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UrbanaFM2-Insurance

Insurance

QuestionAnswer
What is Risk? A chance of loss that can't be controlled
How much should be in Emergency Savings? Six months salary
What is insurance? A financial product, purchased to protect someone from larger financial losses
What is a policy? A contract that specifies what risks are covered and how much will be paid for the loss
What is coverage? The risks that are covered and the amount paid
What is a policy holder? The person who owns the policy
What is a premium? The amount you pay to have insurance
What is a Deductible? The out of pocket money paid before the insurance will pay for the remaining costs
What is Co-insurance? A co-payment. The policy holder pays a small amount after the deductible has been paid.
Why are co-pay and deductibles required? It helps keep people from making false insurance claims
what is Disability Insurance? It covers earnings when someone is unable to work due to injury or illness
What is Long-term Insurance? It pays for nursing care when someone can't live alone but doesn't need to be hospitalized
What is Property Insurance? It pays the policy holder when their car, home or rental property is damaged
What is Liability? Only pays for injury or Loss to others
What is a beneficiary? Someone who receives money if an insured person dies
What are dependents? Someone who relies on you for money and care
What is Life Insurance? Payment to beneficiaries to help support them if a policy holder dies
What is collision insurance? Only pays to fix your car or someone else's in an accident
What is comprehensive insurance? Covers all automotive risks: collision,liability,medical costs,under-insured, and uninsured
When might you not need comprehensive or collision? If you car is old and not worth fixing
What auto insurance is required in Ohio? Uninsured/Under-insured driver
What does Homeowner's Insurance cover? the structure of your house and the contents inside
What does Renter's Insurance cover? Your property inside a rental unit
Created by: sfleece
Popular Family and Consumer sets

 

 



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