Upgrade to remove ads
Only $35.99/year

Financial Literacy 7-4, 7-5

Terms in this set (17)

disposable income
leftover after you have paid all of your required bills for the month
insurance
a contract that offers full or partial financial compensation for loss or damage caused by an uncontrollable even
premium
an amount of money paid on a regular basis for an insurance policy
deductible
the amount you must pay out of pocket before your policy kicks in to cover your costs
coverage limit
the most your policy will pay for a given cost, like $300,000 on bodily injury in a given accident, but $50,000 for property damage
car insurance
an agreement between you and an insurance provider. in exchange, for regular payments from you, the insurer helps pay your bills if someone gets injured or a car is damaged because of an accident or theft.
collision
covers repairs or replacement of your vehicle after an accident
comprehensive
covers damage not caused by an accident, like theft, vandalism or hail
liability
covers another driver's medical bills or car repairs if you cause an accident
medical payments
covers your or your passengers' medical expenses after an accident
personal injury protection
covers medical expenses, lost wages, and certain other costs like child care while you visit the doctor
uninsured and underinsured or motorist
covers your medical expenses car repair if you're hit by someone who doesn't have insurance or doesn't have enough
5 insurances everyone should have
1. health
2. car
3. homeowners or renters
4. life
5. disability
5 unnecessary insurance policies
1. flight insurance
2. life insurance
3. accidental death insurance
4. disease insurance
5. mortgage life insurance
___ out of ___ teen crashes involve distractions
6-10
Percentage of teen distractions
15% interacting with one or more passengers
12% using a cell phone
10% looking at something in the vehicle
9% looking at something outside the vehicle
8% singing/dancing to music
6% grooming
6% reaching for an object
Types/percentages of insurances we have in the US
Auto- 72%
Health- 70%
Life- 45%
Homeowners- 43%
Renters- 14%
Fire- 13%
Earthquake- 7%
Flood- 6%
Pet- 3%
Travel- 3%
Students also viewed