Insurance

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

When considering disability plans, look for a plan that covers _________ of your income.

65%

What does having 80/20 coverage mean?

After a deductible has been paid, Insurance pays 80%and you pay 20%

The recipient of assets passed on from the death of a friend or relative

Beneficiary

Which of the following policies would be a duplicate coverage for your health insurance policy

Cancer and hospital indemnity insurance

An amount of money you pay to help cover a portion of your medical costs

Co-payment

Which of the following statements about disability insurance is false?

Disability insurance is not necessary if you have a good health insurance policy.

Which of these options is NOT a type of insurance?

Educational

The time between the disabling event and the beginning of payments in your disability coverage is called:

Elimination period

Disability Insurance offered through your employer is usually the most expensive coverage option.

False

If you are 45 years old, you should get long-term care insurance.

False

If you're renting a house or apartment, you only need renter's insurance for the first four months.

False

It is cheaper to buy long-term disability insurance from the open market from your employer.

False

Life insurance is a permanent need.

False

Life insurance is designed to pay off all of your debt at the time of your death

False

When shopping for insurance, use a(n) ______________ agent who shops a bunch of different companies to find the best rate for you.

Independent

You can keep your car insurance low by:

Not filing claims for smaller repair, instead pay cash

Specific amount of money that you pay when insurance only covers a portion of costs

Out-of-pocket expense

The amount you pay monthly, quarterly, semiannually or annually to purchase different types of insurance

Premium

What is the most expensive time of your life?

The last 6 months

A person becomes self-insured when:

Their kids are grown, they have no debt, and they have fully funded retirement

Purpose of insurance is to:

Transfer financial risk

Any kind of duplicate insurance coverage is a bad idea.

True

Comprehensive coverage takes care of damage to your car that is caused by a collision.

True

If your coverage includes an extended replacement cost, you need to update your plan at least once a year.

True

You have a 1 in 3 chance of becoming disabled for 6 months or more at some point in your life

True

Which of the following would not be a huge financial risk (and, therefore would not require insurance) if you had a full emergency fund of $500 or more?

You lose your phone

Which of the following is not a benefit of having a will?

You only need a will if you have a large estate.

Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure

claim

After high school, you should have the following types of insurance: auto, renterʹs, health and long-term care insurance.

false

The purpose of insurance is to transfer

risk


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