General Insurance Qs

The amount you pay for insurance coverage.

• Premium

• Deductible

• Co-Pay

• Policy

The contract which details your insurance coverage.

• Premium

• Deductible

• Co-Pay

• Policy

The amount of money you must pay upfront/out of pocket before your insurance coverage begins to pay.

• Premium

• Deductible

• Co-Pay

• Policy

The amount of money you must pay upfront/out of pocket at a medical office before seeing the doctor/specialist.

• Premium

• Deductible

• Co-Pay

• Policy

If you have a higher premium it will usually mean a ________ deductible.

• Higher

• Lower

You must file a _______ for reimbursement or asking the insurance company to pay.

• coverage

• claim

• deductible

• policy

Specified losses that the insurance company does not cover are called

• Non-deductible

• Exclusives

• Extraditions

• Exclusions

Insurance is described as “sharing the risk” because risk is shared

• With other policyholders

• With the insurance agent

• With the government

• Within your policy and coverage

You’ve submitted your first claim with your insurance company for $2,000. They pay $1,500. Why?

• You have a $500 premium to pay first

• You have a $500 deductible to pay first

• You have a limit of $1,500 on claims

• You have a $500 new claim clause

Deductibles are calculated on a(n) ________ basis.

• daily

• monthly

• annually (yearly)

• throughout the life of the policy