All About Insurance
What is insurance?
Insurance protects you from financial loss in risky or uncertain situations.
Define co-pay.
TRIPLE THE POINTS!! (300 POINTS)
a flat fee an individual pays for health care services.
The things (services, procedures, medicines) insurance can provide protection for
Name FOUR items found an Auto Policy's declaration page.
500 POINTS AWARDED (You hit the jackpot)
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.
JACKPOT AGAIN ( This question is really worth 400 point).
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 are limits?
It's the cap on the insurer's payment for a specific event, such as $100,000 for a dwelling fire or $50,000 per person for auto bodily injury.
Which President instituted the Affordable Act Care?
President Obama
Name the four common lines of insurance.
(DOUBLE THE POINTS)
(600 points awarded)
auto
life
health
homeowners
Identify three vocabulary words that requires you to pay money for (an event or situation) that happens.
This is worth 900 points--YOU MUST EXPLAIN the meaning of each vocabulary.
co-pay
deductible
premium
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.
Your insurance carrier will pay NOTHING!
Name four factors that determine auto insurance rates.
( This is worth 1500 points is answered correctly).
In your own words define depreciation.
Is the decline in value of vehicle because of use.
Define deductible.
amount you must pay first before the insurance company pays.
Explain this words in order: This is worth 1600 points
claim
benefit
risk
policy
agent
If you have employer-sponsored insurance, who pays your insurance premium?
It is taken out of your salary by your employer.
This is worth 1600 points
What is the difference between whole life insurance and term life insurance.
Whole life insurance -Guaranteed cash value that gradually builds inside the policy. The cash value forms part of the death benefit but can still be accessed while the insured is alive. (This is a loan). If you cancel the policy you may be able to receive cash back. It's relatively expensive.
Term insurance is covered for certain time period (10/15/20 year). It's inexpensive. No cash benefit.
The policy expires at the end of the term.
Name five insurance companies. If answered correctly you will earn 1000 points.
What is the connection to all vocabulary words listed below:
deductible
premium
claim
declaration page
collision
This is worth 1500 points
Explain your answer in great detail. Please take your time. This is worth 1500 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).
This is worth 1500 points
The possibility of a financial loss.
Make a connection with the following vocabulary words
whole life
term life
benefit
beneficiary
face value
policy
Create a story on the SPOT! YOU GOT THIS!