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Transit/Skill Final

QuestionAnswer
The part of the insurance policy that tells how much the owner must pay toward damage or replacement of a vehicle before the company will pay is called the _______. deductible
_______ covers the cost to repair a vehicle that is damaged by vandalism comprehensive
. _______ covers injuries suffered while you are riding in your own car or in someone else’s car; and it covers guests riding in your car. medical payments insurance
. _______ covers the cost of repairing a vehicle when it is damaged in an accident with another car or when it runs into an object. collision insurance
. _______ will pay for the loan balance on your car if it is totaled and you owe more on it than it is worth. GAP insurance
______ is required in most states. liability insurance
_______ of all drivers are uninsured. 20%
David’s mother is killed in an automobile accident. What type of insurance would provide his family financial support to cover the paid and unpaid work his mother performed? Life insurance
Sally is not feeling well so her mother takes her to the doctor. The doctor tells her she has strep throat, gives her medication, and sends her home to recover. What type of insurance would be used in this case? Health insurance
A financial product purchased by many people facing a similar risk to protect against the risk of larger losses. insurance
The money paid to an insurance company to purchase a policy premium
The chance of loss from an event that cannot be entirely controlled. risk
A contract between the insurance company and the insured that states the exact terms of the policy including what risks are covered and how much will be paid for any losses. policy
What is the difference between property and liability insurance? Property insurance pays for lost to the insured person, whereas liability insurance pays for lost to other people.
Patty recently moved to a new apartment with her friend Emma. Who is responsible for purchasing renters insurance? Patty and Emma
Susan will need to pay $120 per month in order to purchase a health insurance policy. This monthly payment is known as the Premium
Pam was recently involved in a vehicle accident. In order to get her car fixed, her insurance company is requiring her to pay the first $500 of the repair bill because Her policy's deductible is $500
Rent is a fixed expense
Eating out is a discretionary expense
Groceries are a variable expense
If a company places an ad and offers no interest on your purchase for three years the cost of the financing is built into the price of the item
What concept is best explained by the statement, “Money spent here cannot be spent there”? opportunity cost
Identify which method companies are using to compete for your money: “90 days same as cash” financing
This occurs when money is withdrawn from a bank account and the available balance goes below zero overdraft
A spur-of-the-moment, unplanned decision to buy a product or service impulse buy
To determine the appropriate caloric intake, a person must consider gender, weight, and height
How many calories in a pound? 3500
High cholesterol runs in families and can be found in dairy and meat
Most diets have too few __________ and your metabolism slows down. calories
______ covers against injury by a hit-and-run driver or an uninsured driver. uninsured motorist insurance
_______ covers costs resulting from bodily injury and property damage to others. liability insurance
Four common marketing tactics are Personal selling, financing, repetition, product position
Joey’s father is in a car accident and cannot work. What type of insurance replaces his father’s earnings? Disability insurance
The out‐of‐pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss. deductible
Created by: gcowing