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Chapter 14 + 15

QuestionAnswer
No-fault auto insurance Type of insurance plan that eliminates the fault finding process in setting claims.
Insurance claim Process of determining a loss against a insurance policy.
When risk is shifted to someone else, what is this process called? Risk shifting.
What factors affect the cost of insuring a home? Type & amount of coverage, size of the deduction, risk factors where you live, the insurance company & opportunity for discounts.
What factors affect the cost of auto insurance? Safe driving record, good grades, anti tendencie, insales vehicle, over a certain age, two or more cars on a policy, and a good credit score.
Homeowners insurance provides what 2 basic types of coverage? Property insurance and homeowners liability.
Insurance premium The insure pays for insurance coverage.
What insurance protects you when you are responsible for an automobile accident that results in injury to other people? Liability insurance.
What is the main purpose of insurance? Financial service uses to protect against a loss.
What are 4 common methods of risk management? Avoid risk, reduce risk, transfer risk, and assume risk.
Provide examples of speculative risk If you buy a stock, you have a chance to loose or gain something.
Indemnity plan A healthcare plan that pays for covered medical services after treatment is provided.
Why is always carrying proof of insurance a best practice for responsibility? Because you will always have it if ever needed.
Major Medical Insurance Insurance that typically covers the costs.
Who is a individual who relies on someone else for financial support? A dependent/children.
What health insurance program provides coverage for eligible, low-income persons and those with certain disabilities? Medicaid.
Who usually provides group health insurance plans? Government provides it.
Coinsurance A percentage of the service costs that patients pay after the annual deductible is met.
Automobile insurance insurance that covers passenger vehicles and protects the beneficiary against the financial aspects of a traffic accident.
Insurance a financial service used to protect against loss. The insurance company, the insurer, protects the insured, the policyholder. For a fee, the insurer provides the insured with protection against economic loss.
Insurance settlement the amount of money or other services to which you are entitled under the terms of your insurance policy.
Property insurance insurance that insures the policyholder against financial loss due to damage to or loss of a dwelling and personal property and possessions, such as clothes and furnishings.
Risk is the possibility of loss, damage, or injury.
Risk management is the process of measuring risk and finding ways to minimize or manage loss.
Speculative risk is a risk that may result in either financial gain or financial loss.
Created by: savyisdabest
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