Personal Finance Chapter 9: Insurance

The recipient of assets passed on from a policy or will

• Beneficiary

• Claim

• Payout

• Liability

The amount you pay in order to purchase insurance

• Deductible

• Claim

• Premium

• Out-of-Pocket Expense

The amount you must pay when filing a claim before receiving any benefits from the insurance policy

• Premium

• Deductible

• Out-of-Pocket Expenses

• Coverage

The amount of protection you have through an insurance policy

• Beneficiary

• Claim

• Liability

• Coverage

Which type of insurance would you really not need right after high school?

• Renter's/Homeowner's

• Life

• Auto

• Health

The purpose of insurance is to

• Make your family wealthy

• Invest

• Save for a rainy day

• Transfer risk

This covers the damage to your your car if your vehicle is involved in a hit and run incident.

• Liability

• Collision

• Comprehensive

• Uninsured Motorist Protection

This covers the costs of damage to another driver's car when you cause an accident

• Liability

• Comprehensive

• Collision

• Uninsured Motorist Protection

This covers your costs if your car is hit by an object that comes out of the back of a dump truck while traveling down the interstate:

• Liability

• Collision

• Comprehensive

• Uninsured Motorist Protection

This type of coverage takes care of damage to your car if a tornado drops a house on top of your car:

• Liability

• Collision

• Comprehensive

• Uninsured Motorist Protection