Insurance Flashcard

Front

What type of insurance covers you if your dog ate your toy doll and got sick?

Back

Pet insurance

Front

What is a co-pay?

Back

Your share of the medical episode cost

Front

What might increase if you have a pre-existing condition? Options: Deductible, Premium, Co-pay, Coverage

Back

Premium

Front

Which of the following is NOT true about deductibles?
They are paid by the policyholder,
They are paid before the insurance company pays a claim,
They increase the total cost of a claim,
They decrease the premium cost

Back

They increase the total cost of a claim

Front

What is the trade-off when selecting a deductible amount?

Back

Higher deductible, lower premium

Front

How is "Cash Value" determined?

Back

By what you value the asset

Front

Which term refers to the amount the insurance company covers for your expenses?

Back

Reimbursement

Front

Which term is related to the amount given to beneficiaries in an insurance policy? Options: Reimbursement, Replacement, Payout, Cash Value

Back

Payout

Front

Which term is linked to the appraised value of an asset? Options: Cash Value, Replacement, Reimbursement, Payout

Back

Replacement

Front

What does Whole Life insurance provide?

Back

Coverage until you die