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18 questions
The chance of loss from an event that cannot be entirely controlled is called:
risk
insurance
deductible
premium
At least six months of expenses set aside to cover costs of unexpected expenses is called
insurance
emergency savings
policy
coverage
A financial product purchased by many people facing a similar risk to protect against the risk of larger losses is called:
insurance
emergency savings
policy
premium
A contract between the insurance company and the insured that states the exact terms of the policy is called:
policy
premium
insurance
risk
The risks covered and amount of money paid for losses under an insurance policy is called:
coverage
premium
policy
deductible
The person who owns the insurance policy is the:
beneficiary
policy holder
insurance
claim
The money paid to purchase an insurance policy is called:
premium
deductible
co-insurance
risk
A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury is called:
claim
deductible
risk
co-insurance
The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss is called:
risk
deductible
premium
policy
This requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid:
co-insurance
beneficiary
policy
premium
This type of insurance provides money to pay for health care
health
disability
long term care
homeowners
automobile
This type of insurance provides payment to replace earnings during times when workers cannot work due to illness or injury.
health
disability
long term care
homeowners
automobile
This type of insurance provides payment for extended nursing care when a person cannot live independently (but doesn't need to be hospitalized).
health
disability
long term care
homeowners
automobile
This type of insurance provides payment for liability and property insurance on a vehicle.
automobile
homeowners
renters
health
disability
This type of insurance provides payment to cover liability losses and damage/loss of home structure and its contents
automobile
homeowners
renters
health
disability
This type of insurance provides payment for damage/loss of property in a rental unit in addition to liability losses
automobile
homeowners
renters
health
disability
This type of insurance provides payment to others if a member of the insured household accidentally causes harm to other people or property; pays for injury or loss to others.
property
liability
This type of insurance provides payment to insured person if his/her property is damaged or destroyed by an accident; pays for loss to insured person
property
liability
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