Dave Ramsey Chapter 9 Questions and Answers Already Passed

Dave Ramsey Chapter 9 Questions and Answers Already Passed The purpose of insurance is to increase your investments. t/f False The stop-loss is what you pay before insurance will begin to pay. t/f False Collision insurance pays for the damage to your car if you cause an accident. t/f True A good homeowner's insurance policy will include guaranteed replacement cost. t/f True Term life insurance is more expensive because it funds a savings plan. t/f False The purpose of insurance is to transfer risk so that an accident or injury does not devastate you financially. t/f true Term life insurance is for a specified period, is more expensive, and has no savings plan built into it. t/f False Whole life insurance is normally for life and is cheaper because it funds a savings plan. t/f False Life insurance for a specified period of time is called what Term Insurance The amount you pay annually, quarterly or monthly for insurance is called what Premium Provides an income if the insured person is unable to perform the job he/she trained for Occupational Disability Also known as universal or whole life insurance Cash Value Insurance The time period between the disabling event and when payments actually begin is called Elimination Period This term is filed with an insurance company to get coverage for a loss Claim This insurance covers the contents of a house or apartment when you rent Renter's Insurance Portion of the medical bill you pay before insurance kicks in is called Deductible Insurance that covers damage to a vehicle due to an accident Collision This covers damage to a vehicle not due to an accident Comprehensive The best type of identity theft insurance is one that: Monitors your credit report Includes restoration services In general, a good way to save on insurance premiums is to do what? Increase deductables What is a type of insurance to avoid? Mortgage Insurance What will not likely lead to reduced insurance rates? speeding tickets An elimination period is the time period: Between