Property insurance

What role does insurance play in financial planning?

• It guarantees that income and assets are protected

• It helps build and maintain one's credit score

• it grows in value and appreciates over time

• it helps cover day-to-day expenses

What factors impact the cost of your auto insurance premium?(hint: choose 3 correct answers)

• Deductible amount

• The vehicle you are insuring

• Your credit score

• Your income

Which of the following wouldn't save you money on your auto insurance premium?

• Decrease your deductible

• Reduce or eliminate optional insurance on an older vehicle

• Maintain a good credit history

• Bundle your insurance with other policies

Which of the following would be covered under a renter's insurance policy?

• Medical bills of another person who is injured on the property

• Damage to the exterior of the property

• Damage to a detached shed on the property

• Your roommate's personal belongings in the rental unit

What information is typically listed on an insurance policy? (hint: choose 3 correct answers)

• Actual Cash Value of the property being insured

• Name of person or property being insured

• Deductible amounts

• The policy period

True or False: Insurance is based on the concept of shared risk, or risk pooling.

• True

• False

The amount paid for insurance is the

• premium

• assessed value

• closing cost

• Deductible

Insurance that protects your family against financial loss due to your death is

• coinsurance

• disability insurance

• life insurance

• comprehensive insurance

The type of insurance that covers damage or loss to a vehicle from fire, theft, vandalism, or hail is called

• term life insurance

• bodily insurance

• comprehensive

• Collision

This term pays for protection against loss of life, property, and finances.

• collision

• premium

• deductible

• Insurance