Insurance Review

What is Risk?

What is Insurance?

Explain the Purpose of Insurance:

Explain what an Insurance Policy is:

Define "premium"

Define "deductible"

Define "policyholder"

Define "co-pay" and "co-insurance"

Define "beneficiary"

Define "claim"

explain the difference between a "deductible" and a "co-pay."

,explain the difference between "co-pay" and "co-insurance."

Automobile Insurance

Explain Liability Insurance:

Explain Medical Payment ("no-fault") Insurance:

Explain Uninsured and Underinsured Motorist Insurance:

Explain Physical Damage Insurance:

Collision:

Comprehensive:

Health Insurance

Explain each of the following types of health plans, and list one advantage and one disadvantage of each:

Health Maintenance Organization (HMO):

Advantage:

Disadvantage:

Preferred Provider Organization (PPO):

Advantage:

Disadvantage:

High Deductible Health Plan (HDHP):

Advantage:

Disadvantage:

Life Insurance:

What is Term Life?

What is Whole Life?

What is a "Cash Value?"

Which type of life insurance is temporary (Term or Whole)? ___________________

Which type can you keep for your entire life (Term or Whole)? ______________________

Which offers a "cash value" (Term or Whole)? _____________________

Which is usually more expensive (Term or Whole)? ___________________

Disability Insurance

Define Disability Insurance:

What percentage of your wages are typically paid by disability insurance? ____________________

Homeowner's and Renter's Insurance

Explain "property" insurance.

Explain "Liability" insurance.

Homeowner's Insurance:

Who needs it?

What does it cover?

Renter's Insurance:

Who needs it?

What does it cover?