Insurance Module
When considering disability plans, look for a plan that covers ____________ of your income.
65%
Co-payment
A fixed amount you pay for a covered health care service after you've paid your deductible
Will
A legally enforceable declaration of how a person wishes his or her property to be distributed after death
What does having 80/20 coverage mean?
After a deductible has been paid, insurance pays 80% and you pay 20%
Deductible
Amount you must pay before you begin receiving any benefits from your insurance company
Coverage
Applies to the amount of protection you have through an insurance company in the event of a loss
Which of the following should be covered by renter's insurance? A. a friend breaks your laptop while inside your apartment B. Your refrigerator stops working and your food goes bad C. A flood occurs and damages all your furniture D. You receive a parking ticket for parking in the fire lane
C.
Which of the following plans include a savings plan as a part of the insurance? A. Whole Life B. Universal Life C. Variable Universal Life D. All of the above
D.
Which of these options is NOT a type of insurance? A. Life B. Homeowner's C. Long-term care D. Educational
D.
Policy
Describes the type of coverage in an insurance agreement Premium: Amount you pay monthly, quarterly, semiannually, or annually to purchase different types of insurance
___________ insurance is designed to replace income that is lost due to short-term or long-term disability.
Disability
Insurance companies often use your ______________ to convince you to buy.
Emotions
True or False: Health insurance is optional
False
True or False: If you're renting a house or apartment, you only need renter's insurance for the first few months.
False
True or False: It is cheaper to buy long-term disability insurance from the open market than from your employer.
False
True or False: It's a good idea to decrease your maximum pay.
False
True or False: Life insurance is a permanent need.
False
True or False: Life insurance is designed to pay off all your debt at the time of your death.
False
True or False: Pre-paid burial policies are a great purchase for any adult.
False
True or False: You might consider dropping liability on your insurance coverage.
False
Moving assets into your name so that the government will pay for your aging parent's care is a _________ ______________.
Federal Crime
Premium
Financial cost of obtaining an insurance cover, paid as a lump sum or in installments during the duration of the policy
Homeowner's coverage should include ________________ replacement cost.
Guaranteed
To save money on your health insurance, you need to ____________ your deductible.
Increase
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 car insurance rates low by:
Not filing claims for smaller repairs, instead pay cash
Claim
Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure
One way to keep your car insurance rate low is to __________ your deductible.
Raise
When buying identity theft protection, make sure it includes ___________ services.
Restoration
The purpose of insurance is to transfer ____________________.
Risk
Out-of-pocket expense
Specific amount of money that you pay when insurance only covers a portion of costs
__________ life insurance is for a specific time period and is the cheapest way to buy life insurance.
Term
What is the most expensive time of your life?
The last six months
Policy Limit
The maximum benefit an insurance company will pay a policyholder if/when an insured event occurs.
Beneficiary
The recipient of assets passed on from the death of a friend or relative
Liability
The state or quality of being obligated according to law or equity
True or False: Identity theft is the fastest growing white-collar crime today.
True
True or False: If you are over 45 years old, you should get long-term care insurance.
True
True or False: If you don't understand it, don't buy it.
True
True or False: If you have a fully funded emergency fund, you might consider increasing your stop-loss.
True
True or False: If your plan coverage includes an extended replacement cost, you need to update your plan at least once per year.
True
True or False: In order to decide if you should raise your deductible, you should find out how long it will take to break even.
True
True or False: Long-term care insurance covers nursing homes, assisted living, and sometimes in-home care.
True
True or False: Nearly 60% of workers in the US have health insurance through their employers.
True
True or False: Taking a driver's education course can save you money on car insurance.
True
True or False: There are scams and gimmicks in the insurance world.
True
True or False: You have a 1 in 3 chance of becoming disabled for 6 months or more at some point in your life.
True
_______________ policies are a really good buy because they add extra protection to your home and automobile insurance.
Umbrella
Where can your identity be stolen?
Your mailbox The internet Your cell phone
