Day 61

Lesson Objectives

  • Understand the basics of insurance

Assignment IU1.3

Insurance Terminology

  1. Create a copy of this Google Document and rename it Insurance Terms-(Your Initials) and move it into your Lesson 1 folder.
  2. Use an online dictionary resource to define the following insurance terms:
    • Agent
    • Claim
    • Coinsurance
    • Deductible
    • Grace Period
    • Insurance
    • Liability
    • Policy
    • Policyholder
    • Premium
    • Renewal
    • Risk

Fundamentals of Insurance

  1. Read the information provided in this article regarding the fundamentals of insurance.
  2. Create a copy of this Google Document, rename it Insurance Fundamentals-(Your Initials), and place it in your Lesson 1 folder.
  3. Using the information in the article, answer the following questions in complete sentences:
    • What are they referring to when they talk about risks with insurance?
    • What are the two ways you can control risks?
    • What does it mean to retain the risk involuntarily or voluntarily?
    • What does it mean to share the risk?
    • What are the two types of agents that can help you with your risks?
    • What does binding a policy mean?
    • What is underwriting and how is it involved with insurance?
    • What does insurable interest mean?
    • Define the following:
      • Bound
      • Insurer
      • Insured
      • Insurance Rider/Endorsement
      • Insurance Umbrella Policy
      • Insurable Interest

Assignment IU1.4

  1. After completing the assigned tasks in Lesson 1 above, share your Lesson 1 folder with your teacher.  You should have the following files in your Lesson 1 folder:
    • Insurance History
    • Seeds of Hope
    • Insurance Terms
    • What is Insurance
    • Insurance Fundamentals

Lesson 1 Quiz-IU

  1. Complete the Lesson 1 Quiz for the Insurance Unit.