Insurance Vocab
contract between policyholder and insurance company that provides financial protection against unforeseen losses
Insurance
money that goes towards bills, gas, food, etc.
Essentials
The 4 main types of insurances
Health, Auto, Home, Life
If you make $3,000 a month and your expenses were $2,500 how much money would you have left?
A _________ is a singular box inside the excel spreadsheet
A Cell
The amount the policyholder pays before insurance kicks in
Deductible
This budget category includes payments for hygiene, personal grooming, subscriptions, clothes, gifts, etc.
Lifestyle
Jonah has auto insurance. His plan covers 100% of damages. Jeremiah has not payed his insurance in the past two months and his insurance cancels on July 1, 2024. However, on June 30th, 2024 he got into an accident with damages worth $8,000. How much will he have to pay out of pocket for his accident?
$0
You went to get your hair done and it cost $45. This belongs to what budget category?
Lifestyle
This function in excel totals up all values in a cell
Sum Function
covers natural and accidental deaths, end-of- life costs, personal debt, mortgages, tuition, and everyday expenses.
Life Insurance
These transactions are for fun, personal wants, and are not important
Discretionary
Insurance covers 80% of damages. The total for the damages costs $3,300. How much does the insurance have to pay.
$2,640
What expenses should be removed if my budget is only 2,000 for the month?
$1,500 - Mortgage
$100 - Universal
$250 - Groceries
$200 - Hygiene Products
$150 - Clothes
This function is used when you want to subtract values in excel
Sum Function
The amount the policyholder pays monthly to keep their insurance coverage valid
Premium
Money set aside for big plans
Your auto insurance plan covers 80% of the damages you incur. You got into an accident and the damages costs $7,850. How much do you have to pay?
$1,570
You made $5,000 a month and your essentials costs you $3,500. This month you had an unexpected bill of $1,000. How much money would you have left to put into other categories for the month?
$500
DAILY DOUBLE
Health Coverage Example
financial protection in the event policyholder is responsible for causing harm or damage
Liability
an estimate of expenses broken into categories, to better manage your money so every dollar has a purpose
Budget
Damages = $228,000
Insurance Coverage = 77%
You pay how much?
Insurance pays how much?
You pay $52,440
Insurance pays $175,560
Using the Health Coverage example, this is the total amount the policyholder has to pay for the individual premium low deductible plan for a year.
280 x 12 = $3,360