W!SE Insurance Flashcard

Front

What is the purpose of insurance?

Back

Financial protection against losses or damages.

Front

Which of the following is not a type of insurance policy? health policy, carpet policy, home policy, life policy

Back

carpet policy

Front

What is the deductible in an insurance policy?

Back

The deductible is the amount of money that the policyholder must pay out of pocket before the insurance company will cover any expenses.

Front

What is the premium in an insurance policy?

Back

The premium is the amount of money paid for insurance coverage.

Front

Which type of insurance policy provides coverage for damage to property? Options: Car insurance, Property insurance, Life insurance, Health insurance

Back

Property insurance

Front

What is the grace period in an insurance policy?

Back

The grace period in an insurance policy is the period of time after the premium due date during which the policyholder can make a payment without any penalty or coverage lapse.

Front

What is a beneficiary in an insurance policy?

Back

The beneficiary is the person or entity designated to receive the benefits of an insurance policy.

Front

What is a policyholder in an insurance policy?

Back

The policyholder is the person or entity that owns the insurance policy.

Front

What is a claim in an insurance policy?

Back

A claim in an insurance policy is a formal request made by the policyholder to the insurance company for compensation or coverage for a covered loss or event.

Front

What is a deductible in an insurance policy?

Back

The deductible is the amount of money the policyholder must pay before the insurance company covers expenses.