Insurance Everfi Module 7 Revised

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How is having a security system for you home a risk management strategy?

A security system will alert authorities and deter criminals, protecting your valuables and property

Deductible

Amount you must pay before you begin receiving any benefits from your insurance company

Premium

if you get into a car accident, this may increase because you will be considered riskier for insurance companies to cover

What does liability insurance not cover in the event of an accident?

injury to yourself

Collision Insurance

insurance that covers damage to your vehicle when it is involved in an accident

Risk Management Strategy

using strategies to reduce the amount of risk (examples could be wearing reflective clothing while biking at night, wearing a helmet while biking, wearing a seat belt while driving)

What are the advantages of having health insurance?

It protects you financially from medical emergencies; lowers your risk of acquiring medical debt, allows some medical procedures to be covered by a low cost co-pay.

Insurance

People purchase this as a form of risk management to protect themselves from losing a lot of money in the event something happens to them or their property

What can insurance protect you from?

Theft and Financial Loss

Liability insurance

insurance that will pay for injury to another driver and/or damage to their car if you are in an accident

Collision insurance

insurance that will pay to get your car fixed in the event of an accident

An insurance premium is...

the amount of money you pay monthly/annually for an insurance policy

Insurance Deductible

the amount you owe before insurance will cover the rest of the bill

A deductible is paid by...

the policyholder (YOU)

Benefits of insurance

to prevent a financial burden in the case of an accident, theft, or another event

What is a consequence of not having health insurance?

you must pay all costs for health care and medical emergencies completely out of pocket

What are risk management strategies you could use to protect your home?

Buying a home security system and Installing front porch cameras to monitor your home

What is true about health insurance?

Purchasing health care can help save you from medical bankruptcy; can decrease your healthcare costs, If you don't have have it, you pay all costs for healthcare and medical emergencies.

Wearing a seat belt, not texting when driving, and driving carefully are all examples of what?

Risk Management Strategies

You should always have health insurance (true or false)

True

What will collision insurance cover in the event of an accident

damage to your car

Buying a home security system is an example of protecting your home against _______

risk


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