Insurance Offers Consumers – Consumer Education
| Question: Property Risks | Answer: Facing monetary setbacks when your asset gets harmed, obliterated, or is taken away. |
| Question: Personal Risks | Answer: Health issues, accidents, incapacitation, or passing of a loved one can lead to the cessation of their financial contribution, alongside additional outlays like medical charges and final rites expenses. |
| Question: Liability | Answer: The obligation to compensate someone if they have incurred harm or loss due to your actions. |
| Question: Insurance | Answer: Acquired safeguard that promises to compensate you under predetermined loss conditions. |
| Question: Transferring Risk | Answer: Distributing one individual’s financial risk by dividing it among numerous participants. |
| Question: Indemnity | Answer: Returning the insured person to the financial state they held prior to the mishap. |
| Question: Insurable Interest | Answer: Possessing a financial involvement in the life or property being insured. |
| Question: Policy | Answer: Formal document that outlines the terms between the individual buying the insurance(policy holder) and the insurer. |
| Question: Exclusions | Answer: Particular hazards that aren’t included in an agreement. |
| Question: Endorsements | Answer: Often referred to as riders; modifications to a basic insurance contract that either expand or reduce coverage. |
| Premiums | Fees paid by policyholders to the insurer in exchange for protection. |
| Claim | A formal appeal to receive compensation for damages. |
| Deductible | The predetermined cost the policyholder must bear per lost before the insurer will pay benefits. |
| Co-Insurance | A system where both the insurer and the policyholder divide the expenses of claims once the deductible is satisfied. |
| Auto Insurance | Coverage for damages, mishaps, or theft related to a vehicle. |
| Health Insurance | Protection for medical consultations, spinal adjustments, emergencies, and surgical procedures. |
| Life Insurance | A policy that provides financial support to a chosen individual upon one’s passing. |
| Group Insurance Coverage | Typically acquired via one’s workplace. |
| Personal Insurance | Plan Coverage that you buy on your own. |
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