Health Insurance
What age are you required (for the most part) to get off of your parents health insurance policy?
26
What type of auto insurance is required in the state of South Dakota?
liability
This covers the structure of your home, including the roof, walls, floors, and any other part of the structure.
dwelling coverage
The amount of money paid to keep an insurance policy in force, typically paid monthly.
premium
Federal health insurance program for people 65 and older and certain young people with disabilities.
Medicare
Plan offers lower monthly premiums, but you have to pay more of your medical costs before insurance starts to chip in.
high deductible health plan (HDHP)
If your car was damaged in an accident, I’ve got your back. It doesn’t matter who was at fault while driving. However, if the damage came from something besides a crash, I won’t be around to help you. I am…….
collision
This protects if a guest falls on your property and you’re sued for medical expenses.
liability coverage
People who are designated by the policyholder to receive the death benefit of a life insurance policy.
beneficiaries
The amount of liability protection offered to an individual through an insurance policy.
coverage
The practice of employers paying for a portion of their employees‘ health insurance premiums.
subsidizing
You are hit in an accident by another driver. At the hospital, you discover the other driver doesn’t have insurance to cover your medical bills. That’s when I kick in! I am ……..
Underinsured/Uninsured Motorist Protection
Covers additional living expenses, like the cost of a hotel if you‘re unable to live in your home while it’s being fixed.
loss of use coverage
Life insurance for a specified amount of time.
term life
Insurance is key to any financial plan because it transfers ______________ from you to the insurance company.
risk
The most restrictive about access to your network’s health care providers.
Health Maintenance Organizations (HMOs)
If you hit an animal, or your car is stolen, or a tree falls on it, I’ve still got you covered! I am….
comprehensive
Covers your belongings if they are damaged, destroyed, or stolen at your home.
Personal property coverage
paid to the beneficiaries after the policyholder dies
death benefit
Insurance that will replace part of the policyholder’s income in the event that the policyholder is unable to work.
disability insurance
Co-pay: Doctor’s visit: $25 ER visit: $75
Deductible: $1,500
Co-Insurance: 75/25
Out-of-Pocket max: $10,000
Premium: $400/month
Calculate the total out-of-pocket expense for the year.
The only doctor visit was a $20,000 emergency room visit.
$11,000
John hit a fire hydrant while he was sending a text message. The cost to repair the damage is $3800. How much will the insurance pay on this claim? Their comprehensive deductible is $500 and their collision deductible is $2,500.
$1300
What 3 factors affect the cost of your homeowners insurance premiums? Explain why each factor could change the amount you pay.
What 3 factors affect the cost of your life insurance premiums? Explain why each factor could change the amount you pay.
What 3 factors affect the cost of your auto insurance premiums? Explain why each factor could change the amount you pay.