The amount paid for insurance is the

Remediation Unit 6 LT1

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Social Studies
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
premium
2.
FLASHCARD QUESTION
Front
What role does insurance play in financial planning?
Back
It guarantees that income and assets are protected
3.
FLASHCARD QUESTION
Front
What is the amount of money an insurance policy holder must pay on a claim before the insurance company begins to pay? The higher this is, will usually result in a lower premium.
Back
Deductible
4.
FLASHCARD QUESTION
Front
A person buys a homeowner’s insurance policy with a $250 deductible, which means the person will
Back
have to pay the first $250 which will be deducted from the claim settlement paid by the insurance company.
5.
FLASHCARD QUESTION
Front
Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
Back
co-insurance
6.
FLASHCARD QUESTION
Front
Who needs auto insurance?
Back
All people who drive cars.
7.
FLASHCARD QUESTION
Front
A contract between the insurance company and the insured that states the exact terms including what risks are covered is a(n)?
Back
policy
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