Other types
What does renter's insurance cover?
The *renter's* belongings, NOT the building
If you increase your coverage limit, what happens to your premium?
Premium goes up
Who's money is out-of-pocket?
Yours
Who pays the deductible?
The policyholder (you)
Who is the policyholder?
The person purchasing insurance coverage (you)
When choosing a place to rent, what kind of insurance should you make sure the landlord has?
Property (building) insurance
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
The relationship between deductible and premium is like what kind of playground equipment?
Teeter-totter (seesaw)
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.
What does an allowance do to your out-of-pocket cost for glasses or contacts?
Lowers your out-of-pocket costs
What can happen if you only pay for the state minimum coverage for auto insurance?
The insurance may not cover the entire cost of a large accident. You may have high out-of-pocket costs because you reach your coverage ceiling.
List 3 qualifying life events that trigger a special enrollment period.
Marriage, divorce, separation, birth of a child, adopt, death of a child, aging out of a plan (at 26 years old), moving, changing jobs, court order (ex: child support), forcible loss of coverage (an insurer drops you)
TLDR: loss of health coverage*, household change, change in residence
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
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 4 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.
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
Give an example of something that umbrella insurance would cover.
Someone hurts themselves on your property (falls of trampoline, falls down stairs, falls down while climbing a tree, etc.)
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
What's the difference between maximum out of pocket and coverage limits?
MOOP = the maximum YOU will pay for health insurance in a year
Coverage limit = the maximum the INSURANCE company will pay for a claim/accident
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
What does the insurance gibbon say?
"MOOP!"