Econ and Finance

Which is co- insurance?

• A formal request to an insurance company asking for payment

• The out of pocket money paid by the policyholder

• Requires insured individual to pay fixed percentage of the loss after deductible has been paid

• A contract that specifies what risks are covered and how much will be paid

What is a premium?

• Person who owns insurance policy

• The risks & amount of money paid for losses

• Contract between insurance company and individual

• money paid to purchase policy

True or False

Disability insurance provides money to pay for healthcare

• True

• False

True or False

Liability insurance is provided by just the individual

• True

• False

Match the following

• Property insurance

• 
• Automotive insurance

• 
• Disability insurance

• 
• Life insurance

• 
• Health insurance

• 

What is medical payment insurance?

• Pays for other persons medical bills in accident

• covers only passengers

• covers only driver

• helps cover medical bills for you or passengers, regardless of fault

Which insurance is extended payment for nursing care when someone cannot live independently?

• Disability

• Health

• Long-term care

• Life

Life insurance is payment to ​ (a)   who were named by the insured person.

• Beneficiaries
• The insurer
• Insurance company

True or False

Physical Damage Insurance does not provide protection to damages of another persons vehicle

• True

• False

Tyler was taking a turn when suddenly a dog ran out in front of his car. His bumper was totaled and his right tire had popped as well. What type of coverage will Tyler need?

• Collision

• Comprehensive