Insurance Questions with accurate answers, 2022/2023. Rated A+. Rated A

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Insurance Questions with accurate answers, 2022/2023. Rated A+. Rated A Actuary - ✔?A person who compiles and analyzes statistics to calculate risk and determine insurance rates and premiums C... atastrophic Health Insurance - ✔?Health insurance that provides protection against the high cost of treating severe or lengthy illness or disabilities and usually has a high deductible and lower premiums CHIP - ✔?Children's Health Insurance Program. A program that provides low-cost health coverage to children in families who earn too much money to qualify for Medicaid Claim - ✔?A formal request from the customer to an insurance company asking for a payment based on the terms of the insurance policy Collision Coverage - ✔?Auto insurance that protects you against costs to repair your own vehicle after a crash Comprehensive Coverage - ✔?Auto insurance that protects you against costs to repair or replace your vehicle after events out of your control such as weather, vandalism, theft, etc. Conditions of the Policy - ✔?The portion of a car insurance policy that spells out the details for how to make a claim, what information you must have, how much time you have, and how to cancel your policy Copay - ✔?A fixed dollar amount that you agree to pay each time you receive medical treatment, such as a doctor's visit or prescription Coverage Limit - ✔?The maximum amount an insurance company will pay if you file a claim Declaration Page - ✔?The page of a car insurance policy which includes a summary description of the insurance coverage provided and gives the maximum dollar limit the insurer will pay for a claim under each coverage Deductible - ✔?The amount of money you agree to pay towards your losses before your insurance coverage will begin paying Disability Insurance - ✔?A type of insurance paid to an individual if they are injured and unable to work for a specified length of time Extended Warranty - ✔?An additional form of protection that can be purchased to extend/enhance a manufacturer's warranty on consumer goods, like phones and electronics Federal Deposit Insurance Corporation (FDIC) - ✔?The U.S. corporation insuring deposits in US banks against bank failure FSA - ✔?Flexible Spending Account. An account set up through an employer to cover health costs with pretax dollars that has very little or no rollover from year to year. HMO - ✔?Health maintenance organization. A health insurance plan in which patients receive health care from designated providers. Homeowners Insurance - ✔?A form of property insurance, available to property owners, that covers losses to the physical structure as well as to their personal property and protects the insured person from liability claims HSA - ✔?Health savings account. An account where you contribute pre-tax dollars for expected medical expenses Insurance - ✔?An agreement where you make regular payments to a company and the company promises to pay you money if you suffer a specified injury, illness, loss, etc. Insurance Agent - ✔?An employee of an insurance company who sells insurance policies and provides customer service Insurance Fraud - ✔?An act on the part of either the buyer or seller of an insurance contract in an attempt to gain money illegally Insurance Policy - ✔?A contract in which an individual or entity receives financial protection or reimbursement against losses Insuring Agreement - ✔?The main part of a car insurance policy, which clearly spells out every point of what coverage you receive for the premium you're paying Liability Coverage - ✔?Auto insurance that protects you against medical costs for the bodily injury of others and damages to the property of others if you are at fault in an accident Life Insurance - ✔?Insurance paid to named beneficiaries when the insured person dies Loss - ✔?When someone with insurance endures a negative outcome, such as injury or theft, and expects payment from the insurance company to compensate them Medicaid - ✔?A federal and state assistance program that pays [Show More]

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