Health Insurance
What does health insurance help you pay for?
Doctor visits, hospital stays, prescriptions, and medical care
What does liability coverage pay for?
Damage or injuries you cause to others in an accident
What does homeowners insurance cover?
Damage to your home and belongings caused by events like fire, theft, or storms
What does life insurance provide?
Money to your chosen beneficiary after you pass away
What is the main purpose of any kind of insurance?
To protect against financial loss in case of an unexpected event
What is a copay?
A fixed amount you pay for a covered service, like $20 for a doctor visit
What does collision coverage pay for?
Damage to your own car if you hit another vehicle or object
What is one thing that’s often not covered by regular homeowners insurance?
Floods or earthquakes (these need separate policies)
Who receives the money from a life insurance policy?
The beneficiary (person or people you choose)
What do we call the person who buys an insurance policy?
The policyholder
What is a deductible?
The amount you pay out of pocket each year before your insurance starts to pay
What does comprehensive coverage protect against?
Non-collision events like theft, vandalism, fire, or weather damage
What does renter's insurance protect?
Your personal belongings inside a rental unit and liability if someone gets hurt there
What’s the difference between term life and whole life insurance?
Term lasts a set number of years; whole life lasts your entire life and builds cash value
What is a claim?
A request you make to your insurance company for payment after a loss
What is the difference between in-network and out-of-network providers?
In-network providers have an agreement with your insurance to offer lower rates; out-of-network providers cost more
What does uninsured/underinsured motorist coverage mean?
It protects you if someone without enough insurance causes an accident
What is a liability claim in homeowners insurance?
When someone is injured on your property and you are legally responsible
Why might someone buy life insurance?
To provide financial security for their family or dependents
What does "risk" mean in insurance terms?
The chance that something bad or costly might happen.
What is a premium?
The amount you pay (monthly or yearly) to keep your insurance policy active
If your car is totaled, what does insurance usually pay you?
The car’s current market value, not what you originally paid
What is the purpose of creating a home inventory for insurance?
To keep track of your belongings and their value in case of a loss
What is cash value in a whole life policy?
A savings component that grows over time and can be borrowed against
What happens if someone doesn't pay their insurance premium?
Their coverage can lapse or be cancelled