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UrbanaFM2-Insurance
Insurance
| Question | Answer |
|---|---|
| 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