Econ and Finance

What is a premium?

• Person who owns insurance policy

• The risks covered & amount of money paid for losses

• Money paid to purchase policy

• Contract between insurance company and individual

Which insurance is extended payment for nursing care when someone cannot live independently?

• Disability

• Life

• Long-Term Care

• Health

True or False

Disability insurance provides money to pay for healthcare.

• False

• True

Elizabeth got Covid-19 and was sent to the hospital for 10 days. She was later billed for her visit. The total was $35,000. Insurance covered $30,000 and she owes $5,000. What type of insurance was used?

• Property

• Disability

• Life

• Health

Which provides Long-Term care insurance?

• Individual

• Government

• Employer

• All of the above

Life insurance is payment to ​ ​ (a)   who were named by the insured person.

• Beneficiaries
• The insurer
• insurance company

True or False

Liability insurance is provided by just the individual

• True

• False

Tyler was taking a turn when suddenly a dog ran out in front of his car. His bumper was totaled and his right tire had popped by swerving off the road. What type of coverage will Tyler need?

• Comprehensive

• Collision

Bonus Question

Select all of the policy limits for liability.

• 25

• 75

• 50

• 20

Select all that apply for ways insurance is determined

• Type and Age of vehicle

• Age

• Driving record

• Place of residence