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Insurance Jeopardy ©. Joan Koonce, Ph.D., AFC (SM) Extension Financial Planning Specialist. Terminology & Concepts. Health & Disability Insurance. Life Insurance. Property & Liability Insurance. Other/ Supplemental Insurance. 100. 100. 100. 100. 100. 200. 200. 200.

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insurance jeopardy

Insurance Jeopardy©

Joan Koonce, Ph.D., AFC(SM)

Extension Financial Planning Specialist



& Concepts

Health &






& Liability































Terminology & Concepts - 100

This is the dollar amount you pay towards your expenses before the insurance company pays their portion.
  • What is the deductible?
many insurance companies will not cover these until after a waiting period has expired

Terminology & Concepts - 300

Many insurance companies will not cover these until after a waiting period has expired.
  • What are pre-existing conditions?

Terminology & Concepts - 400

This provision in an insurance policy puts a limit on the total amount you will pay out of pocket for your loss.
  • What is a coinsurance cap or stop-loss provision?

Terminology & Concepts - 500

This provision in an insurance contract prevents you from being reimbursed for more than 100 percent of your loss.
  • What is a coordination of benefits clause?
you use this type of account to pay for medical expenses with pre tax dollars

Health & Disability - 100

You use this type of account to pay for medical expenses with pre-tax dollars.
  • What is a flexible spending account?
this is the most liberal definition of disability found in disability income insurance contracts

Health & Disability - 200

This is the most liberal definition of disability found in disability income insurance contracts.
  • What is own occupation?

Health & Disability - 300

Long-term care insurance companies assess the need for long-term care by using these as benefit triggers.
  • What are Activities of Daily Living (ADLs)?
this type of health insurance plan costs more but provides you with the greatest choices of doctors

Health & Disability - 400

This type of health insurance plan costs more but provides you with the greatest choices of doctors.
  • What is fee-for-service or indemnity plan?

Health & Disability - 500

These health care plans limit your choice of doctors. Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs) are in this category.

  • What are managed health care plans?

Life Insurance - 100

Because it is temporary insurance protection and has no savings component, it costs less than other types of life insurance.
  • What is term life insurance?

Life Insurance - 200

Doing this will cause the death benefit of a life insurance policy to be less than the original face value when purchased.
  • What is taking out a policy loan?

Life Insurance - 400

This feature in a life insurance policy allows you to exchange a term life insurance policy for one that has a cash value.
  • What is a convertibility feature?

Life Insurance - 500

These two types of life insurance have a savings component and allow you to choose your own investments.
  • What is variable life and variable-universal life?
25 50 25

Property & Liability - 100

  • What is the minimum amount of automobile bodily injury/property damage liability coverage required in Georgia?
this type of automobile insurance covers your losses if you are hit by a hit and run driver

Property & Liability - 200

This type of automobile insurance covers your losses if you are hit by a hit-and-run driver.
  • What is uninsured/underinsured motorist coverage?

Property & Liability - 400

You add these to your standard homeowner’s policy to increase coverage on items that are inadequately covered.
  • What are floaters?
these two types of automobile insurance coverage are required by lenders

Property & Liability - 500

These two types of automobile insurance coverage are required by lenders.
  • What is collision and comprehensive?

Other/Supplemental - 100

Low-income, blind or elderly persons can obtain health care through this program funded by the state and federal government.
  • What is Medicaid?
this type of insurance only covers specific illnesses or accidents

Other/Supplemental - 200

This type of insurance only covers specific illnesses or accidents.
  • What is dread disease and accident insurance?

Other/Supplemental - 300

It is a type of insurance that must be purchased if you don’t pay at least 20 percent down when purchasing a home.
  • What is private mortgage insurance?

Other/Supplemental - 400

This coverage pays for the difference between the vehicle’s value and what you may still owe on the loan.
  • What is gap insurance?

Other/Supplemental - 500

People purchase these types of insurance to pay off their mortgage in the event of their death and make their mortgage payment if they become disabled.

