PERSONAL FINANCE/MODULE FIVE/ RISK
MANAGEMENT QUESTIONS WITH 100%
CORRECT ANSWERS
Risk
the uncertainty about a situation's outcome
Premium
is a fee paid to the insurer to be covered under specified terms
Uninsured Motorist Insurance
covers injury or damage to the driver, passengers, or the vehicle caused by a driver with
insufficient insurance
Health Insurance
provides protection against financial losses resulting from injury, illness, and disability
Property Insurance
protects the insured from financial losses due to destruction or damage to property or possessions
Medical Insurance
Insurance to pay for your medical bills
Insurance
is an arrangement between an individual (consumer) and an insurer (insurance company) to
protect the individual against risk
Deductible
the amount paid out of amount by the policy holder for the initial portion of a loss before the
insurance coverage begins
Physical Damage Insurance
covers damages caused to the vehicle
Life Insurance
a contract between an insurer and policyholder specifying a sum to be paid to a beneficiary upon
the insured's death
Liability Insurance
, covers the insured if injuries or damages are caused to other people or their property. This is
required BY LAW to drive!
Policy
a contract between the individual and the insurer specifying the terms of the insurance
arrangements
Automobile Insurance
Automobile Insurance is an arrangement between an individual (consumer) and insurer
(insurance company) to protect the individual against risk from automobile accidents
Collision
covers a collision with another object, car, or from a rollover. Pays for THEIR loss if you are at
fault.
Disability Insurance
replaces a portion of one's income if they become unable to work due to illness or injury
Renter's Insurance
protects the insured from loss of the contents of the dwelling rather than the dwelling itself
Policyholder
a consumer who purchases the policy
Medical Payment Insurance
covers injuries sustained by the driver of the insured vehicle or any passenger regardless of fault
Comprehesive
covers all physical damage losses except collision and other specified losses
Homeowners Insurnace
combines property and liability insurance into one policy to protect a home from damage costs
due to perils.
Unauthorized use or user
Transactions to your ATM, debit, or credit card that you didn't make or approve (such as
withdrawals, transfers, purchases, or charges) and for which you received no benefit.
Does Gender effects your car premimume's
Yes, Men have more accidents and thus higher premimums
Who is Medicare designed to help?
MANAGEMENT QUESTIONS WITH 100%
CORRECT ANSWERS
Risk
the uncertainty about a situation's outcome
Premium
is a fee paid to the insurer to be covered under specified terms
Uninsured Motorist Insurance
covers injury or damage to the driver, passengers, or the vehicle caused by a driver with
insufficient insurance
Health Insurance
provides protection against financial losses resulting from injury, illness, and disability
Property Insurance
protects the insured from financial losses due to destruction or damage to property or possessions
Medical Insurance
Insurance to pay for your medical bills
Insurance
is an arrangement between an individual (consumer) and an insurer (insurance company) to
protect the individual against risk
Deductible
the amount paid out of amount by the policy holder for the initial portion of a loss before the
insurance coverage begins
Physical Damage Insurance
covers damages caused to the vehicle
Life Insurance
a contract between an insurer and policyholder specifying a sum to be paid to a beneficiary upon
the insured's death
Liability Insurance
, covers the insured if injuries or damages are caused to other people or their property. This is
required BY LAW to drive!
Policy
a contract between the individual and the insurer specifying the terms of the insurance
arrangements
Automobile Insurance
Automobile Insurance is an arrangement between an individual (consumer) and insurer
(insurance company) to protect the individual against risk from automobile accidents
Collision
covers a collision with another object, car, or from a rollover. Pays for THEIR loss if you are at
fault.
Disability Insurance
replaces a portion of one's income if they become unable to work due to illness or injury
Renter's Insurance
protects the insured from loss of the contents of the dwelling rather than the dwelling itself
Policyholder
a consumer who purchases the policy
Medical Payment Insurance
covers injuries sustained by the driver of the insured vehicle or any passenger regardless of fault
Comprehesive
covers all physical damage losses except collision and other specified losses
Homeowners Insurnace
combines property and liability insurance into one policy to protect a home from damage costs
due to perils.
Unauthorized use or user
Transactions to your ATM, debit, or credit card that you didn't make or approve (such as
withdrawals, transfers, purchases, or charges) and for which you received no benefit.
Does Gender effects your car premimume's
Yes, Men have more accidents and thus higher premimums
Who is Medicare designed to help?
