What is the basic definition of insurance?
Insurance

Flashcard
•
Business
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
A contract that pays someone for lost or damaged property, injury or death
2.
FLASHCARD QUESTION
Front
What is the possibility of loss or injury to an individual called?
Back
Risk
3.
FLASHCARD QUESTION
Front
After an insurance claim is made, what is the cost a client must pay first before the insurance benefits "kick in"?
Back
Deductible
4.
FLASHCARD QUESTION
Front
Which work describes the period of time that the insurance policy is valid?
Back
Term
5.
FLASHCARD QUESTION
Front
What statement is true regarding health insurance benefits for dependents? ("Dependents are people in the household who depend on the worker in the family, like children.")
Back
Coverage for dependents may cease if parents become unemployed
6.
FLASHCARD QUESTION
Front
Which type of auto insurance covers damage to a car when collision is not involved? (For example, a tree falls on a parked car and causes severe damage to the car.)
Back
Comprehensive
7.
FLASHCARD QUESTION
Front
Liability Insurance for your car is optional (Liability insurance is what pays for the damage to another driver's car in case of a car accident that is your fault.)
Back
False
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