  • What is credit (mortgage) life and credit (mortgage) disability income insurance?
insurance terminology and concepts
Insurance Terminology and Concepts
  • Risk
    • The uncertainty that you will incur a financial loss and the uncertainty regarding the size of the financial loss
  • Pure Risk
  • Speculative Risk
insurance terminology and concepts29
Insurance Terminology and Concepts
  • Ways to Manage Risk
    • Avoid risk
      • Example: Don’t drive
    • Reduce risk
      • Example: Wear seat belts
    • Retain or accept risk
      • Example: Pay all or a portion of the loss
    • Transfer or share risk
      • Example: Purchase insurance
insurance terminology and concepts30
Insurance Terminology and Concepts
  • Premium
  • Deductible
  • Coinsurance
  • Co-payment
  • Coinsurance Cap or Stop-Loss Provision
  • Pre-existing Conditions
  • Waiting Period
  • Policy Limits
  • Policy Provisions
  • Coordination-of-benefits Clause
insurance terminology and concepts31
Insurance Terminology and Concepts
  • Types of Insurance
    • Health, Disability Income and Long-Term Care Insurance
    • Life Insurance
    • Property and Liability Insurance
      • Automobile insurance
      • Homeowner’s insurance
      • Personal umbrella liability insurance
health insurance
Health Insurance
  • Major Types of Health Care Coverage
    • Basic health insurance
      • Hospital insurance
      • Surgical insurance
      • Medical expense insurance
    • Major medical insurance
health care plans
Health Care Plans
  • Private Health Care Plans
  • Government-Sponsored Health Care Plans
private health care plans
Private Health Care Plans
  • Fee-For-Service or Traditional Indemnity Plans
  • Managed Health Care Plans
    • Health maintenance organizations (HMOs)
    • Preferred provider organizations (PPOs)
government sponsored health care plans
Government-Sponsored Health Care Plans
  • Medicaid
  • Medicare
  • Worker’s Compensation
medical flexible spending accounts
Medical Flexible Spending Accounts
  • These accounts allow you to pay for medical expenses with pre-tax dollars.
  • Money put into the account is used to pay for un-reimbursed medical expenses.
  • Some expenses are not eligible for coverage.
  • You either use the money or lose it.
disability insurance
Disability Insurance
  • Disability income insurance replaces 60 to 80 percent of your income if you are unable to work due to an illness or injury.
    • Own versus any occupation
    • Residual clause
    • Benefit period
    • Elimination (waiting) period
    • Short-term versus long-term disability
long term care insurance
Long-Term Care Insurance
  • Long-term care services are provided when a person cannot perform certain activities of daily living (ADLs) and/or is cognitively impaired.
  • What does long-term care insurance cover?
    • Skilled, intermediate and custodial care
    • Home care services, physical therapy, homemakers, home health aides
    • Assisted living, adult daycare, other care in the community
    • Alternate care (other physician recommended services)
    • Respite care for the caregiver
    • These accounts allow you to pay for medical expenses with pre-tax dollars.
life insurance terms
Life Insurance Terms
  • Face Value: the benefit due upon death
  • Insured: the person whose life is covered by the policy
  • Policyholder or Policy Owner: the individual or business that pays for and owns the policy
  • Beneficiary: the recipient of the benefit upon the death of the insured
two basic types of life insurance
Two Basic Types of Life Insurance
  • Term Insurance
  • Cash-Value Insurance
types of cash value life insurance
Types of Cash-Value Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance
  • Variable Life Insurance
  • Variable-Universal Life Insurance
life insurance clauses
Life Insurance Clauses
  • Incontestability Clause
    • Places a time limit, usually two years, on the right of the insurance company to deny a claim based on information provided in the application
  • Suicide Clause
    • Gives the insurance company the right to deny a claim if the inured dies by suicide within a certain period of time, usually two years
life insurance settlement options
Life Insurance Settlement Options
  • Lump-Sum Settlement
  • Interest-Only Settlement
  • Period-Certain Settlement
  • Installment-Certain Settlement
  • Life-Annuity or Life Income Settlement
types of automobile insurance
Types of Automobile Insurance
  • Bodily Injury and Property Damage Liability
    • Required coverage in the amount of 25/50/25 in Georgia
  • Medical Payments
types of automobile insurance45
Types of Automobile Insurance
  • Uninsured and Underinsured Motorist Bodily Injury and Property Damage
  • Collision and Comprehensive
    • Deductibles apply to this coverage
    • Required by lenders if your car is financed
types of automobile insurance46
Types of Automobile Insurance
  • No-Fault Insurance
    • Only available in “no-fault” states
    • Your insurance pays for your losses and their insurance pays for their losses – no legal battles.
homeowner s insurance terms
Homeowner’s Insurance Terms
  • Replacement Cost/Value: the amount necessary to repair, rebuild or replace an asset at today’s prices
  • Current Market Value (CMV): Original purchase price minus depreciation, also referred to as actual cash value
  • Floater Policies
  • Inflation Protection Endorsement
six basic forms of homeowner s insurance
Six Basic Forms of Homeowner’s Insurance
  • Basic Forms of Homeowner’s Insurance
    • Broad Form Homeowner’s Insurance
    • Special Form Homeowner’s Insurance
    • Renter’s Insurance
    • Condominium Owner’s Insurance
    • Older Homes Homeowner’s Insurance
  • Policies differ based on the type of property, amount of coverage and number of perils (events that cause a loss such as fire, tornado, etc.) covered.
homeowner s insurance coverage
Homeowner’s Insurance Coverage
  • Property
    • Home
    • Other detached buildings
    • Personal property
    • Landscaping
    • Loss of use
  • Liability
    • Comprehensive personal liability
    • No-fault medical payments
    • No-fault property damage
personal umbrella liability insurance
Personal Umbrella Liability Insurance
  • Covers liability costs after the underlying automobile and homeowner’s policies have been exhausted
  • Standard amount of coverage is $1 million although higher amounts can be purchased
other supplemental insurance
Other/Supplemental Insurance
  • Dental and Vision Insurance
  • Dread Disease and Accident health and Life Insurance
  • Private Mortgage Insurance
  • Gap Insurance
  • Credit Life and Disability Income Insurance
  • Children’s Life Insurance
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