Finance 2164 Final Review eXaM wiTH cORRecT acTUal
QUeSTiOnS anD cORRecTlY well DeFineD anSweRS laTeST
alReaDY GRaDeD a+
Insurance Agencies - anSweR-Businesses that sell insurance to individuals and/or businesses
- Usually not owned by the insurance companies for which they sell insurance policies
Types of Insurance for Individuals - anSweR-- Life
- Health
- Long-Term Care
- Disability
- Homeowners and Rental
- Car
- Umbrella
- Travel
Life Insurance - anSweR-Pays off if you die
Health Insurance - anSweR-Covers healthcare costs
Long-term care Insurance - anSweR-Provides funds for nursing home care
Disability Insurance - anSweR-Provides income if you become disabled and can't work
Homeowners and Rental Insurance - anSweR-Covers damage to your house/apartment/condo
and theft losses
, Car Insurance - anSweR-Covers damage to your car or theft of your car
Umbrella Insurance - anSweR-Supplemental insurance to cover costs that aren't covered by
your other policies
Travel Insurance - anSweR-Covers medical and evacuation costs when you travel overseas
Types of Insurance for Businesses - anSweR-- Property
- Business Interruption
- Directors and Officers'
- Liability Insurance
- Workmen's Compensation
- Businesses can also offer life, health and disability insurance to their workers
Property Insurance - anSweR-Covers damage to buildings and equipment
Business Interruption Insurance - anSweR-Covers lost profits if something significantly disrupts
the ability to do business (fire, natural disaster, etc.)
Directors and Officers' Insurance - anSweR-Covers cost of litigation against directors and
officers
Liability Insurance - anSweR-Covers the costs of lawsuits against a business
Workmen's Compensation - anSweR-Covers the costs of on-the-job injuries to workers
Underwriting (Insurance-related job) - anSweR-Assessing the risk of an individual or company
and setting the appropriate price for the insurance company
QUeSTiOnS anD cORRecTlY well DeFineD anSweRS laTeST
alReaDY GRaDeD a+
Insurance Agencies - anSweR-Businesses that sell insurance to individuals and/or businesses
- Usually not owned by the insurance companies for which they sell insurance policies
Types of Insurance for Individuals - anSweR-- Life
- Health
- Long-Term Care
- Disability
- Homeowners and Rental
- Car
- Umbrella
- Travel
Life Insurance - anSweR-Pays off if you die
Health Insurance - anSweR-Covers healthcare costs
Long-term care Insurance - anSweR-Provides funds for nursing home care
Disability Insurance - anSweR-Provides income if you become disabled and can't work
Homeowners and Rental Insurance - anSweR-Covers damage to your house/apartment/condo
and theft losses
, Car Insurance - anSweR-Covers damage to your car or theft of your car
Umbrella Insurance - anSweR-Supplemental insurance to cover costs that aren't covered by
your other policies
Travel Insurance - anSweR-Covers medical and evacuation costs when you travel overseas
Types of Insurance for Businesses - anSweR-- Property
- Business Interruption
- Directors and Officers'
- Liability Insurance
- Workmen's Compensation
- Businesses can also offer life, health and disability insurance to their workers
Property Insurance - anSweR-Covers damage to buildings and equipment
Business Interruption Insurance - anSweR-Covers lost profits if something significantly disrupts
the ability to do business (fire, natural disaster, etc.)
Directors and Officers' Insurance - anSweR-Covers cost of litigation against directors and
officers
Liability Insurance - anSweR-Covers the costs of lawsuits against a business
Workmen's Compensation - anSweR-Covers the costs of on-the-job injuries to workers
Underwriting (Insurance-related job) - anSweR-Assessing the risk of an individual or company
and setting the appropriate price for the insurance company
