Insurance Flashcards
Types of Insurance
Health, Auto, Home, Renter’s, & Life
Premium
how much you pay per year for the insurance
Coverage
what is paid for by the insurance company when things go wrong
Deductible
what is owed when using the insurance company to pay for damage
types of Auto Insurance
liability, comprehensive, collision
Mandatory Insurance Law
to own a car, you have to at least have liability insurance
Driver Classification
age, gender, marital status
Rating territory
location; city or rural
Type of Car
popular cars get stolen, some cars more expensive to repair
Claims History
the more claims you make the more you cost the company
Dwelling
covers damage to the home and attached structures (garage, fence, deck, etc.)
Personal Property
covers repair/loss/theft of personal items in house
Umbrella
additional liability protection beyond your policy
Liability
bodily injury or damage to others while on your property
Renters Insurance
-Personal belongings that could be damaged from fire, smoke, storms, vandalism, theft
-Temporary living expenses
-Valuable personal property
-Medical expenses if someone is injured on your property
-Full replacement value
Deductible
the maximum amount you pay BEFORE insurance kicks in to cover the rest.
HMO
has cheaper premium, set prices for medical services, and less choice in providers
PPO
has higher cost premium, reduced rates for medical services, and more choice in providers
Deductible
the maximum amount you pay BEFORE insurance kicks in to cover the rest.
Term
Pays death benefit if the policyholder dies within a specified period of time; if the policyholder does not die, the policy terminates (can be renewed).
beneficiary
is the person who will receive the benefits
Whole
death benefit and savings plan that lasts throughout a policyholders life.
liabilty
protects the insured against financial loss because of legal liability for automobile-related injuries to others or damage to their property by an auto.
comprehensive
protects against damage to your vehicle caused by non-collision events that are outside of your control. This includes theft, vandalism, glass and windshield damage, fire,
collision
coverage that pays the cost of repairing or replacing your vehicle if it is damaged in an accident, regardless of who is at fault. (Another car, bridge, tree)
