Insurance Everfi Module 7 Revised
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
