Insurance Knowledge

What is the purpose of health insurance coverage?

• To provide emotional support during illness

• To provide financial protection against medical expenses

• To encourage healthy lifestyle choices

• To offer discounts on gym memberships

What are the different types of auto insurance policies?

• Accidental, Theft, Fire

• Property Damage, Bodily Injury

• Liability, Collision, Comprehensive, Uninsured/Underinsured Motorist, Personal Injury Protection (PIP), Medical Payments

• Roadside Assistance, Rental Reimbursement

How can homeowners file insurance claims for damages to their property?

• Blame the neighbor and demand they pay for the damages

• Contact insurance company, document damage, obtain repair estimates, complete claim form, cooperate with adjuster

• Post about it on social media instead of contacting insurance

• Ignore the damage, hope it goes away on its own

Who can be named as beneficiaries in a life insurance policy?

• Individuals, organizations, or entities designated by the policyholder

• Pets and animals

• Historical figures

• Inanimate objects

What are some common methods to prevent insurance fraud?

• Ignoring all claims without verification

• Sharing sensitive customer data openly

• Implementing fraud detection software, conducting thorough background checks, verifying claims with supporting documentation, and educating about fraud prevention.

• Hiring known fraudsters as insurance agents

Why is it important to have health insurance?

• To limit access to healthcare services

• To have more paperwork to deal with

• To increase medical costs

• To protect against high medical costs and ensure access to quality healthcare services.

Explain the concept of comprehensive coverage in auto insurance.

• Comprehensive coverage is not necessary for auto insurance

• Comprehensive coverage only covers collision damages

• Comprehensive coverage in auto insurance helps pay for non-collision related damages to your car.

• Comprehensive coverage does not include theft protection

What factors can affect homeowners insurance premiums?

• Location, age and condition of home, coverage amount, deductible, underwriting guidelines, credit score, additional riders/endorsements

• Color of the front door, number of bathrooms, distance to the nearest park

How does the payout process work for life insurance beneficiaries?

• The benefit amount is given in installments over several years

• The insurance company automatically deposits the benefit amount into the beneficiary's account

• Beneficiaries need to submit a claim with required documentation, and upon approval, the insurance company will release the benefit amount.

• Beneficiaries must pay a fee to receive the benefit amount

What are some red flags that may indicate insurance fraud?

• Limited coverage, detailed accident reports, reputable insurance company

• Low premiums, consistent information, no claims filed

• Accurate medical records, transparent billing, timely payments

• Frequent claims, inconsistent information, staged accidents, medical providers billing for services not rendered