Personal Finance: Insurance

Insurance can be defined as
Protection against accidents
Protection against financial loss
Protection against stupidity
Protection against disasters
Auto insurance can protect the car owner from
Theft
Vandalism
Accidents
Acts of Nature
Homeowner's and Renter's Insurance protect against
Loss from fire
Loss from theft
Loss from nature
Loss from injuries on the property
The amount paid for insurance is the
Principle
Premium
Deductible
Claim
Some types of car insurance are:
Liability
Comprehensivee
Collision
Uninsured Motorist
A special or additional insurance policy for an object (like jewelry or tools) or circumstance (like an earthquake or flooding) is called
Additional Premium
Liability Insurance
Social Security
Rider
Life insurance does what?
Offers protection in case of death
Offers benefits in case of accidents
Offers benefits when someone has a long life
Offers coverage for someone's whole life
Through deductions in paychecks, everyone contributes to
Medicare
MedicAid
Social Security
Liability Insurance
Health insurance policies often have the following:
Annual Deductible
Co-pay
Annual out-of-pocket
Prescription coverage (of some sort)
Disability insurance is a type of insurance that
Covers a person in case of illness or injury
Is rarely used
Is used often
Can be a type of long-term care insurance
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