Auto Insurance Eleanor M. Savko Health Insurance Key Terms 5/28/2018

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Presentation transcript:

Auto Insurance Eleanor M. Savko Health Insurance Key Terms 5/28/2018 Life Insurance Home Insurance 100 100 1 pt 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

Eleanor M. Savko 5/28/2018 Pays for damage to YOUR vehicle in an accident that is your fault or nobody’s fault

What is Collision?

Pays for injuries to OTHER people in an accident that is your fault

What is Bodily Injury Liability?

Coverage that applies if your car is ever stolen

What is Comprehensive Physical damage?

Pays for injuries to YOU in an accident that is your fault

What is Medical Payments coverage or Personal Injury Protection?

You should drop these coverages if your car has very low value

What is Collision and Comprehensive Physical Damage?

Through this, you can keep your health coverage when you leave a job for up to18 months

What is COBRA?

A federal health insurance program for qualified consumers

What is Medicare?

Pays a large share of surgical expenses

What is Medical Payments coverage (health insurance)?

You are charged a fee for each medical service you receive

What is a Fee-for-Service plan?

Specific conditions or services NOT covered by health insurance

What are exclusions?

Neither party is blamed for an auto accident

What is a No-Fault insurance system?

The part of Medicare which must be purchased for coverage

What is a Medicare Part B?

Your furniture, and jewelry

What is personal property?

A loss in value over time

What is Depreciation?

A group of drivers in a state who are unable to obtain auto insurance

What is an assigned risk pool?

Insurance that gives you life protection for a specified length of time

What is term life insurance?

Life coverage for your entire life, but you only pay up to a certain age

What is Limited- Payment life insurance?

Double Jeopardy

Premium includes cost of the actual insurance and an additional amount that is put into an investment account

What is Permanent Life Insurance or Whole Life Insurance?

The person or group that receives the money when you die

What is a beneficiary?

The premium is fixed but the benefit goes down as you get older.

What is Decreasing Term Life insurance?

The most common form of home insurance.

What is Special Form (HO-3)?

The standard deductible for homeowner’s insurance.

What is $250?

3 discounts you can receive on your home insurance policy

What are deadbolt locks, smoke alarms, carbon monoxide detectors, fire extinguishers, and home security systems?

An estimate of home market value

What is an appraisal?

Pays for replacing items with comparable new ones when damaged or stolen

What is Replacement Coverage?