Insurance (Part 1)

Front

What role does insurance play in financial planning?

Back

It guarantees that income and assets are protected

Front

The out of pocket cost to the insured when a loss occurs is called...

Back

Deductible

Front

This professional analyzes statistics and uses them to calculate risks and premiums.

Back

Actuary

Front

A stone hits your windshield. Which type of coverage would likely cover this expense?

Back

Comprehensive

Front

Which of the following wouldn't save you money on your auto insurance premium?
- Decrease your deductible
- Reduce or eliminate optional insurance on an older vehicle
- Maintain a good credit history
- Purchasing an automobile with safety features

Back

Decrease your deductible

Front

Jennifer has an auto policy of $20,000/$40,000/$10,000. The $10,000 covers

Back

Property damage per occurrence

Front

A policy is a contract between the

Back

Policyholder and the insurance company

Front

Your health insurance copay is

Back

A fixed amount of money you pay each time you use your plan

Front

Which of the following would be covered under a renter's insurance policy?
- Damage to the exterior of the property
- Medical bills of another person who is injured on the property
- Your roommate's personal belongings in the rental unit
- Damage to a detached shed on the property

Back

Medical bills of another person who is injured on the property

Front

True or False: Insurance is based on the concept of shared risk, or risk pooling.

Back

True