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Automobile property damage liability
covers damage to the property of others. includes damage to other cars, buildings, signs, etc.
What is medical payment coverage?
covers bodily harm of insured driver and passengers. medical losses and bills within 1 yr of accident
What is comprehensive insurance?
covers collision, rollover, fire, theft, vandalism, wind, hail, etc
Traditional health insurance
reimbursement for medical expenses, patient makes choice of where to receive care.
what is ppo health insurance?
group of health care providers, have contract with insurance company, discounted services
what is psn health insurance?
health care providers and hospitals, offer a health insurance contract, work as a group
Health savings accounts (HAS)
tax deductible savings account, individuals and employers deposit into it, used to pay medical bills and deductibles
What are the two primary risks of buying health insurance?
1. risk of living too long
2. risk of dying too soon
pure protection against early death, face amount, pays benefits only if the insured dies
term insurance types
1. guaranteed renewable return
2. level-premium term
3. decreasing term
4. convertible term
5. group term
avoid increasing premiums with age, premiums set an average rate over time, can cover from 5-20 years
face amount of coverage declines. premiums remain constant. closely matches coverage with needs
cash value insurance types
1. limited-pay insurance
2. adjustable insurance
3. universal insurance
4. variable insurance
5. variable-universal insurance
pure protection (term), cash-value, variability of face value, premiums, and a rate of return
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