Types of Insurances | Types of Insurance #2 | Buying a policy | Miscellaneous | Calculation Problems |
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What is Health Insurance?
Provides money for health care.
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What is Liability Insurance?
Payment to others if a member of the insured household accidentally causes harm to other people or property.
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What is Premium?
Money paid to purchase the policy.
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What is Household Production?
Unpaid work, such as child care or meal preparation.
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What is $70?
The total cost of the accident was $800 with a deductible of $100 and a co-insurance of 10%.
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What is Automobile Insurance?
Payment for liability and property insurance on a vehicle.
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What is Renters Insurance?
Payment for damage/ loss of property in a rental unit in addition to liability losses.
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What is Deductible?
Amount of money paid out of pocket by the policyholder before the insurance coverage begins.
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What is Beneficiary?
Someone who receives money if an insured person dies.
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What is $160?
The total cost of the accident was $2,000 with a deductible of $400 and a co-insurance of 10%.
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What is Life Insurance?
Payment to beneficiaries if an insured person dies.
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What is Homeowners Insurance?
Payment to cover liability losses and damage/loss of home and its contents.
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What is Policyholder?
The person who owns the policy.
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What is Dependent?
Someone who relies on someone else for money income and care.
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What is $1,230?
The total cost of the accident was $9,000 with a deductible of $800 and a co-insurance of 15%.
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What is Disability Insurance?
Payment to replace earnings during times when workers cannot work due to illness or injury.
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What is Property Insurance?
Payment to the insured person if his/her property is damaged or destroyed by an accident.
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What is Claim?
Paperwork submitted to insurance organization describing the accident, illness, or injury.
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What is Employee Benefits?
Products or services that add extra for employees beyond wages.
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What is $4,800?
The total cost of the accident was $25,000 with a deductible of $1,000 and a co-insurance of 20%.
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What is Long-Term Care Insurance?
Payment for extended care when a person cannot live independently (but does not need to be hospitalized).
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What is Co-Insurance?
Amount of money, after deductible, paid jointly by the insured and the insurance company.
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What is Coverage?
The risks covered and amount of money paid for losses under an insurance policy.
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What is In-Kind Income?
The provision of a product or services rather than cash.
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What is $3,850?
The total cost of the accident was $40,500 with a deductible of $2,000 and a co-insurance of 10%.
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