Types of Insurances Types of Insurance #2 Buying a policy Miscellaneous Calculation Problems
100
What is Health Insurance?
Provides money for health care.
100
What is Liability Insurance?
Payment to others if a member of the insured household accidentally causes harm to other people or property.
100
What is Premium?
Money paid to purchase the policy.
100
What is Household Production?
Unpaid work, such as child care or meal preparation.
100
What is $70?
The total cost of the accident was $800 with a deductible of $100 and a co-insurance of 10%.
200
What is Automobile Insurance?
Payment for liability and property insurance on a vehicle.
200
What is Renters Insurance?
Payment for damage/ loss of property in a rental unit in addition to liability losses.
200
What is Deductible?
Amount of money paid out of pocket by the policyholder before the insurance coverage begins.
200
What is Beneficiary?
Someone who receives money if an insured person dies.
200
What is $160?
The total cost of the accident was $2,000 with a deductible of $400 and a co-insurance of 10%.
300
What is Life Insurance?
Payment to beneficiaries if an insured person dies.
300
What is Homeowners Insurance?
Payment to cover liability losses and damage/loss of home and its contents.
300
What is Policyholder?
The person who owns the policy.
300
What is Dependent?
Someone who relies on someone else for money income and care.
300
What is $1,230?
The total cost of the accident was $9,000 with a deductible of $800 and a co-insurance of 15%.
400
What is Disability Insurance?
Payment to replace earnings during times when workers cannot work due to illness or injury.
400
What is Property Insurance?
Payment to the insured person if his/her property is damaged or destroyed by an accident.
400
What is Claim?
Paperwork submitted to insurance organization describing the accident, illness, or injury.
400
What is Employee Benefits?
Products or services that add extra for employees beyond wages.
400
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%.
500
What is Long-Term Care Insurance?
Payment for extended care when a person cannot live independently (but does not need to be hospitalized).
500
What is Co-Insurance?
Amount of money, after deductible, paid jointly by the insured and the insurance company.
500
What is Coverage?
The risks covered and amount of money paid for losses under an insurance policy.
500
What is In-Kind Income?
The provision of a product or services rather than cash.
500
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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