Insurance Basics

Front

The chance of loss.

Back

risk

Front

A financial product purchased by many people facing a similar risk to protect against the risk of loss.

Back

insurance

Front

What is the purpose of a deductible in an insurance policy?

Back

The purpose of a deductible in an insurance policy is to share the risk between the insurance company and the policyholder.

Front

How does a person's age affect their insurance rates?

Back

A person's age can affect their insurance rates due to the risk factors associated with different age groups.

Front

What is the significance of underwriting in the insurance industry?

Back

Underwriting is important in the insurance industry as it helps insurers assess and manage risks to ensure profitability and sustainability.

Front

Health Insurance

Back

Protection against financial lost by unplanned health related events

Front

The contract which details your insurance coverage.

Back

Policy

Front

The amount you pay for insurance coverage.

Back

Premium

Front

The amount of money you must pay upfront/out of pocket before your insurance coverage begins to pay.

Back

Deductible

Front

Deductibles are calculated on a(n) ________ basis.

Back

annual (yearly)