Finance

The purpose of insurance is to increase your investments False
The stop-loss is what you pay before insurance will begin to pay False
Collision insurance pays for the damage to your car if you cause an accident True
A good homeowners insurance policy will include guaranteed replacement cost True
Term life insurance is more expensive because it funds a savings plan False
The purpose of insurance is to transfer risk so that an accident or injury does not devastate you financially Trur
Term life insurance is for a specified period, is more expensive, and has no savings plan built into it. False
Whole life insurance is normally for life and is cheaper because it funds a savings plan False
Life insurance for a specified period of time Term insurance
The amount you pay annually, quarterly or monthly for insurance Premium
Provides an income if the insured person is unable to perform the job he/she trained for Occupational disability
Also known as universal or whole life insurance Cash value insurance
The time between the disabling event and when payments actually begin Elimination period
Filed with an insurance company to get coverage for a loss Claim
Covers the contents of a house or apartment when you rent Renters insurance
Portion of the medical bill you pay before insurance kicks in Deductible
Covers damage to a vehicle due to an accident Collision
Covers damage to a vehicle not due to an accident Comprehensive
The best type of identity theft insurance is one that Monitors your credit report Includes restoration services
In general, a good way to save on insurance premiums is to Increase your deductible
Which is a type of insurance to avoid? Mortgage insurance
Which of the following will not likely lead to reduced insurance rates? Speeding ticket
An elimination period is the time period: Between the disabling event and when payments begin
Which of the following statements is not true about cash value life insurance? Cash value is essential for anyone over 65
College students need what type of insurance? All of the above
Whole life insurance No, it is not necessary
Mortgage insurance No
Term life insurance Yes
Identity theft protection Yes
Cancer insurance No
Credit card protection insurance No
Accidental death insurance No
Occupational disability Yes

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