Personal Finance - CH09

Front

What does paying an insurance company a fee provide you with?

Back

It provides coverage for certain expenses or damages.

Front

What is the term for the amount of money the insurance company agrees to pay for an incident?

Back

Coverage.

Front

Until what age can you stay on your parents' health insurance through the Affordable Care Act?

Back

You can stay on until you turn 26 years old.

Front

What type of insurance provides money to replace lost income for years, even up to retirement?

Back

Long-term disability.

Front

What is a deductible in insurance terms?

Back

The amount you have to pay before the insurance company will make a payment.

Front

What is the purpose of health insurance?

Back

To help cover medical expenses and protect against high costs.

Front

What is a co-pay?

Back

A fixed amount you pay for a covered health care service, usually when you receive the service.

Front

What is the difference between short-term and long-term disability insurance?

Back

Short-term disability provides benefits for a limited time, while long-term disability can provide benefits for years or until retirement.

Front

What is a claim in insurance?

Back

A request made to an insurance company for payment based on the terms of the policy.

Front

What does it mean to be insured?

Back

It means you have a contract with an insurance company that provides financial protection against certain risks.