for your insurance coverage.
What is a co-pay?
The amount of money you pay for a medical expense, while your insurance pays the rest
What does the Limits mean on this policy information listed below?
250,000/500,000/50,000
250,000 maximum limits per person
500,000 maximum limits per accident
50,000 maximum limits for property damage
Which President instituted the Affordable Act Care?
President Obama
Name the four common lines of insurance.
auto
life
health
homeowners
What is employer-sponsored insurance?
Employer-based insurance is health insurance that is provided to you through your job.
Name three types of coverages to your auto insurance.
Liability
Bodily Injury
Property Damage
Medical Payments
Collision
Comprehensive
Uninsured Motorist Bodily Injury
If you have a deductible for $2,000 on your homeowner's insurance and you have small fire in your house, and the loss is $1,919. What will the insurance pay, if they will pay anything at all.
The company will pay NOTHING!
Name four factors that determine auto insurance rates.
What does liability mean?
It means you are liable. You're responsible for damages.
Define deductible.
amount you must pay before the insurance company pays.
What is comprehensive coverage?
Insurance covers damage to a policyholder's vehicle caused by things other than a car accident. It covers losses from falling objects, theft, flood damage, vandalism, and other causes.
If you have employer-sponsored insurance, who pays your insurance premium?
It is taken out of your salary by your employer.
What is the difference between whole life insurance and term life insurance.
List them on the board.
What is the difference between public and private insurance?
Public insurance is provided by the government.
Private insurance is something you must buy that is provided by a company or you may buy
yourself from the market place.
What is the connection to all vocabulary words listed below:
co-pay
deductible
premium
rider/floater policy
Explain your answer in great detail. Please take your time. This is worth 500 points.
Give four examples of a loss with the exception of a car accident.
Theft
Vandalism
Flood
Death
Fire
Define risk. Give three examples of different types of risks that could fall into any of the
categories for the four types of insurance. (auto, health, life, and homeowners).
The possibility of a financial loss.
Make a connection with the following vocabulary words
agent, policy, claim, premium, coverage, benefits.
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