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.

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?

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.

Why does insurance often provide "peace of mind"?

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?

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

Under which circumstance would someone need disability insurance?

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