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41 Cards in this Set
- Front
- Back
In addition to protecting your possessions, a ____________ will also protect you in case someone is injured in your home. |
Renter's policy
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What is a managed care plan with a provider network? |
PPO (Preferred Provider Organization |
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If you have a high _____________ you may pay more if you have an accident, but it may save you money when you pay your premium. |
Deductible |
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What kind of life insurance is for a specific period of time? |
Term Life insurance |
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This type of insurance is required in Oklahoma and covers any damage to others if you have an accident. |
Liability insurance |
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What type of policy covers repairs to your car if you run into a tree? |
Collision insurance |
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Life-long insurance policies that build cash value are called what? |
Whole Life policies |
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What type of policy protects against theft, vandalism, and natural disasters? |
Comprehensive |
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If you're involved in an accident, what should you file with your insurance agent? |
A claim. |
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What type of insurance is important if you are financially responsible for other people? |
Life insurance |
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What type of insurance causes the entire premium to be more if you add a teenager? |
Auto insurance |
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This is the most common type of insurance policy-after auto insurance. |
Health insurance |
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Who receives financial compensation in the event of a death? |
The Beneficiary |
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This provides financial protection against loss, damage of belongings, or inability to maintain a standard of life. |
Insurance |
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The kind of insurance protects against loss of income. |
Disability insurance |
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Insurance is a form of ____________________ management. |
Risk |
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An insurance _________________ is invested and can provide a type of forced savings. |
Premium |
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If you are a member of this, you may have lower out of pocket fees. |
HMO (Health Maintenance Organization) |
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Who regulates the auto insurance in Oklahoma? |
Oklahoma Insurance Board |
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What does Oklahoma require for the minimum auto liability coverage? |
25/50/25 |
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What is uninsured motorist coverage? |
Auto insurance that compensates you and your passengers if you're involved with an accident caused by someone with no insurance or hit and run accident. |
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Medicare is for people who have disabilities or for people who are how old? |
65 years old |
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What are insurance brokers? |
They work with several companies to find the best insurance for their clients. |
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What type of insurance will pay medical bills if someone is hurt at your home? (very similar to renter's insurance) |
Homeowner's insurance |
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Who has the highest auto insurance premiums? |
Young adult males |
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What are some things that may lower your insurance premiums? |
Driving fewer miles every day Get all of your insurance from one carrier Shop around with different carriers Student Discounts (if offered) Higher deductibles Defensive driving courses Make sure you select the right amount of coverage for your needs. |
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GAP insurance is purchased through your lien holder to cover any amount still due to your lien holder, after your auto insurance pays, if you total your vehicle. Is GAP insurance required in Oklahoma? |
No. |
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True or False: you will never have to pay out of pocket expenses for health care if you have major medical health coverage. |
False |
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True or False: Health insurance are not allowed to put limits on total health care payments. |
False |
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True or False: In most states is is a legal requirement to have liability coverage on your car. |
True |
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If you are renting a home, the insurance for your possessions and liability are the responsibility of the landlord. |
False |
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A payment maid by an individual who has health insurance, usually at the time a service is received is called what? |
A co-payment. |
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What is the the person named to receive the benefits from an insurance policy? |
Beneficiary |
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The legal responsibility of the financial costs of another person's injuries, damage or loss |
Liability |
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A written request submitted to your insurance company to cover a loss |
Claim |
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The amount you must pay out of your own pocket before the insurance company will step in and pay; common with both health and auto insurance. |
Deductible |
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A means of spreading individual risk around to a larger group in order to make the losses more affordable |
Insurance |
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Fees paid for an insurance policy |
Premium |
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Chance that the value of an investment will decrease; the possibility of loss |
Risk |
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Name 6 different types of insurance. |
Health Insurance, Auto Insurance, Life Insurance, Disability Insurance, Homeowner's Insurance, Renter's Insurance |
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What factors influence your auto insurance premiums |
Age, Marital Status, Mileage, type of car, zip code, driving record, credit history, the amount of your deductible. |