Match each term with its definition.
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Premium | arrow_right_alt | The contract between you and the insurance company. |
Deductible | arrow_right_alt | The exact terms of an insurance policy. |
Coverage | arrow_right_alt | You. |
Policyholder | arrow_right_alt | The cost of an insurance policy policy. |
Policy | arrow_right_alt | A request for the insurance company to pay for something after you experience a loss, illness, or injury. |
Claim | arrow_right_alt | The money YOU have to pay before the insurance company will cover any costs. |
Generally speaking, the higher your premium, the _________ your deductible.
Emily's health insurance has a $500 deductible. She steps on a nail, goes to the hospital, and gets a bill for $1200.
How much of the bill will Emily have to pay using her own money?
Bob's auto liability insurance is quoted as 22/30/5.
If Bob gets in an accident, what is the maximum amount that the insurance company will pay for one person's injuries?
Use this scenario for questions 5 and 6:
Billie Jean has auto liability insurance is quoted as 100/300/50.
If Billie Jean drives through a homeowners fence causing $2000 damage to the fence, then smashes into the house causing $50000 more dollars in damage to the home, what is the maximum amount that the insurance company will pay for the property damage?
How much will Billie Jean need to pay for the propery damage?
Use the scenario below for questions 7 & 8:
Ronaldo has 50/250 bodily injury liability. He loses control of his car and injures 18 children in a Little Leauge Game. Each child is awared $20,000 as a result of a lawsuit.
How much will the insurance company pay in total for this lawsuit?
How will Ronaldo be personally responsible for?
A bowling ball sized piece of hail falls from the sky and smashes into Mr. Armstrong's truck. Luckily, he has insurance to transfer the risk from himself to the insurance company. In many Auto Insurance policies, this event is called an "ACT OF GOD". What part of the insurance coverage will cover hail damage?
The aforementioned large piece of hail does $2000 worth of damage to Mr. Armstrong's awesome truck. He has a $500 deductible. How much will the insurance company pay for the damage?
What is the minimum type of Auto Insurance you are required to have by law?