Insurance Game

What is a Multiple car discount?

• May receive a discount for good grades in school

• May receive a discount for having 2 or more vehicles on the same policy

• May receive a discount for anti-theft devices such as car alarms

What is Insurance?

• A contract that specifies what risks are covered and how much will be payed for losses

• The application given to a prospective insured.

• the premium amount paid at the time of application

what is collision coverage

• Covers a collision with another object, car, or form a rollover

• paid regardless of fault

• provides protection for damages caused to the vehicle

• covers injury or damage to the driver, or passenger, or the vehicle caused by a driver with insufficient insurance

What does uninsured/underinsured cover?

• theft, vandalism

• contact with animal

• covers injury or damage to the driver, or passenger, or the vehicle caused by a driver with insufficient insurance

When determining the amount of life insurance to own using the needs approach, final expenses needs include?

• funeral expenses, uninsured medical bills, estate taxes and probate

• payment to beneficiaries who were named by the insured person

• someone who receives money if an insured person dies dependent

what is Health Insurance?

• payment for extended nursing care when a person cannot live independently

• payment to replace earnings during times when workers cannon work due to illness or injury

• Provides money to pay for medical care

Long term care insurance typically covers

• Skilled nursing home and custodial care

• you may pay premiums for years and never use the coverage

What is small business insurance

• Helps protect a business's asset, property and income.

• Helps protect life insurance.

• Helps protect for car insurance.

What is automobile insurance?

• To help individuals limit financial loss when an automobile accident occurs

• Amount paid by policy holder

• Fee paid to the insurance company to be covered under the specified terms

• Driver or car owner is held legally responsible for injuries suffered by another person

What is physical damage insurance

• Provides a rental car when the insureds vehicle is being repaired after an accident or if the vehicle was stolen

• May provide only part of the funds

• Provides protection for damages caused to the vehicle.