Vocab
A person whose life is being insured by life insurance is called the
insured
beneficiary
the man
What is Insured?
If I pay $20 per month for 36 months for my life insurance, what is MY TOTAL COST for my life insurance?
20 x 36 = 720
What is $720?
When I die I want enough life insurance to cover my car balance of $5,000 and my funeral expenses $8,500. How much Life Insurance do I need?
What is $13,500
Joe works for a car dealership, his employer pays for half of his $875.00 monthly health insurance premium. How much does Joe pay each year for his health insurance?
875 x 12 = 10,500
10,500 / 2= $5,250
True of False
The directors of the film Despicable Me actually wrote their own language for the Minions called Minionise.
True
The person who gets the money from the life insurance is called
insured
beneficiary
recipient
What is beneficiary?
If I have a 12 YEAR life insurance policy and I pay $125 per MONTH, what is the total cost of my policy?
12 x 12 = 144 months
125 x 144 = $18,000
Sarah makes $4,000 net per month and has a mortgage balance of $255,000. If she dies, she wants enough money to cover her mortgage balance and 5 years of her annual net salary. How much life insurance should Sarah purchase?
4,000 x 12 = 48,000 (net yearly)
48,000 x 5 = $240,000 (5 years of net)
240,000 + 255,000 = 495,000
What is $495,000?
Carrie has health insurance that includes a $20 co-payment for a doctor visit and a $500 annual deductible. Last year, Carrie visited the doctor 3 times. One of the visits required an x-ray that cost her $130 and was not covered with her co-payment. How much did Carrie pay out of pocket, last year for medical expenses?
20 x 3 = 60
130 + 60 = $190
Since $190 is smaller than her $500 deductible....
What is $190?
If eaten in one meal, 30 to 90 grams of polar bear ____ is enough to kill a human being.
Liver
Rib Meat
Tongue
What is Liver
This is a type of life insurance that is a simple policy that pays a certain amount when someone dies.
Whole Life Insurance
Term Life Insurance
Traditional Life Insurance
Joe is a 30-year man who purchased $500k term life insurance, with a 10 year term. He only pays $21 per month for the policy. What is the total cost of Joe's term life insurance policy?
10 x 12 = 120
120 x 21 = 2520
What is $2,520?
Gabby is 35 years old and has a monthly net salary of $3,055. She plans to retire at age 62. She wants to purchase enough life insurance to provide her family with all of the money she would earn BEFORE retirement. How much life insurance should Gabby purchase?
3,055 x 12 = $36,660 (yearly net salary)
27 x $36,660 = $989,820
Garrett has a health insurance policy with a $25 co-payment and a $750 deductible. Last year, he visited the doctor 4 times and had lab work done that cost $625 that wasn't covered by the co-payment. How much did Garrett pay out of pocket last year?
25 x 4 = $100
$625 + 100 = $725
Since Deductible was $750 then.....
What is $725
In 2002 alone, more people in the U.S. were killed by ____than in shark attacks in the past 100 years.
Dogs
Pigs
Snakes
What are dogs?
This type of insurance covers losses that result from issued related to travel.
What is Travel Insurance?
____ term
25 per month
$1,500 Total Cost of Policy
What is the number of years of this policy?
What is 5 years?
If I buy $975,000 of life insurance will it be enough cover:
5 years of net annual salary, Mortgage and Credit Cards
Monthly net salary: $5,800; Mortgage: $625,000; Credit Cards: $10,000
5,800 x 12 = $69,600 (yearly net)
69,600 x 5 = $348,000
348,000 + 625,000 + 10,000= 983,000
What is NO
Jessica has a hospital bill of $21,500. Her health insurance has a $500 deductible and will pay 90% of expenses after the deductible with a maximum out of pocket of $2,500. Jessica has NO medical care costs that have been applied to her deductible yet this year. What are Jessica's out of pocket expenses?
$21,800-$500 = $21,300
100%-90% = 10%
21,300 x .1 = $2,130
$2,130 + 500 = $2,630
What is $2,500?
_______ once held up a sign from his hotel room window saying “Go to McDonald’s and get me a Big Mac”. He got his Big Mac.
Justin Bieber
Tupac
Adam Sandler
Sharing of the expenses with an insurance company is called....
Partial Insurance
Co-Pay
Co-Insurance
What is Co-Insurance?
If Kelly has a $25 million dollar life insurance policy and she pays $8000 per month for a term of 15 years, how much will her beneficiary received when she dies?
25 Million dollars!
DID I TRICK YOU????
What would be a sufficient amount of life insurance to cover 6 years of my net salary + Mortgage+ Credit Cards
Monthly net salary: $6,000; Mortgage: $425,000; Credit Cards: $16,200
What is AT LEAST $873,200
6,000 x 12 = 72,000
72,000 x 6 = 432,000
432,000 + 425,000 +16,200 =
Darla is a fashion designer with an annual salary of $74,400. She has short-term disability insurance that will pay 65% of her monthly salary after she has used her sick leave. What will Darla's monthly short term disability benefit be FOR 3 MONTHS?
$74,400 / 12 = $6,200
$6,200 x .65 = $4,030
$4,030 x 3 = $12,090
In 2014, Netflix spent ___ on marketing its DVD rental business and over 6 million people still used it.
$1,000
$200
$0
What is $0.