Chapter 9 Insurance

Amount you pay in order to purchase insurance

• Deductible

• Claim

• Premium

• Out-of-Pocket Expense

Amount you must pay when filing a claim before receiving any benefits

• 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 should you 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

Covers the damage to your own car if it is hit by another car

• Liability

• Collision

• Comprehensive

• Uninsured Motorist Protection

Covers the costs of damage to another driver when you cause an accident

• Liability

• Comprehensive

• Collision

• Uninsured Motorist Protection

Covers your costs if you are hit by a driver that doesn't have insurance or you are the victim of a hit and run

• Liability

• Collision

• Comprehensive

• Uninsured Motorist Protection

Takes care of damage to your car not caused by a collision (fire damage, stolen vehicle, etc)

• Liability

• Collision

• Comprehensive

• Uninsured Motorist Protection

The time between the disabling event and the beginning of payments in your disability coverage

• Deductible

• Out of pocket expense

• Stop gap

• Elimination period