Other types
What does renter's insurance cover?
The *renter's* belongings, NOT the building
What can happen if you only pay for the state minimum coverage for auto insurance?
The insurance may not cover the entire cost of an accident. You may have high out-of-pocket costs because you hit your coverage ceiling.
Who's money is out-of-pocket?
Yours
Who is the policyholder?
You
When choosing a place to rent, what should you ask the landlord concerning insurance?
Does the landlord have property insurance?
What are 2 items you should keep in your car and how should you keep the interior of your car?
Possible items: registration & proof of insurance, water, blanket, gloves & hat, ice scraper, spare tire & tire jack, tire pump, jumper cables
You should keep your car clean and organized, with items secured (so they won't fly everywhere in the event of an accident).
Who files a health insurance claim?
Who files an auto insurance claim?
Health - healthcare provider
Auto - you
What kind of insurance covers preventative measures? What kind does not?
Does cover preventative: Health, vision, dental
Does NOT cover preventative: Auto, homeowners, renters
Example of preventative care for health (is covered): yearly check ups. Example of preventative maintenance for auto (is not covered): oil changes.
What does homeowner's insurance typically NOT cover?
Floods, earthquakes
What is the relationship between the size of your premium and the size of your deductible?
Premium goes up -> deductible goes down (and vice versa)
When can you normally enroll in health insurance? Give the time of year and name.
End of year, November-December
Open enrollment
List 3 ways to get discounts on an auto insurance premium (I am not asking for demographics).
Good student discount, "safe" driver (clean record, take test, log hours), enlistment discount, some professions like teacher, tracker device/app, etc.
Why would someone use GoodRx if they already have insurance?
GoodRx is a free service that provides discounts on medications. The GoodRx price could be lower than insurance copay.
Herb gets into a car accident. He is at fault. He has a $1000 deductible and files a claim valued at $2500. How much is he responsible for? How much is the insurance company responsible for?
Herb: $1000
Herb's insurance company: $1500
What is the difference between a copay and coinsurance?
Copay is a set $ amount which is always the same for a certain benefit (like dr. appt. or medication refill)
Coinsurance involves a % and splits the $ responsibility between the insurance company and the customer
List 2 things that lead to higher auto insurance premiums and 2 things that lead to lower auto insurance premiums.
Higher: male driver, young driver, tickets & at-fault accidents, urban location, newer vehicle, more expensive vehicle
Lower: female driver, older driver, clean driving record, "safe" driver, older vehicle, less expensive vehicle
Give 2 examples of medical services and 2 examples of medical supplies.
Services: check ups & dr appointments, procedures, operations, surgeries, blood work, ambulance/helicopter rides, ER visit, therapy
Supplies: Crutches, C-PAP machine, O2 tank, meds, epi pen, splint, wheel chair
Janette is purchasing glasses frames that cost $250. Her vision insurance gives a $130 allowance on frames and covers 25% of the cost after the allowance. How much is Janette responsible for? And the insurance company?
Janette: $90
Janette's insurance company: $160
Refer to the screenshot on Classroom for work.
Give an example of what is covered for each of the following:
1. Collision
2. Comprehensive
3. Liability
4. Uninsured/underinsured motorist protection
5. Personal injury protection
1. Damage to your vehicle while driving
2. Tree falls on car, weather events, theft, vandalism, etc.
3. Other person's expenses when you are at fault
4. Hit and run, your expenses when other person is at fault and doesn't have insurance
5. Your medical bills
Peter Parker has $8,000 of medical expenses in a year. His deductible is $5,000 and the insurance company does not cover any costs before his deductible. After the deductible the insurance company covers 67% (2/3rds) of the costs. Peter's MOOP is $11,000. What is Peter responsible for? The insurance company? You can round to the nearest $1,000.
Peter: $5,990 (or $6,000 if you round)
Insurance company: $2010 (or $2,000 if you round)
Refer to the screenshot on Classroom for work.
Auto insurance cost splitting/sharing is just like which example of health insurance that we used in class?
HDHP 2
What does the insurance gibbon say?
"MOOP!"