EQ PT2

Escalation of Risk

• • - As skill increases, confidence increases

  • chosen to set aside

• - Impossible to know what mark has seen;

• - The more students who cheat, the great probability the teacher will notice

• - possible to know what mark has seen;

Policyholder meaning:

• A document outlining insurance coverage
•  The person who owns the insurance policy

• A type of insurance policy
• A person who sells insurance policies

Insurance Coverage meaning:

• Insurance coverage is the same as investment returns.
• Insurance coverage only applies to health insurance.
• Risks covered & the amount of money you & the insurance co. will pay.

• Insurance coverage is not related to risk or liability.

Policy meaning:

• Policy evaluation
• Policy creation
• Policy enforcement
• Contract between insured person & insurance company.   Defines insurance coverage.

Where can you get Insurance?

• At the movie theater
• By asking a friend
• Government (if you qualify)

• Employer

• • Insurance company

Deductible meaning:

• The amount an individual pays after their insurance plan starts to pay.
• The total cost of health care services covered by insurance.
• The amount an individual pays for health care services after meeting their deductible.
• Out-of-pocket money you pay before the insurance pays money.

Premium meaning:

• Low-cost or budget product or service
• The amount of money you pay each month to buy insurance.  The HIGHER your deductible, the lower the cost of your insurance premium 

• Average-quality or mediocre product or service
• Basic or standard product or service

Insurance meaning:

• Insurance is a form of gambling.
• Insurance is a type of loan from a bank.
• Insurance is a type of investment in the stock market.
• Financial product purchased to minimize risk, by transferring cost to the insurance company

Why get insurance?

• Insurance shifts the risk from you to an insurance company.  It’s like a lottery.  You pay in a small amount of money– and you might lose it– but if something bad happens, the insurance will pay the majority of the bill.

• To impress friends and family
• To have more money for shopping

Claim meaning:

•  Formal request to an insurance company, asking for payment (when something goes wrong)

• Verification of a claim
• Definition of a claim
• Explanation of a claim