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insurrance
| Question | Answer |
|---|---|
| allows individuals to collectively share the cost of such losses by paying their money into one large pool of money, making it more affordable for everyone to cover a financial loss if it occurs. | Insurance |
| is defined as the equitable transfer of the risk of a loss from an individual to an insurer in exchange for a | Insurance,premium. |
| an amount of money we might pay to an insurance company on a monthly or an annual basis for the payment of that insurance. | Premium |
| 4. There are basic principles to insurance and risk management. | seven |
| The premium an individual will have to pay for a potential loss to be covered cannot be so expensive the insurer is really not taking on any risk. | expensive |
| There are two elements of cost for insuring a risk. One is calculation of the , which is done by the insurer, and the other is called | probability of loss,attendant cost. |
| the amount of that loss you are going to suffer yourself before the insurance company pays their portion of the loss. | 7. Deductible |
| is used to provide financial support in the event of your death to your dependents so their lives can continue, at least financially, after you are gone. | Life Insurance |
| The life insurance policy pays the of the policy when the person who was actually insured dies, assuming all premiums have been properly paid. | beneficiary |
| What are two basic types of life insurance policies? | 1. Term 2. Cash Value |
| There are ways to buy a term policy. | 3 |
| There are three ways to buy a policy. | term |
| There are three ways to buy a term policy. | 1. decreasing 2. Level premium 3. Annual renewable |
| term policy is where the face value decreases each year. | decreasing |
| policy’s premiums are adjusted, usually higher, each year when the policy is reviewed and renewed. | annual renewable |
| policy is when your premium in year one is going to be the same as it will in the final year of the policy. | level premium |
| There are 3 types of cash value policies. They are: | 1. Whole 2. Variable 3. Universal |
| is used to cover the costs of medical treatments, such as surgeries, hospital stays, some doctor visits, and in some cases, prescription costs. | is used to cover the costs of medical treatments, such as surgeries, hospital stays, some doctor visits, and in some cases, prescription costs. |
| Your monthly premium on an health policy will most likely be higher than it would be if you were part of a | individual, group |
| is an insurance program designed for low-income individuals in low-income households | Medicaid |
Created by:
Madison Coskey