Insurance Basics

Question 1

Why does insurance exist?

Answer 1

Incase of sudden situations

Question 2

What are examples of why insurance might be enacted or used?

Answer 2

Sudden accident or death, loss of health, natural disasters

Question 3

What is a premium?

Answer 3

A monthly payment

Question 4

Who are dependents?

Answer 4

People that depend on you (kids, dogs, spouse, etc)

Question 5

What is the most commonly purchased insurance?

Answer 5

Life insurance

Question 6

What is a provision?

Answer 6

Something provided to an individual

Question 7

What insurances are most important to have?

Answer 7

Flood, fire, and comprehensive home coverage

Question 8

How are flood damage and water damage different?

Answer 8

Flood damage is natural and covered, water damage is not

Question 9

What is an Act of God?

Answer 9

An insurance claim that states they cannot provide coverage due to the rare, unsolvable explanation of damage

Question 10

What insurance is mandatory?

Answer 10

Liability insurance

Question 11

What is litigation?

Answer 11

Being held responsible in court for injury or damage

Question 12

What is a rider?

Answer 12

Additional insurance or plan added onto an existing insurance

Question 13

What is Home Owners insurance?

Answer 13

Holding your insurance financially responsible for damage to an individual on your property

Question 14

Why is auto insurance so important?

Answer 14

Makes your vehicle legal and safe to operate on the road without worry of liability

Question 15

What is Liability Insurance Coverage?

Answer 15

Payout in the event of property or physical damage/injury if you were at fault

Question 16

What is Comprehensive Coverage?

Answer 16

Payout in the event of unresponsible circumstances like theft, vandalism, fire, and/or natural disasters

Question 17

When is comprehensive coverage mandatorily given?

Answer 17

If your vehicle is financed.

Question 18

What is Personal Injury Protection?

Answer 18

Covering medical cost no matter who was at fault for the accident

Question 19

What is Rental Reimbursement coverage?

Answer 19

Covers for the cost of a rental if your car is temporarily off the road or totalled

Question 20

What plays a large part in coverage?

Answer 20

Budget

Question 21

If you own a business vehicle, what kind of insurance should you get?

Answer 21

Commercial insurance coverage

Question 22

What is car insurance?

Answer 22

Insured of being covered for car damage, repairs, and injury

Question 23

What is a deductible in car insurance?

Answer 23

Amount payed before the damage is covered

Question 24

What is the coverage limit in car insurance?

Answer 24

100,000 for bodily injury and 50,000 for property damage

Question 25

What is Uninsured Motorist Coverage

Answer 25

Covers you if the other motorist does not have insurance

Question 26

Why is out-of-state insurance not acceptable?

Answer 26

Every state has different laws

Question 27

If your vehicle is registered, what coverage is a requirement in the state of New York?

Answer 27

Auto liability insurance

Question 28

What is the cost of an average emergency room cisit in NYS?

Answer 28

$4000

Question 29

What is the average cost of a hospital stay per day in NYS?

Answer 29

$4000

Question 30

What is the amount for a physical therapy session?

Answer 30

Around $28

Question 31

How much is an EVAC in the state of NY?

Answer 31

$70,000

Question 32

What is the price of an MRI?

Answer 32

$2775

Question 33

What is the price of an X-RAY?

Answer 33

$260

Question 34

What is the amount for a reconstruction surgery?

Answer 34

Around $35,000 per body part

Question 35

What is the price of an Ultrasound?

Answer 35

$350

Question 36

What happens if someone is driving your car and gets into an accident?

Answer 36

The insurance may not cover it

Question 37

What are some ways to lower your car insurance?

Answer 37

Drivers Ed, Bundling, good grades