Insurance

Front

What is the basic definition of insurance?

Back

A contract that pays someone for lost or damaged property, injury or death

Front

What is the possibility of loss or injury to an individual called?

Back

Risk

Front

After an insurance claim is made, what is the cost a client must pay first before the insurance benefits "kick in"?

Back

Deductible

Front

Which work describes the period of time that the insurance policy is valid?

Back

Term

Front

What statement is true regarding health insurance benefits for dependents? ("Dependents are people in the household who depend on the worker in the family, like children.")

Back

Coverage for dependents may cease if parents become unemployed

Front

Which type of auto insurance covers damage to a car when collision is not involved? (For example, a tree falls on a parked car and causes severe damage to the car.)

Back

Comprehensive

Front

Liability Insurance for your car is optional (Liability insurance is what pays for the damage to another driver's car in case of a car accident that is your fault.)

Back

False

Front

What is the term used for planning potential personal or financial loss?

Back

Risk Management

Front

Homeowners Insurance protects the lender (the bank) as much as the homeowner in case of damage to the home

Back

True

Front

The purpose of Disability Insurance is: Health Cost Reimbursement, Income Replacement, Investment for Retirement, All Answers are correct

Back

Income Replacement