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FINA 200 Lecture Notes - Lecture 7: Personal Property, Group Insurance, Insurance

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sapphirecaribou284

14 Apr 2018

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Concordia University

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Document Summary

An insurance policy is a contract between insurance company and person who own the policy. Auto-insurance is coverage provided by insurance company for vehicle or person. There are 3 categories of auto-insurance: third party liability coverage, accident benefits, loss or damage to insured vehicle. This coverage also includes when you drive somebody else"s car with their permission: property damage liability: protects against damages when the policy owner damages another persons property with his car. This insurance policy does not cover his own car or property: accident benefits: insures medical care for you and your passengers in your car (mandotory in all provinces) Uninsured motorist coverage: insures against the cost of bodily injury when an accident is caused by another driver who is not insured: loss or damage to insured vehicle. Collision insurance: covers the damages resulting from an accident in which the driver is at fault.

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Related Questions

1. What would a renterâs insurance policy cover in case of a fire? (Points : 2)

Damages to your neighbor's personal property
Any damages to the building structure
Temporary living expenses, like hotel
Your monthly paycheck

Question 2.2. The insurance designed to help with nursing home or in-home care due to chronic illness is called: (Points : 2)

Medicare
Major medical
Comprehensive major medical
Nursing home care
Long-term care

Question 3.3. A liability suit could result when: (Points : 2)

Lightning strikes your home
Your son falls down the stairs of your home
Your automobile is stolen
Your dog bites the neighbor
Smoke from the fireplace fills your house

Question 4.4. What approach, would determine the amount of life insurance for your family to maintain its current lifestyle and funds after your death? (Points : 2)

Earnings multiple approach
Needs approach
Cash liquidity approach
Funds analysis approach

Question 5.5. The basic purpose of insurance is: (Points : 2)

Protect your health
Protect you from the risk of loss
Supplement your income
Help you from making bad decisions

Question 6.6. Basic health-care benefits cover: (Points : 2)

Hospital expenses only
Hospital and surgical expenses
Hospital, and surgical and physician expenses
There is no basic health-care insurance

Question 7.7. For auto insurance, property coverage pays for: (Points : 2)

Your legal responsibility to others for bodily injury
The cost of treating injuries, rehabilitation, lost wages, and funeral costs
Damage or theft of your car
All of the above

Question 8.8. Life insurance policy designates a primary person who is intended to be provided for. Who is this person? (Points : 2)

beneficiary
contingent beneficiary
policyholder
insured

Question 9.9. Which statement accurately describes term life insurance? (Points : 2)

Provides no investment features
Costs more than other types of life insurance
Has premiums that decrease over one's lifetime
Pays benefits to the insured when the insured reaches age 65

Question 10.10. What is the primary purpose of buying life insurance? (Points : 2)

as a tax shelter
to provide protection from financial losses
as an investment
to cover personal property