ch. 9
Who needs life insurance?
- individuals with dependents - those with debt co-signed by others - businesses that depend on key people - individuals who would benefit from estate planning using life insurance
Comprehensive coverage pays for loss or damage to your car caused by _____________.
Anything other than a collision
What does homeowners insurance cover and not cover
Covered- fire, storms, hail, injuries, theft Not Covered- sewer backups, earthquakes, flooding, mold, pest control
Medicare and Medicaid are examples of . . .
Government programs for public health insurance
Insurance companies look at ____________ to determine the cost of your premium.
Life expectancy charts, your weight, your age, your hobbies and whether you smoke
Getting good grades, driving safely, and driving an older car are examples of ways you can. . .
Lower your auto insurance costs
Disability insurance isn't intended to make you ____ but to ____ when you need it.
Rich; pay your bills
What is a deductible?
The amount you have to pay before the insurance company will make a payment.
Umbrella insurance is coverage for . . .
Things that fall outside of your home and auto insurance policies
Own occupation disability insurance will pay you if you . . .
cant do the job you were educated to do
The amount of money the insurance company agrees to pay for an incident is called ___________.
coverage
People who rely on you financially are called your _____________.
dependents
This type of home insurance covers the structure of your home.
dwelling insurance
If you're young and healthy, medical insurance is not as necessary.
false
You need long-term care insurance before you turn 60 years old.
false
Most insurance companies allow a _______, during which you can pay your premium before you lose your coverage.
grace period
Homeowner's insurance costs are ______ in states that are more susceptible to hurricanes, floods or tornadoes.
higher
______ will cover you if someone steals your personal information.
identity theft protection
The purpose of life insurance is to replace your ___________ when you die.
income
Your _______ has all the information you'd need in case of an accident.
insurance card
explain how uninsured motorist protection helps you during an accident
it covers you and any other passengers if you are hit by any uninsured or underinsured driver
It's wise to have _______ because even if you're a great driver, there are plenty of people who aren't.
liability insurancedwe
_______ will provide money to replace lost income for years—even up to retirement.
long-term disability
Life insurance guarantees your loved ones get a certain amount of money when you
pass away
In return for paying the insurance company a fee, they will . . .
pay for certain expenses or damages
What is the differnence between premium and deductable
premium is the amount of money you pay for an insurance policy deductible is the amount of money you will have to pay out of pocket before the insurance company will make a payment.
If you're unable to live in your home while it's being repaired, _______ coverage will cover those additional living expenses.
renters insurance
Insurance helps you transfer the _________ from your bank account to the insurance company.
risk
The cap on the total amount of benefits you can get from your insurance company is called ___________.
the lifetime limit
Why dont you need supplementary insurance?
they are a waste of money and uanessacry if you already have health insurance and a health savings account
Renter's insurance will cover you and your belongings if there is ever a fire, theft, or vandalism.
true
What type of insurance pays for the treatment of injuries and losses to the driver and passengers?
uninsured motorist protection
Don't get sucked into the __________ scam.
whole life insurance
Through the Affordable Care Act, you can stay on your parents' health insurance until . . .
you turn 26 years old
A high-deductible health plan with lower monthly premiums is a good option for ___________.
young, healthy people
