1743537
Description
Flashcards by lossingraham, updated more than 1 year ago
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Created by lossingraham
almost 10 years ago
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| Question | Answer |
| HO-1 Homeowners insurance covers ___ perils plus ___ liabilities | 11 perils 3 liabilities |
| HO-2 homeowner's insurance covers ___ perils and ___ liabilities | all 18 perils, 3 liabilities |
| HO-3 special form homeowner's insurance offers open-peril protection for ____ property types and ___ liabilities | 4 property types, 3 liabilities |
| HO-4 is ________ insurance | renter's |
| HO-6 is _______ insurance | condiminium |
| HO-8 policies offer protection to __________ homes | older |
| Even though there are 18 named perils for homeowner's insurance, 2 big ones are not covered. What are they? | Earthquake, Flood |
| What is the coverage details for the liability involved in owning, and insuring a home? | -General liability protection: visitor gets injured -No-fault medical payments -No-fault property damage protection |
| How many main types of auto insurance exist? | Four |
| Sometimes referred to as minimal auto insurance, coverage A offers liability for $______ for one person, $______ max for any number of persons, and $______ for property damage | $100,000 for one person $300,000 for multiple persons $50,000 for property damage |
| What car insurance policy needs to be purchased to cover medical costs for passengers? | Coverage B |
| Which car insurance coverage type allows the insurance company to take on a negligent 3rd party? | Coverage B |
| What kind of auto insurance should be purchased to protect against uninsured motorists? | Coverage C |
| What type of auto insurance coverage would cover the automobile itself the best? Why? | Type D, it offers coverage for damage from collision, theft, perils, and other losses. |
| What type of auto insurance coverage would cover a vehicle damaged by a hail storm? | Type D |
| What kind of professionals could benefit from profession liability insurance, besides doctors? | Accountants, lawyers |
| What is the average funeral cost in the US? | $7,000 - $15,000 |
| For a spouse to claim Social Security benefits, they must live in ____ years | 10 years |
| What are 4 common term lengths for term life insurance? | 1, 5, 10, and 20 year terms |
| What are some cons of term life insurance? | Price increases as you age, and there are low returns if you outlive the coverage term |
| The use of cash life policies aren't advised because of this suitable alternative that is probably better in most cases | Roth IRA could be used instead of a cash life policy and offer a better return |
| Health Maintenance Organizations, referred to as HMOs, focus on _______ care | preventative care |
| Name the 6 common ways to cover health care costs | - HMO - Traditional health insurance - High deductible healthcare plan - Medicare (over 65) - Medicaid (low income) - S-chip (children) |
| What is a health insurance co-payment? | A fixed amount you pay out of pocket each time you use a service |
| Define deductable | A deductible is the amount a policy holder pays the insurance company out of pocket before they pay out a claim |
| Define co-insurance, in regards to health insurance coverage | The percentage of costs above the deductible that insurance will pay (typically 80-90%) |
| This law required every US citizen to buy health insurance in 2014 | Affordable Care Act |
| Under the Affordable Care Act, health insurance premiums are now based on three variables now. What are they? | Age, household size, tobacco use |
| Under the Affordable Care Act, coverage is now available through _________ __________ | "health exchanges" |
| What are the three main things we seek to protect with insurance? | -Yourself -Your stuff -Your loved ones |
| A single, working male in his 30s would benefit greatly from _______ insurance | disability |
| What is the price of disability insurance based on? | Elimination/ waiting period, benefit period, age/ optional riders/ premium structure/ occupation/ gender/ stated benefit amount |
| As a rule of thumb, you should seek to protect ___-____% of your annual income with disability insurance | 1-3% |
| Define umbrella policy | Insurance to cover additional liability exposure above and beyond what is offered in the standard plans. |
| What four things need to be considered when planning an estate? | -Health Care Proxy - Durable Power of Attorney -Wills (property and guardianship) -Protect family from headaches |
| Define Estate planning | The financial and legal arrangements made in anticipation of your death or incapacitation |
| If someone dies without a will, their death is considered ___________ | intestate |
| Without a will, distribution of your stuff is decided by | state law |
| The Texas Directive to Physicians and Family or Surrogates regards | life prolonging treatment (vegetative state) |
| Texas Medical Power of Attorney aka durable power of attorney for healthcare allows | allows you to name someone to abort your medical care in the event you become incapable of making informed decisions |
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