FL 7.4 - 7.5

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deductible
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Terms in this set (26)
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
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 protectioncovers medical expenses, lost wages, and certain other costs like child care while you visit the doctor5 types of Insurance policies & coverage you need1. Health Insurance 2. Car Insurance 3. Homeowners or Renters Insurance 4. Life Insurance 5. Disability Insurance5 unnecessary insurance policies1. flight insurance 2. life insurance for kids 3. accidental death insurance 4. disease insurance 5. mortgage life insuranceWhat to consider when purchasing health insuranceNeeds Doctors CostWhat does car insurance cover?Liability Personal Injury Protection Collision Comprehensive Uninsured or Underinsured Motorist Medical PaymentsTrue or False: Once you sign up for health insurance, your medical costs will be $0FalseTrue or False: Everyone pays the same premiumFalse___ out of ___ teen crashes involve distractions6 out of 10What is the purpose of insurance?transfer riskWhy do insurance companies have a large pools of people to pay premiums?The premium payments of all the insured clients will cover the costs for the emergencies of the few who need itWhat is the most important type of insurance?Health InsuranceTypes/percentages of insurances we have in the USAuto- 72% Health- 70% Life- 45% Homeowners-43% Renters- 14% Fire- 13% Earthquake-7% Flood-6% Pet-3% Travel-3%Percentage of teen distractions15%- 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 objectWhy does insurance cost less for married couples?They are more responsible driversWhy does Insurance cost more for teen boys then girls?They are less responsible drivers and are more likely to speed and take risksWhat color cars are most likely to get in crashes? least likely?Most- Black Least- Yellow