Insurance 101
Health Insurance
Auto Insurance
Credit Cards
Insurance Calculations
100
What is the purpose of insurance?
What is to reduce financial uncertainty and make accidental losses manageable
100
The most you will have to pay in a year for covered medical expenses, including deductibles, copays, and coinsurance. Once you reach this limit, insurance pays 100% of covered costs for the rest of the year.
Out of pocket maximum
100
Covers damage to your car not caused by a collision.
Comprehensive coverage
100
How old do you have to be to open a credit card?
18
100
Your medical bill is $400 and your deductible is $500. How much will insurance pay?
$0
200
The amount of money an individual pays for an insurance policy is called?
What is a Insurance Premium
200
The percentage of a covered medical cost that you are responsible for paying.
coinsurance
200
Pays for damage or injuries you cause to other people or their property in an accident.
Liability Coverage
200
This credit card term refers to the period before interest is charged on new purchases
grace period
200
Here is your insurance plan. You visit your primary care doctor that falls under the HMO plan. The visit is $100. How much would you pay?
$15
300
What is a deductible?
What is the amount you pay for health care services before your health insurance begins to pay.
300
A fixed amount you pay for a covered service at the time you receive it, regardless of the total cost.
copay
300
Pays to repair or replace your own car if it’s damaged in a crash — even if the accident was your fault.
collision coverage
300
This shows how reliable you are at paying back borrowed money.
credit score
300
This is your plan. You visit your primary care doctor which falls under the PPO In Network Plan. The visit is $100. How much would you pay?
$35
400
What determines your insurance premium or deductible?
What is the higher a plan's deductible, the lower the premium
400
A unique identification number assigned to the person whose name is on the health insurance policy. This number is used by providers and the insurance company to identify your plan and coverage.
Subscriber ID
400
Pays for your medical expenses and sometimes lost wages, no matter who caused the accident.
Personal injury protection
400
Your surgery costs $10,000. You’ve already paid $500 toward your $1,000 deductible this year. Insurance cover 80% once you reach your deductible. How much will you owe now?
What is $2,300?
(You pay remaining $500 of deductible + 20% of $9,000 = $1,800; total = $2,300.)
500
List 5 factors that affect how much you pay for health insurance.
Age – Older individuals typically pay higher premiums.
Location / State – Insurance laws, medical costs, and provider networks vary by region.
Tobacco Use – Smokers often pay up to 50% more than non-smokers.
Plan Type & Coverage Level – individual or family plan
Family Size / Number of Dependents – More covered individuals = higher total premium.
Income Level – Affects eligibility for subsidies or tax credits (under the ACA).
500
Protects you if you’re hit by a driver who has no insurance or not enough insurance.
Insured Motorist Coverage
500
These five main factors determine your credit score
payment history, credit utilization, length of credit history, new credit, and credit mix