Insurance

Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure.

• Coverage
• Claim
• Liability
• Policy

Amount you pay monthly, quarterly, semiannually, or annually to purchase different types of insurance.

• Deductible
• Coverage
• Premiums
• Coverage Limit

A higher deductible results in...

• A higher premium
• A lower premium
• Tax savings
• None of these

Taking a driver's education course may result in a...

• Higher premium
• Lower premium
• Later curfew
• Loss of coverage

Amount you have to pay out of pocket for expenses before the insurance company will begin to cover all or a portion of the remaining costs.

• Premium
• Deductible
• Policy
• Coverage Limit

The only way to get health insurance is through an employer.

• True
• False

A 30-year old woman broke her arm and went to the emergency room for treatment. Her health insurance plan has a $1,500 deductible. What does this mean?

• She can deduct $1,500 from the hospital bill, but must pay the rest.
• The hospital will only charge her $1,500
• She is responsible for paying $1,500 of her medical expenses before her insurance policy starts to pay
• Her insurance company is responsible for paying $1,500 and she must pay the rest.

How would you get a lower insurance deductible?

• Pay a lower monthly premium
• Pay a higher monthly premium

The purpose of insurance is to transfer risk to someone other than the policy-holder.

• True
• False

Renter's insurance will cover the damage done to the apartment building you are renting.

• True
• False