Protecting Your Money - Insurance
As you gain financial independence, it's crucial to understand how to protect your hard-earned money and assets. This toolkit introduces young women to the basics of insurance and vital strategies for preventing financial fraud and identity theft.
Key Concepts
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Insurance: A contract where you pay a premium to an insurer, and they agree to compensate you for specified losses. It's about managing risk.
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Types of Insurance (Basic):
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Health Insurance: Covers medical expenses.
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Auto Insurance: Covers damages/injuries from car accidents.
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Renters/Homeowners Insurance: Protects your belongings and living space.
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Disability Insurance: Replaces income if you can't work due to illness/injury.
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Life Insurance: Provides financial support to beneficiaries upon your death.
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Fraud: Deception intended to result in financial or personal gain.
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Identity Theft: When someone uses your personal information without your permission.