Insurance

Question 1

Types of Insurance

Answer 1

Health, Auto, Home, Renter’s, & Life

Question 2

Premium

Answer 2

how much you pay per year for the insurance

Question 3

Coverage

Answer 3

what is paid for by the insurance company when things go wrong

Question 4

Deductible

Answer 4

what is owed when using the insurance company to pay for damage

Question 5

types of Auto Insurance

Answer 5

liability, comprehensive, collision

Question 6

Mandatory Insurance Law

Answer 6

to own a car, you have to at least have liability insurance

Question 7

Driver Classification

Answer 7

age, gender, marital status

Question 8

Rating territory

Answer 8

location; city or rural

Question 9

Type of Car

Answer 9

popular cars get stolen, some cars more expensive to repair

Question 10

Claims History

Answer 10

the more claims you make the more you cost the company

Question 11

Dwelling

Answer 11

covers damage to the home and attached structures (garage, fence, deck, etc.)

Question 12

Personal Property

Answer 12

covers repair/loss/theft of personal items in house

Question 13

Umbrella

Answer 13

additional liability protection beyond your policy

Question 14

Liability

Answer 14

bodily injury or damage to others while on your property

Question 15

Renters Insurance

Answer 15

-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

Question 16

Deductible

Answer 16

the maximum amount you pay BEFORE insurance kicks in to cover the rest.

Question 17

HMO

Answer 17

has cheaper premium, set prices for medical services, and less choice in providers

Question 18

PPO

Answer 18

has higher cost premium, reduced rates for medical services, and more choice in providers

Question 19

Deductible

Answer 19

the maximum amount you pay BEFORE insurance kicks in to cover the rest.

Question 20

Term

Answer 20

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).

Question 21

beneficiary

Answer 21

is the person who will receive the benefits

Question 22

Whole

Answer 22

death benefit and savings plan that lasts throughout a policyholders life.

Question 23

liabilty

Answer 23

protects the insured against financial loss because of legal liability for automobile-related injuries to others or damage to their property by an auto.

Question 24

comprehensive

Answer 24

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,

Question 25

collision

Answer 25

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)