financial risks

List five risks that were discussed in this lesson.

1 scams 2 identity theft 3 job loss 4 product failure 5 investment loss

Choose all that apply. Select all the strategies you can use to manage risks. buy health insurance provide your personal information to others have an emergency fund have a warranty become informed carry lots of cash

Choose all that apply. Select all the strategies you can use to manage risks. buy health insurance have an emergency fund have a warranty become informed

scam

a fraudulent scheme used to make money

beneficiary

a person who receives the payment from a life insurance policy

claim

a request for payment from an insurance company

insurance policy

an agreement to cover or reimburse an individual for a loss that occurs

co-payment

an amount the insured person pays to cover a portion of a doctor bill or cost for prescription

Phishing is looking for and reporting online scams. True False

false

The purpose of insurance is to _____. pay for repairs when you can't pay for them help protect you from financial loss protect you from getting sick and needing a doctor pay for insurance premiums

help protect you from financial loss

liability coverage

insurance that covers injury or loss to other people, for which injury or loss you are responsible

property coverage

insurance that covers the contents of your home, such as furniture, television, bikes, appliances, and clothing

consumer rights

laws that protect people who make purchases

Jim purchases land hoping that the value of the land will increase over the next five years. What risk does Jim face? scam theft losing money in an investment paying for expensive repairs

losing money in an investment

Life insurance _____. covers hospital bills pays for repairs on cars pays a certain sum of money to a beneficiary in case of death covers the costs associated with life

pays a certain sum of money to a beneficiary in case of death

phishing

requesting confidential information over the internet under false pretenses to fraudulently obtain credit card numbers, passwords, or other personal data

deductible

the amount a person has to pay when making an insurance claim, with the remaining cost covered by the insurance company

premium

the amount paid by the policyholder for insurance

identity theft

the crime of stealing an individual's personal information in order to gain from that person's finances

bodily injury limit

the most the insurance company will pay