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Chapter 6 Personal Risk Management

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Protecting Property, Protecting Income, risk assessment, risk strategies

Created Date 02.28.20
Last Updated 03.02.20
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  • __________ pays for medical, hospital, and funeral costs of the insured, the insured's family, and other passengers in the insured's car in the event of an accident.
  • Insurance providers are not allowed to charge higher or lower auto insurance premiums based on the driver's age.
  • Term life insurance provides a death benefit and builds a cash value.
  • The beneficiary is the person covered by a life insurance policy.
  • A stop-loss provision in your health insurance policy limits the amount your insurance company will have to pay out in a given year.
  • All but two states have financial responsibility laws that require drivers be prepared to pay for damages caused to others.
  • Uninsured/underinsured motorist insurance would cover pedestrians who are injured by an uninsured motorist.
  • With a health savings account (HSA), the balance not used by the end of the year is forfeited.
  • Long-term care insurance will cover the expenses involved in extended care for a young person suffering from a debilitating injury.
  • Group life insurance makes it possible for individuals who would not qualify for an individual policy to have life insurance.
  • An umbrella policy is so named because it provides liability coverage above that of your homeowners and car insurance.
  • Medicaid is a government-sponsored health insurance program for senior citizens.
  • Renters insurance protects your personal belongings when they are in your car.
  • Every state has an assigned risk pool that allows drivers with poor driving records to obtain basic liability coverage.
  • The Affordable Care Act requires all U.S. citizens to have health insurance or pay a penalty for failing to do so.
  • Which type of health plan requires patients to choose caregivers from an approved list of independent health care providers or pay a higher portion of the costs?
  • The type of health care coverage that would pay for extended hospital stays is
  • Which type of insurance coverage protects against damage to your own vehicle when you are at fault in hitting another car?
  • If your health insurance has a $10,000 stop-loss provision, what percentage of medical expenses will it pay once you have incurred $10,000 in deductibles and copays in a year?
  • Buying insurance is an example of which risk strategy?
  • If a visiting guest is injured inside a tenant's apartment, who is responsible for the injuries?
  • Which type of health plan emphasizes preventive care?
  • Which of the following would not be covered by a regular homeowner's insurance policy?
  • Self-insuring is an example of which risk strategy?
  • A person suing you and possibly winning a large judgment against you is an example of
  • One method of assuming risk is to __________, which involves setting aside money to be used in the event of injury or loss of assets.
  • A __________ is an amount you must pay toward your medical expenses before your insurance begins to pay.
  • __________ is the process of identifying your risks and deciding how serious they are.
  • A __________ is the price you pay for insurance coverage.
  • __________ coverage provides protection against damages caused by a motorist who is at fault but does not have sufficient insurance or means to pay for the full extent of your damages.
  • A __________ plan allows patients to choose doctors and other providers for medical services without using an approved list.
  • The likelihood of a risk actually resulting in a loss is called __________.
  • ________ provides income to replace a portion of normal earnings when the insured is unable to work due to a nonwork-related injury or illness.
  • __________ is government-sponsored health insurance for people age 65 or older that is run by the Social Security Administration.