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Insurance

Why does insurance often provide “peace of mind”?
People are less worried when they know they have protection from risk.
Which type of insurance policy would someone get to protect others only?
Life insurance
Which is always a cost when buying insurance?
Premium
Maria’s family has a health insurance plan. Her mother has $350 deducted from her paychecks each month.When Maria visited the doctor, her mother paid a $25 fee. The insurance company covered the rest of the cost of the visit.When Maria’s mother went to the hospital, her family was responsible for paying the first $1,000 of the bill. After this payment, the insurance company covered the rest of the costs.
What is the $25 fee Maria’s mother paid when Maria visited the doctor?
Copayment
If two people are invited to invest and become partners in a business, the business owners will then ____ the risk.
Share
The basic purpose of insurance is to provide
protection
If Roland wants to invest money in his own business, how can he avoid risk?
by deciding not to invest the money
Under which circumstance would someone need disability insurance?
A person was in a car accident and cannot work for several months.
How can an insurance company make a profit by taking in premiums and making payouts?
The value of the premiums the company takes in is higher than the value of the payouts it makes.

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