Insurance Review

A life insurance policy on yourself is designed to protect....

• your possessions

• your family

• your future

Every driver in the US must have ______ insurance.

• full coverage

• comprehensive

• liability

The total amount of money that you pay for an insurance policy is known as the...

• premium

• deductible

• co-pay

What is homeowners insurance

• a contract between a life insurance company and a policy owner.

• a contract between you and the insurance company that protects you against financial loss in the event of an accident or theft.

• A contract that requires your health insurer to pay some or all of your health care costs in exchange for a premium.

• provides you with financial protection in the event of a disaster or accident involving your home.

Which types of insurance are most appropriate for a single, working, 24-year-old? (hint: choose 3 correct answers)

• Health insurance

• Disability insurance

• Life insurance

• Auto 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 helps cover day-to-day expenses

• It grows in value and appreciates over time

The out of pocket cost to the insured when a loss occurs is called...

• Premium

• Deductible

This professional analyzes statistics and uses them to calculate risks and premiums.

• Agent

• Actuary

• Claims Clerk

• Underwriter

A policy is a contract between the

• Policyholder and the injured person

• Driver and the government

• Consumer and the insurance company

• Consumer and the insurance agent

Your health insurance copay is

• Amount paid out of pocket before your insurance coverage

• Paid by the insurer

• Applied on an annual basis

• A fixed amount of money you pay each time you use your plan