Insurance

Question 1

Indemnity plans

Answer 1

Allows you to choose your own doctors and pays for your medical expenses

Question 2

Managed care plan

Answer 2

Provides broader coverage, but involves an arrangement between the insurer and a selected network of health care providers

Question 3

HMO

Answer 3

Health maintenance organization

Question 4

PPO

Answer 4

Preferred provider organization

Question 5

POS

Answer 5

Point of service plan

Question 6

What health insurance covers

Answer 6

Hospital, surgical, physician

Question 7

Copayment

Answer 7

The amount you have to pay each time you visit an HMO

Question 8

Bodily injury liability

Answer 8

Your fault

Covers medical expenses of those in other car

Question 9

Medical payment

Answer 9

Fault doesn’t matter

Covers you and others in your car

Question 10

Collision

Answer 10

Your fault

Covers damage of other car

Question 11

Property damage liability

Answer 11

Your fault

Covers property of other person

Question 12

Comprehensive

Answer 12

Stolen/vandalized/etc

You are covered

Question 13

Underinsured/uninsured

Answer 13

Their fault

You are covered

Question 14

Personal liability coverage

Answer 14

Covers claims from injuries to people/damage to property

Your fault

Question 15

Homeowners policy

Answer 15

Provides package type policy designed to insure home/property to you

Question 16

Depreciation

Answer 16

When property decreases in value

Question 17

Additional living expenses

Answer 17

Self explanatory

Question 18

Damage to home or property

Answer 18

Self explanatory

Question 19

Property damage liability

Answer 19

Labor costs

Question 20

Renter policy

Answer 20

Covers
Household goods
Personal belongings
Household covers
Not the dwelling