Chapter 8 Insurance PF

A type of insurance that provides basic lifetime protectionwhile premiums are paid. 

6. An example of a managed care plan is 

A risk with a possibility of loss but no possibility of gain is a pure risk. 

15. An insurance coverage that protects you when you cause an auto accident with injuries is 

A person who has purchased insurance. 

Carrying adequate auto insurance is a major responsibility of car owners. 

A healthcare plan that pays for covered services after treatmentis provided. 

14. Renters insurance will cover the loss of 

8. The law that provides for a person to continue their health insurance if unemployed is 

An individual who relies on someone else for financialsupport. 

A person named by a policyholder to receive the death benefitof a policy. 

A measure of the likelihood that something will be lost. 

Major medical usually covers basic coverage like meds, hospital stays, and inpatient tests. 

The most effective way of handling serious risks are avoidance, reduction, and transference. 

2. A risk that could result in either financial gain or financial loss is a 

Increasing the deductible amount can reduce premiums for collision andcomprehensive damage. 

Speculative risks are insurable because they are taken willingly. 

A type of policy that provides protection only for a specificperiod of time. 

A special insurance policy to cover things like jewelry, boats,and artwork. 

9. Long-term care insurance covers costs related to 

An amount of money regularly paid to an insurance company for a policy. 

Disability insurance pays a portion of lost income to a worker due to injury/illness of a child

1. A category of pure risk is a 

11. If you are hurt on the job, you are covered by law under 

10. Disability insurance may replace what percentage of income loss? 

3. The main purpose of insurance is to provide financial protection in the event of 

A form of risk management that pools premiums of a large group of people. 

Double indemnity provides for double benefits if a death is accidental. 

4. A type of insurance that protects against financial risks is ________ insurance. 

Most private insurance programs are group plans through employers and unions. 

An insurance type designed to simplify and speed uppayments to accident victims. 

An insurance coverage that pays others for losses caused bythe insured in an auto accident. 

7. An insurance plan with a tax-advantaged savings account is a 

5. An amount you must pay toward your medical expenses before insurance pays is the 

Insurance companies can use your credit score to quote an insurance rate to you. 

A process of measuring risk and finding ways to minimize loss. 

A flat fee the patient must pay for medical services. 

A person who is required to be in the hospital.