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Key Terms 1 Key Terms 2 Types of Insurance True or False 1 True or False 2 What Covers This? $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500
Key Terms 1 - $100 An arrangement between an individual and an insurer to protect the individual against risk. C1-$100
What is insurance?
Key Terms 1 - $200 A contract between the individual and the insurer specifying the terms of the insurance arrangments. C1-$200
What is a policy ?
Key Terms 1 - $300 The fee paid to the insurer to be covered under the specified terms.
What is a premium?
Key Terms 1 - $400 The amount paid out of pocket by the policy holder for the initial portion of a loss before the insurance coverage begins. C1-$400
What is a deductible?
Key Terms 1 - $500 The uncertainty about a situation’s outcome.
What is risk?
Key Terms 2 - $100 Covers a collision with another object, car or from a rollover.
What is collision insurance?
Key Terms 2 - $200 Covers all physical damage losses except collision and other specified losses.
What is comprehensive?
Key Terms 2 - $300 The recipient of any policy proceeds if the insured person dies.
What is a beneficiary?
Key Terms 2 - $400 The consumer who purchased and owns the policy.
What is the policyholder?
Key Terms 2 - $500 A driver who does not have automobile insurance.
What is an uninsured motorist?
Types of Insurance - $100 Provides protection against financial losses resulting from injury, illness and disability. C3-$100
What is health insurance?
Types of Insurance - $200 A contract between an insurer and policyholder specifying a sum to be paid to the beneficiary upon the insured’s death. C3-$200
What is life insurance?
Types of Insurance - $300 Combines property and liability insurance into one policy to protect a home from damage costs due to perils. C3-$300
What is homeowner’s insurance?
Types of Insurance - $400 Protects against water damage from natural disasters.
What is flood insurance?
Types of Insurance - $500 Replaces a portion of one’s income if they become unable to work due to illness or injury. C3-$500
What is disability insurance?
True or False 1 - $100 Auto insurance is required by law to drive an automobile.
What is true? Liability is the minimum amount of insurance required by law to be driving an automobile.
True or False 1- $200 Most individuals or families can afford health care and medical expenses.
What is false? Health care costs are extremely high and it can be hard for the average person to afford health care. Large medical expenses could wipe out an individual’s savings.
True or False 1 - $300
True or False - $300 DAILY DOUBLE
Within a persons first three years of driving, there is a 50% chance a person will be involved in an automobile accident.
What is false? There is a 70% chance a person will be involved in an automobile accident within the first three years of driving.
True or False 1 - $400 Life insurance is necessary for everyone.
What is false? Life insurance is necessary for anyone who has someone depending on them financially.
True or False 1 - $500 A claim is the request you make to your insurance company for payment, based on the terms of your insurance. C3-$500
What is true? You “file a claim” in order to be reimbursed for expenses or to ask the insurance company to pay, as outlined in the policy.
True or False 2- $100 When renting an apartment, the renter should purchase renter’s insurance because the owner’s insurance will not cover the renter’s possessions. C4-$100
What is true? The owner’s insurance will cover the building’s structure, but not the contents in all of the rented apartments.
True or False 2 - $200 Insurance plays a small role in most individual’s financial plan.
What is false? Insurance plays a large role in most financial management plans. It helps cover expenses when unexpected events occur.
True or False 2 - $300 The cost of car insurance is not the same for everyone – even if they drive the exact same car. C4-$300
What is true? Automobile insurance premiums also take into account the driving record of the people using the car, the amount of coverage purchased and the location of the driver.
True or False 2- $400 By law, property owners must have Homeowner’s Insurance.
What is false? Homeowner’s insurance is not required by law, but is required by banks who hold the mortgage on the property.
True or False 2- $500 Employer-based health care is the largest source of health care coverage in the United States. C4-$500
What is true? Nearly 156 million people get it through their jobs, but most are paying higher premiums.
What covers this? - $100 While driving, you hit and injure a pedestrian in a crosswalk?
What is automobile insurance?
What covers this? - $200 After losing her husband to a heart attack, a wife is left alone to care for two children. C4-$200
What is life insurance?
What covers this? - $300 You need a cast after breaking an ankle while skating.
What is health insurance?
What covers this? - $400 Your rented apartment is broken into and your computer is stolen.
What is renters insurance?
What covers this?- $500 You are injured in an automobile accident and are unable to work for two months. C4-$500
What is disability insurance?