Show Me The Money!
On Your Paystub, they List Your Pay Before and After Taxes. What Are These Two Versions Called?
Gross Pay and Net Pay
When Do You Pay Your Deductible on Car Insurance?
When You're Making a Claim on YOUR OWN Damages - not for other peoples!
What Type of Coverage is Included in Homeowners Insurance but not Renters Insurance?
Dwelling
What is the Difference Between Term and Whole Life Insurance?
Term - lasts a specific amount of time (10, 20, 30 years) and is usually cheaper
Whole - lasts the rest of your life and is typically more expensive.
Typically, a higher deductible means ______ premiums.
lower premiums.
An I-9 Form is Used to:
Use Form I-9 to verify the identity and employment authorization of individuals hired for employment in the United States.
What are Three Factors that Influence Your Car Insurance Premiums?
Your Deductible, Your Car, Your Mileage, Your Driving Record, Personal Factors
Besides Apartment Renters, Who Else Should Consider Purchasing Renters Insurance?
College Students in the Dorms, if Their Parent's Insurance Does not Extend Any/Enough Coverage
Final Expense Life Insurance Helps Cover:
Your end-of-life expenses like funeral costs, medical bills, or outstanding debt. Smaller and more affordable than other plans.
This health insurance only cover healthcare costs in-network and must be coordinated through a Primary Care Physician.
Health Maintenance Organization (HMO):
Two Times You Should You Fill Out a W-4.
Consider completing a new Form W-4 each year and when your personal or financial situation changes.
Also Accept Specific Examples: Marriage, Divorce, Having a Baby, ect.
One summer you are driving on the highway when a freak rainstorm starts. Unfortunately in the sudden dark and rain you missed a large section of water in your lane, causing you to hydroplane! Scraping against a guardrail, you are able to pull safely to the side a few feet away. Luckily, you have _______ insurance which will cover these damages.
Comprehensive Coverage
What is Medical Payments Coverage Used For:
Provides rapid reimbursement for minor injuries, such as a guest who trips and falls while visiting your home. This coverage does not apply to a family member. (applies even if you are not liable for an accident.)
For Life Insurance, the Face Value is:
The dollar amount equated to the worth of your policy.
This type of Insurance has generally the highest premiums Higher premiums. Can visit any provider, doctor, or specialist without a referral.
A Preferred Provider Organization (PPO):
From Who and When Do You Receive a W-2?
From Your Employer in January. They Must send it by the 31st.
During that rainstorm, you and a dozen other people saw the car collide with the guardrail. Unfortunately, this causes rubbernecking and an additional accident! Someone not paying attention has collided into the back of your car! What insurance coverage do you hope that they have!
Liability Insurance
What are the five types of coverage on homeowners insurance HO-3?:
dwelling, personal property, loss of use, medical payments, personal liability
Which type of life insurance OTHER THAN Universal pays a portion of your premium into a savings account?
Whole - last the rest of your life and includes a savings component that a portion of your premium will pay into with a fixed interest rate that builds cash value over time.
What is Actuarial Value:
The percentage of total average costs for covered benefits that a plan will cover.
Three Taxes That ALWAYS Come out of Gross Pay
- Federal Insurance Contributions Act (FICA) (Social Security and Medicare taxes)
- Federal Income Tax
- State Taxes (Income Taxes)
Ouch! That accident with the driver that rear-ended you ends up being very severe and they DO NOT have insurance! Your car is totaled, thankfully you have ____ Insurance!
Unfortunately, this means you have the ambulance, towing, and hospital bills left! Hopefully, you have ________ Insurance.
A. Collision Insurance
B. Uninsured/Underinsured Motorist Coverage - covers damages to you (medical) and your car
Pretend your homeowners policy has a premium of $150, a deductible of $4,000, and a limit of $250,000. Your home suffers $150,000 in damages.
A. How Much will You Pay for the Damages?
B. How Much Will Your Insurance Pay?
A. 4,000 (deductible)
B. 146,000 (total-deductible)
Which Type of Insurance is the Most Adjustable?
Universal/Adjustable Life Insurance - allows you to:
One of your friends is debating between an Exclusive Provider Organization (EPO) or a Point of Service (POS) plan for coverage. What are two primary factor they should consider in their decision?
Exclusive Provider Organization (EPO):Only cover healthcare costs within their network. Doesn't require a PCP
Point of Service (POS): Requires a PCP and referrals for specialists. Does cover out-of-network doctors.