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 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.
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 quizlet?
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.
Terms in this set (11)
Which statement best defines the term premium?
It is a fee paid to an insurance company to purchase coverage.
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.
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!
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.
Which of these types of health insurance can you buy?
- Health maintenance organizations (HMOs)
- Preferred provider organizations (PPOs)
- Exclusive provider organizations (EPOs)
- Point-of-service (POS) plans.
- High-deductible health plans (HDHPs), which may be linked to health savings accounts (HSAs)
An insurance premium is the amount of money
an individual or business pays
for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance. Once earned, the premium is income for the insurance company.
What type of auto insurance are you required to carry in almost every state 49 out of 50 )? Quizlet?
What is liability coverage? Liability coverage insures you against the cost of injury and damage you cause to another in an automobile accident. It's made up of two policies, bodily injury liability, and property damage liability.
Auto liability insurance
is required in virtually every state.
Why is liability coverage so important?
It
Protects After an Injury
After an injury accident has occurred on your company's premises
, liability insurance can cover the cost of medical bills and other expenses incurred by the injured party. Without liability insurance, your company may be responsible for all of this and more.
Which form of government insurance provides medical care to senior citizens quizlet?
Medicare
is a federal health insurance government sponsored program which provides health care and other medial benefits those those age 65 and older and those eligible who are disabled. Medicare is composed of 2 parts, health insurance and supplementary Medical Insurance (SMI).
Why does insurance often provide peace of mind?
Why does insurance often provide “peace of mind”?
People are less worried when they know they have protection from risk
.
Which type of insurance is best?
There are, however, four types of insurance that most financial experts recommend we all have:
life, health, auto, and long-term disability
.
