Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Dave Ramsey Course > Chp 11 Vocab > Flashcards

Chp 11 Vocab Flashcards

1
Q

Covers of damage to a vehicle

A

Auto insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The recipient of assets passed on from the death of a friend or relative

A

Beneficiary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Method used to evaluate the wisdom of a financial decision by determining the length of time it will take for the cost of the decision to be recouped

A

Break even analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Also known as permanent life insurance. Premiums include a death benefit and I plan to build savings with the policy. Two main types our whole life and universal life. Significantly more expensive than term life insurance

A

Cash value insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Paperwork filed with an insurance company in order to get them to cover a loss

A

Claim

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Portion of auto insurance that covers loss is due to vehicle damage in an accident

A

Collision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Pays for damage to your car that is not a result of an accident

A

Comprehensive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

In regards to health insurance, paying a set amount per medical visit

A

Co- pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Applies to the amount of protection you have to an insurance company in the event of a loss

A

Coverage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Amount you have to pay out of pocket for expenses before the insurance company will begin to cover all or a portion of the remaining costs

A

Deductible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Amount of time that elapses after a disabling event before the insurance company begins to pay benefits

A

Elimination period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Part of homeowners insurance policy that pays for the full cost of replacing damaged property without a deduction for depreciation and without a dollar limit

A

Guaranteed replacement cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A health insurance plan for self-employed people containing a large deductible

A

HSA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Covers u in the event of illness or injury

A

Health insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Policy that covers a loss due to damage,Theft, or injury within one’s home

A

Homeowners insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

This means you pay the same amount for the entire term of the policy

A

Level term

17
Q

Policy that protects an individual in the event of a lawsuit due to injury on ones personal property or as the result of an automobile accident

A

Liability insurance

18
Q

Type of insurance designed to replace income lost due to death

A

Life insurance

19
Q

Policy that covers the cost of nursing home or in-home car; recommended for everyone over age 60

A

Long term insurance

20
Q

Disability insurance designed to replace lost income for a period of five years or greater

A

Long term disability

21
Q

The amount an insurance company will pay before you are dropped from coverage

A

Maximum payment

22
Q

Insurance policy that pays off the remaining balance of the insured persons mortgage at death

A

Mortgage life insurance

23
Q

Type of insurance that provides an income in case the insured becomes unable to perform the job he/she was educated or trained to do

A

Occupational disability

24
Q

What you have to pay

A

Out of pocket

25
Q

Disabilities that are ongoing and are not expected to end

A

Permanent disability

26
Q

Describes the type of coverage in an insurance agreement

A

Policy

27
Q

Amount you pay monthly, quarterly, semiannually or annually to purchase different types of insurance

A

Premiums

28
Q

Covers the contents of an apartment

A

Renters insurance

29
Q

Part of identity theft insurance that assigns a counselor to clean up the mess made when your identity was stolen

A

Restoration services

30
Q

Condition of wealth at which time one no longer needs an outside insurance policy to cover a loss

A

Self insured

31
Q

Minimal period of incapacitation; often used as an insurance policy that insures one’s income for the immediate future following an incapacitation event

A

Short term disability

32
Q

Total out-of-pocket expenses for health insurance; once reached, insurance will pay 100 percent

A

Stop loss

33
Q

Life insurance coverage for a specified period of time

A

Term insurance

34
Q

High limit insurance policy that acts as a protective covering over your home and car insurance against liability caused by an accident

A

Umbrella liability insurance

35
Q

Type of life insurance policy, similar to cash value but with better projected returns

A

Universal life

36
Q

Type of life insurance that is similar to cash value, but buys into mutual funds to project better returns

A

Variable life

37
Q

Type of insurance that contains a low yield savings plan within the insurance policy; more expensive than term life insurance

A

Whole life insurance

Dave Ramsey Course (25 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions