Insurance Answers

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.

When an insurance company needs to provide a payout, the money is removed from

Under which circumstance would someone need disability insurance?

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.

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

Which is always a cost when buying insurance?

Insurance companies create a pool of funds to handle ______

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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

In what circumstance would a property insurance claim be rejected?

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?

What is an insurance premium?

Insurance is a financial service that allows a

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.

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?

Most people prefer to pay health insurance premiums rather than pay out-of-pocket for medical expenses because