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F.L. 7-4

Terms in this set (22)

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.
comprehensive
covers damage not caused by an accident, like theft, vandalism or hail
1. flight insurance
2. life insurance for kids
3. accidental death insurance
4. disease insurance
5. mortgage life insurance
5 unnecessary insurance policies
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
collision
covers, repairs or replacement of your vehicle after an accident
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
1. health
2. car
3. homeowners or renters
4. life
5. disability
5 insurances everyone should have
6 out of 10
___ out of ___ teen crashes involve distractions
15%- Interacting with one or more passengers
12%-using a cellphone
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
Percentage of teen distractions
Auto- 72%
Health- 70%
Life- 45%
Homeowners-43%
Renters- 14%
Fire- 13%
Earthquake-7%
Flood-6%
Pet-3%
Travel-3%
Types/percentages of insurances we have in the US
False
True or False; Everyone pays the same premium
Transfer Risk
What is the purpose of insurance
So that the money can cover emergencies for a few people
Why do insurance companies have a large pools of people to pay premiums?
Health Insurance
What is the most important type of insurance?
-Doctors
-Needs
-Cost
When your going to purchase health insurance, what 3 things should you consider?
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