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POB Unit 10.00 Question Notes Disability insurance is the part of social Security system that provides pensions to disabled workers and their families. Collision automobile insurance is the type of insurance that covers financial risk to the policyholder’s car due to damage during an accident. Renters’ insurance is needed for a person’s belongings in a building that belongs to someone else. Comprehensive physical damage is protection an automobile owner can purchase to protect from loss due to theft of his/her automobile. It is not necessary to include the condition of the article when presenting an inventory to show proof of loss. Regular medical expense is the type of health insurance that pays part or all of the fees for non-surgical care given in the doctor’s office, the patient’s home, or the hospital. Usual and customary charges are based on the average cost of a specific treatment in a specific location of the country, as computed by insurance companies. No-fault automobile insurance says it does not matter who is legally responsible for an accident. A male wage earner with a dependent wife and three children is someone who MOST needs life insurance. Collision insurance coverage pays for damages to the policyholder’s car caused by collision or by turning over. Convertible term insurance policy can be changed into permanent insurance without the taking of a physical exam. Disability income insurance provides a worker with weekly or monthly payments when he/she is unable to work as a result of an illness or injury covered by the policy. A Renewable life insurance policy may be renewed for one or more terms providing that the policyholder is a good risk. Depreciation is the decrease that happens as property becomes older and its value decreases. Social Security taxes are the taxes paid by workers and matched by the employer to provide a retirement income for those at age 62 and older. Compared to those drivers who are NOT at a high risk, drivers in high-risk categories generally pay higher premiums. If a worker is unable to return to the job due to a job-related illness or accident, a portion of the worker’s wages are paid by worker’s compensation. A claim is a policyholder’s request for payment for a loss that is covered by the insurance policy. Damage to your from car turning over is NOT covered by property damage insurance. Liability is NOT a type of life insurance. When a neighbor trips on your staircase and is injured, your personal property insurance coverage will pay for the treatment. The benefit of good health when purchasing life insurance is that your premiums will be lower. The higher the deductible of an insurance policy the less paid in premiums. Whole life is the permanent insurance that extends over the lifetime of the insured and may include savings. Real property is the property attached to the land. Proceeds are the insurance money that is paid to the beneficiaries. Major medical insurance is the type of insurance for serious or catastrophic illness that falls outside the coverage limits of hospitalization and surgical insurance. Factors that affect insurance premiums are: amount of coverage, type of building, and the location of the building. An automobile owner can get protection against loss resulting from tornadoes and windstorms by purchasing comprehensive physical damage insurance. Surgical expense is insurance that provides benefits to cover part or all of a surgeon’s fees for an operation. The building of more expensive cars is likely to cause an increase in automobile insurance premiums. Medicare is government-provided insurance for people aged 65 or older and some disabled individuals. Medicaid is insurance provided by the government to low income families. Dental or vision insurance is specialty insurance that usually pays a percentage of vision and/or dental care. The age of the policyholder is NOT a factor in determining the premium cost of home insurance. Disability income is NOT included in a comprehensive medical policy. The cost of the insurance is influenced by the age and sex of the insured and the amount of the policy. A tax disadvantage for employers paying higher wages is that they pay the same percentages but higher totals. Variable Life insurance is the type that provides savings and death benefits but allows the policyholder to determine how to invest the cash. A disadvantage to employers paying social security taxes is that employers must match payments by employees. A disadvantage for self-employed workers paying social security taxes is that they pay the entire tax themselves. An insurance agent is a person who sells insurance. Hospitalization is the type of insurance used for illness and injury that require hospitalization. Personal property includes furniture, appliances, and jewelry.
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