Insurance

Front

What is the basic definition of insurance?

Back

A contract that pays someone for lost or damaged property, injury or death.

Front

What is the possibility of loss or injury to an individual called?

Back

Risk

Front

What is the purpose of the State Department of Insurance?

Back

Protect people vs unfair practices + ensure companies are financially sound

Front

After a claim, what is the cost a client must incur before insurance will pay?

Back

Deductible

Front

What type of insurance covers a person for a specified amount of time? Options: Annuity, Term, Whole, Universal

Back

Term

Front

What statement is true regarding health insurance benefits for dependents? Options: Coverage for dependents may cease if parents become unemployed, When one person in the household has a medical plan everyone is covered, Health coverage is not important for young people, Young people are covered through their parents until the age of 30

Back

Coverage for dependents may cease if parents become unemployed

Front

Which type of auto insurance covers damage to a car when collision is not involved?

Back

Comprehensive

Front

Liability Insurance for your car is optional

Back

False

Front

What is the term used for planning potential personal or financial loss?

Back

Risk Management

Front

Homeowners Insurance protects the lender as much as the homeowner in case of damage to the home

Back

True