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Stack #4666206
| Question | Answer |
|---|---|
| Term life insurance | 10/20/30 year typically |
| Permanent life insurance | Grows over time, Variable growth, Fixed rates, Invests in the stock market |
| Another name for cash-value insurance is _________ insurance | Permanent insurance |
| Policy holders purchase ________ insurance if they want flexibility in premium payments and death benefits as their financial situation changes | Universal life |
| With _____ insurance, the cash value part of the premium is used for investments such as stocks, bonds, and mutual funds. | Write-in variable insurance |
| If the person lives past the term life insurance time period. What value does the policy have? | It has no value |
| Whole life insurance provides ______ during the policyholders life | Savings |
| With whole life insurance, the premium _____ as the policyholder ages | Stays the same |
| Co-pay | A small, flat fee paid at the time of the visit |
| Co-insurance | A percentage (typically 20%) you pay of the total after the deductible kicks in |
| Deductible | The upfront fixed annual amount you pay before insurance kicks in |
| A percentage of medical expenses a policyholder must pay over the deductible is _____ | Co insurance |
| Major medical insurance is sometimes called | Catastrophic |
| A group of doctors and hospitals that agree to provide specified medical services to members at prearranged fees is called a _____ organization | Preferred provider |
| The government program that partially pays for health-care costs over the age of 65 is ______ | Medicare |
| Medicaid is funded by ______ | Federal and state governments |
| The hospital charges for your appendectomy are $13,000. Your health insurance has a $1000 deductible and a 20% percent coinsurance payment. You must pay _______ | $3,400 |
| Members of a preferred provider organization receive ________ if they choose approved providers | more coverage |
| Vehicle insurance covers ____ types of protection | 7 |
| The most basic vehicle insurance is ________ coverage | Liability |
| You crash your truck into a flower cart. The damage is covered by ______ coverage | Liability |
| A law requiring drivers to pay for the damage the accident is a ____ law | Financial responsibility |
| The dollar amount of the damage that a policyholder must pay before the insurance kicks in is the _______ | Deductible |
| A law that drivers must have a minimum amount of vehicle insurance is called a _____ law | Compulsory insurance |
| Protection Types | Structural, Liability, Living Expenses, Personal Belongings |
| Types of Insurance | Bodily injury liability, Property Damage Liability, Collision, Medical payments, Comprehensive, Un/Under insured motorists |
| What is the 25/50/25 rule | 25-B.I.L-Per person pre accident 50-B.I.L-Per accident total 25-P.P.L-Per accident |
| Possessions that can be moved | Personal Property |
| An addition to a policy that covers specific property or damage is called a ________ | Rider |
| Liability protection in a homeowners policy covers ________ | Actual damages and legal expenses |
| The higher the deductible | The lower the premium |
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