Insurance Types and Concepts
🏥 Day-to-Day Care Coverage
This insurance type finances everyday care for individuals with chronic illnesses or medical conditions. Often used for patients who require ongoing treatment or support.
🚑 Unlimited PIP (Personal Injury Protection)
Mandated by states to reduce the incidence of minor and frivolous lawsuits. Unlimited PIP covers medical expenses, lost wages, and other damages regardless of who is at fault in an accident.
🔄 Risk Transference
A strategy where risk and potential loss are shared among individuals, entities, or groups. This can include purchasing insurance or entering into contracts.
🏢 Better Business Bureau Accreditation
This organization assesses and marks companies as accredited and legitimate for a fee. Accreditation signifies that a business meets certain standards of trust and performance.
🩺 Medicare
The largest health program in the U.S., catering to individuals aged 65 and older. Medicare provides essential coverage for hospital visits, outpatient services, and prescription drugs.
🏠 Homeowners Insurance Options (HO-3 and HO-5)
- HO-3: Employs replacement cost reimbursement for dwellings and actual cash value for personal property.
- HO-5: Covers both dwelling and personal property at replacement cost, providing broader protection.
📉 Risk Reduction Strategy
A method aimed at minimizing risk by implementing preventative measures to safeguard against potential losses. This could involve safety protocols or lifestyle changes.
These notes provide a clear and visually appealing overview of important insurance types and concepts. Use the highlights and images to enhance comprehension and retention.