Health
What is coinsurance?
The % YOU pay after the deductible.
Who is covered with collision coverage and whos at fault?
YOUR car, YOU are at fault
The roof is damaged during a storm.
Homeowners insurance
What is a premium?
The amount paid each month for coverage.
What is the 50/30/20 breakdown in budgeting?
50% needs, 30% wants, 20% savings
What is an out-of-pocket maximum?
The max amount you pay until insurance pays the rest.
What is comprehensive coverage?
Non-crash damage (hail, tree branch, etc)
Your gaming system is stolen.
Renters & homeowners
What is a deductible?
The amount YOU pay before insurance will help you pay.
Why do older people not invest in stocks?
Too risky, protects their money, potentially can't recover from a loss.
If Samantha went to the doctor for a checkup what would she pay?
What is a copay
Who is at fault when you use your uninsured coverage?
NOT You
How much does homeowners insurance typically cost?
$200-$210 a month or $2400 per year
How does risk affect insurance?
If you tend to be higher risk, an insurance company will charge you more for insurance or might not want to insure you due to a higher payout.
What % of americans have less than $1,000 in savings?
42%
What is IN NETWORK?
A group of providers that are covered by your insurance.
What is the difference between medical payments coverage and bodily injury liability coverage?
Medical Payments: You and your passengers
Bodily: Them and their passengers
What is the biggest difference between home vs. renters insurance.
Home- Property, additional structures, and belongings
Renters- Personal Belongings
What is 100/300/50?
100,000 coverage per person, $300,000 per accident, $50,000 for property.
What do local taxes pay for?
Pay for police, fire departments, parks, and snow removal.
Miranda has a $45,000 surgery. She has an out-of-pocket maximum of $6,000, a $1,000 deductible, and 10% coinsurance. How much does she have to pay?
What is $5,400
($1,000 for deductible + 10% of the remaining $44,000)
What insurance covers damage to another person’s vehicle or property caused by you.
Property damage liability coverage
Why is renters insurance cheaper than homeowners insurance?
It does not include the risk of damage to the house
What is the minimum auto liability insurance for Illinois?
$25/$50/$20
What is the difference between checkings and savings account?
Easier access to money and also no interest.