Terms
Jeffrey will pay high premiums but his deductibles will be (higher/lower).
Lower
True or false:If George moves from Mississippi to California, his minimum car insurance requirement will stay the same.
False, varies state to state.
True or false: Zara choose employer-based coverage over individual coverage because with employer-based coverage, her premiums through an employer are paid in a pre-tax basis, whereas individual coverage is not.
True
What three types of expenses does life insurance cover?
Immediate, ongoing, and future.
True or false: Every states requires auto insurance for those 16-34 years old. Outside that range, some states make it optional to be auto insured.
False, not all states require auto insurance.
The insurance company only pays up to $10,000 of the $15,000 of damage done to Rory’s apartment during a robbery. Rory has to pay the rest. The limit is ____.
A) $10,000
B)$15,000
C)$5,000
A)$10,000
Heidi got into a car accident and hit another vehicle. She only has liability insurance with limits 15/30/10. You cause $10,000 damage to the other person’s car and $30,000 damage in injuries, $15,000 for yourself and $15,000 for the other driver. How much does she have to pay and to where if applicable.
$15,000 to her own injuries.
True or false: Employer-based coverage allows you to have a choice of coverage options and preferred locations of care.
False, plan is chosen by employer.
Sivu’s family rely on her salary and they have a tighter budget. They are looking for a life insurance type that offers the most amount of coverage for the lowest initial premium. What type of life insurance should she get?
Term life insurance
True or false: Accidents at work cannot be prevented but can be mitigated so that your wage is still protected in the case you get a long-term disability if you have insurance.
True
The insurance companies receive money in [blank] and investment income, and take out money in payments to customers, expenses, and profits or losses.
Premiums
Keletso has a liability coverage of 15/30/10 but wants to change her property damage coverage per accident the same as the full coverage policy for that component. What would be the new limits?
15/30/50
Gillian qualifies for Medicaid and is experiencing extreme financial difficulty in paying off her medical bills. What can she do if she chooses to contact Medicaid?
Ask to make retroactive payments.
How do you calculate how much life insurance you need?
Total anticipated expenses - current value of financial resources = approximate life insurances to buy
As of 2024, Virginia (does/does not) require drivers to have auto liability insurance.
Does not
Dorothy has a higher [blank] than Dave. She pays more for her insurance premiums so that in the future, she pays less in bodily injury liability if she ever gets in an accident unlike Dave who has to pay more.
Limit
Pavo is required to have personal injury protection. He gets in an accident that he caused and create $15,000 in damage on himself and the other driver has $17,000 in damage. How much does he pay if he lives in a no fault state?
$15,000
With individual health insurance, Priya is subject to medical exams and has some medical concerns. These concerns (increase/reduce) her coverage options.
Reduce
Paige has disability insurance. If she gets injuries and has to stay out of work for a long period of time, what is a benefit of disability insurance that health insurance does not have?
Protections against income lose due to disability.
Kaden is worried about his family’s welllbeing in the future. He is the main provider and if he dies, he wants to make sure his family is safe after his death. What would you suggest he do?
Vaughn is a healthy individual with a no large medical conditions or history. He will pay (higher/lower) premiums due to his (higher/lower) risk.
Lower, lower
Is she right or wrong: Frida gets medical payments coverage which covers her medical expense if she gets injured. She also thinks it will cover her lost wages if her injuries are serious enough to cause her to miss work.
Wrong, it does not cover additional benefits.
Why do less than 10% of American find their own health insurance?
People don’t want to research around for other options and they don’t want to pay for it exclusively.
True or false: Sasha is 76 and diagnosed with hypertension. That makes him ineligible for every life insurance policy.
False.
True or false: Uninsured motorist registration under Virginia law replaces car insurance.
False