Insurance Answers

Insurance is a financial service that allows a

After he bought a new car, Nelson purchased car insurance. He must pay $75 each month for the plan.Later that month, Nelson caused a car accident when he lost control of his vehicle. He was required to pay the first $500 of his repair costs, and then the insurance company covered the rest.

Insurance companies create a pool of funds to handle ______

An entrepreneur keeps backup funds in a savings account so that if their business experiences a loss, they will be able to recuperate. What type of risk management is this an example of?

After he bought a new car, Nelson purchased car insurance. He must pay $75 each month for the plan.Later that month, Nelson caused a car accident when he lost control of his vehicle. He was required to pay the first $500 of his repair costs, and then the insurance company covered the rest.

Roland has purchased a new tablet. How can he reduce the risk of damage or misuse? Choose three correct answers.by using a screen protectorby letting his toddler play with itby using an antivirus appby using a protective caseby letting his friends borrow it

Which is always a cost when buying insurance?

Which questions about risk should someone ask before making a big purchase? Check all that apply. What problems are most likely to happen?What can be done to avoid liability?What could go wrong?What problems could be most damaging?What option has no risk?

Which type of insurance policy would someone get to protect others only?

What is an insurance premium?

An entrepreneur keeps backup funds in a savings account so that if their business experiences a loss, they will be able to recuperate. What type of risk management is this an example of?

The basic purpose of insurance is to provide

Maria's family has a health insurance plan. Her mother has $350 deducted from her paychecks each month.When Maria visited the doctor, her mother paid a $25 fee. The insurance company covered the rest of the cost of the visit.When Maria's mother went to the hospital, her family was responsible for paying the first $1,000 of the bill. After this payment, the insurance company covered the rest of the costs.

In what way does a deductible help an insurance company?

Roland has purchased a new tablet. How can he reduce the risk of damage or misuse? Choose three correct answers.by using a screen protectorby letting his toddler play with itby using an antivirus appby using a protective caseby letting his friends borrow it

Why does insurance often provide "peace of mind"?

What must happen in order for an insurance company to make a payout? Check all that apply. The insurance company must verify the claim.The insured party must file a claim.The insured party must purchase property.The insurance policy must be in place.The insured party must experience a covered loss.

Which is always a cost when buying insurance?

How can an insurance company make a profit by taking in premiums and making payouts?

Maria's family has a health insurance plan. Her mother has $350 deducted from her paychecks each month.When Maria visited the doctor, her mother paid a $25 fee. The insurance company covered the rest of the cost of the visit.When Maria's mother went to the hospital, her family was responsible for paying the first $1,000 of the bill. After this payment, the insurance company covered the rest of the costs.