Vocabulary
This term refers to the set dollar amount you agree to pay out of pocket toward your losses before your insurance company begins paying.
What is a deductible?
This demographic often pays the highest monthly premium for auto insurance.
This government-run program provides health insurance specifically for individuals who are 65 or older or have certain disabilities.
What is Medicade?
This is the average monthly cost for a typical renters insurance policy.
What is $10-$20/ month?
True or false: You can enroll in disability insurance after an accident/illness.
What is FALSE!
This is the periodic payment you make to the insurance company to keep your policy active.
What is a premium?
This specific type of auto insurance protects you against costs to repair or replace your vehicle after events out of your control, such as weather, vandalism, or theft.
What is comprehensive coverage?
This is a set dollar amount you pay for specific services, like $25 for a doctor’s visit, at the time of the appointment.
What is a co-pay?
This part of a renters or homeowners policy covers you if someone is injured on your property or if you accidentally damage someone else’s property.
What is liability coverage?
This type of disability insurance typically covers you for a period of weeks to up to 6 months.
What is short-term disability?
This is the most amount of money one will pay for their health insurance plan.
What is an Out of Pocket Maximum?
The first age where your car insurance rate typically drops.
What is 26?
This is the percentage of costs you pay (for example, 20%) for health services after you have already met your deductible.
What is co-insurance?
This policy MAY cover your items while living in a college dorm.
What is your parents homeowners insurance?
Disability insurance is designed to replace a portion of this if you are unable to work due to illness or injury.
What is income?
This professional compiles and analyzes statistics to calculate risk and determine insurance rates and premiums.
What is an actuary?
The amount of time it takes high risk traffic violations or tickets to stop impacting your insurance premium.
What is three years?
This tax-free account is often paired with High Deductible Health Plans; the money in it "rolls over" year to year and is never taxed.
What is an HSA (health savings account)?
This natural disaster/event is often not covered by your homeowners insurance policy.
What is a flood?
Life insurance is intended to cover these two types of immediate expenses mentioned in the slides.
What is: funeral expenses, debt, or medical bills?
This is the term for the person who receives the cash payout from a life insurance policy if the policyholder passes away.
What is a beneficiary?
What is: MA, CA, or HI?
Unlike an HMO, this type of plan generally allows you to see specialists without a referral and offers a "preferred" network of providers. It also comes with a higher monthly premium.
What is a PPO (Preferred Provider Organization)?
Name 3 of the top 10 most expensive states for homeowners' insurance.
What is: Florida, Oklahoma, Louisiana, Nebraska, Texas, Colorado, Alabama, Mississippi, Minnesota, Illinois?
On average, disability insurance costs this percentage of your annual income.
What is 1-3%?