Check all that apply.
to gain greater confidence and security
. to avoid having to reduce risky behavior. to be prepared for problems or changes. to avoid paying costly monthly premiums.
Which is a benefit of purchasing insurance quizlet?
insurance
protects a person for his or her entire lifetime
. It is recommended for people who want to buy life insurance for protection and as an investment.
How can avoiding speeding tickets affect an automobile insurance policy?
How can avoiding speeding tickets affect an automobile insurance policy?
It can help keep premiums down
. … It is a fee paid to an insurance company to purchase coverage.
What is one benefit of submitting a claim to an insurance company quizlet?
What is one benefit of submitting a claim to an insurance company?
It helps to cover any expenses for a loss.
What are the benefits of purchasing insurance?
The obvious and most important benefit of insurance is
the payment of losses
. An insurance policy is a contract used to indemnify individuals and organizations for covered losses. The second benefit of insurance is managing cash flow uncertainty. Insurance provides payment for covered losses when they occur.
What are the 4 types of insurance?
- Home Insurance. As the home is a valuable possession, it is important to secure your home with a proper home insurance policy. …
- Motor Insurance. Motor insurance provides coverage for your vehicle against damage, accidents, vandalism, theft, etc. …
- Travel Insurance. …
- Health Insurance.
What are the benefits of insurance to business?
- Provides bodily injury coverage. …
- Provides property damage coverage. …
- Covers for advertising liability. …
- Helps minimise the financial losses. …
- Coverage for lawsuits and settlements. …
- Helps promotes business continuity. …
- Aids in risk-sharing. …
- Protects the business image.
What are the benefits of naming a secondary beneficiary in a will check all that apply quizlet?
What are the benefits of naming a secondary beneficiary in a will? Check all that apply. –
It could prevent a will from going into probate.
-It avoids confusion if the primary beneficiary dies first.
What is the primary reason for purchasing insurance quizlet?
the primary reason for purchasing life insurance is
to provide death benefits
. What kind of life insurance policy is issued by a mutual insurer provides a return of divisible surplus? You just studied 16 terms!
Terms in this set (11)
Which statement best defines the term premium?
It is a fee paid to an insurance company to purchase coverage.
How long does a ticket stay on your record?
A typical traffic ticket stays on your record for
approximately three years
, potentially impacting your car insurance rates and ability to drive. However, the actual amount of time a ticket will affect you depends on the record.
How do insurance companies find out about tickets?
When it comes to finding out about speeding tickets,
the motor vehicle record (MVR)
is the report dejour for insurers. … Your entire driving violation history (not just speeding tickets) is kept on record and available at the click of a button to every insurance company who subscribes to the service.
How much does 4 points affect insurance?
We found that 4 points on a driver's license can increase car insurance rates by as much as 44%, or
$1,281 per year
, based on our analysis of rates in Florida.
How an Insurance Premium Works. When you sign up for an insurance policy,
your insurer will charge you a premium
. This is the amount you pay for the policy. Policyholders may choose from several options for paying their insurance premiums.
What is the process of insurance claim?
Claim settlement is one of the most important services that an insurance company can provide to its customers. Insurance companies have an obligation to settle claims promptly. You will need to fill a
claim form
and contact the financial advisor from whom you bought your policy.
What is the primary purpose of insurance?
Purpose of insurance
Its aim is
to reduce financial uncertainty and make accidental loss manageable
. It does this substituting payment of a small, known fee—an insurance premium—to a professional insurer in exchange for the assumption of the risk a large loss, and a promise to pay in the event of such a loss.
