Insurance basics
This is the chance that something bad might happen, like your car getting damaged or you getting sick.
What is risk?
In florida you are required to have this type of coverage that helps you pay your medical bills and lost wages after an accident.
What is $10,000 personal injury protection?
This is the most money you will have to pay in a year before your insurance covers 100% of your costs.
What is the out-of-pocket maximum?
This term means your insurance will pay to replace you lost or damaged item with a brand new one.
What is replacement value?
This is the amount you pay every month to keep your insurance active.
What is a premium?
This person studies data and uses math to figure out how likely bad thing are to happen, like accidents or storms.
What is an actuary?
In florida you must carry at least this amount of property damage liability coverage that pays for damage you cause to others property.
What is $10,000 property damage liability?
This type of plan requires you to see in-network doctors and get a referral before seeing a specialist.
What is an HMO?
This is the value of an item after subtracting depreciation (its age and wear).
What is actual cash value?
This part of auto insurance pays for injuries or damage you cause to others in a car accident.
What is a liability coverage?
This is the amount of money you pay out of pocket before your insurance starts to help pay for costs.
What is a deductible?
Unlike many other states, Florida does not require this type of liability insurance for most drivers, meaning you might not be legally required to have it.
What is bodily injury liability coverage?
This type of insurance plan allows you to see out-of-network doctors without needing a referral.
What is a PPO?
Your 5-year old TV is stolen. Your insurance pays you only what the TV is worth today, not what it costs to buy a new one. What type of coverage is this?
Actual cash value
This yearly limit is the most you will have to pay for covered medical expenses before your insurance covers 100%.
What is the out-of-pocket maximum?
This is the most money an insurance company will pay for something you’re insured for.
What is a limit?
Liability $10,000 and PIP $10,000.
What auto insurance is required by Florida law?
This is the group of doctors and hospitals that have a contract with your insurance company.
What is a health plan network?
A fire destroys your laptop. Your insurance gives you enough money to buy the same model brand-new at todays price. That type of coverage is this?
Replacement value.
A fire destroys your apartment furniture, and insurance pays you enough to buy everything brand-new. What type of renters insurance coverage is this?
replacement value coverage
This person helps you shop around and find the best insurance policy from different companies.
What is a broker?
Covers you if the other driver has no insurance or not enough.
What is Uninsured/underinsured motorist coverage?
From their employer.
Where do most americans get their health insurance?
Two renters make claims for the same stolen bike. One gets enough money for a brand-new bike, the other gets less because the bike had depreciate. What is the difference between replacement and actual cash value?
Replacement value is NEW price, actual cash value is the OLD price.
This is the amount of money you must pay out of pocket before your insurance company starts paying for a claim.
What is a deductible?