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What is insurance
•An agreement between you and a company that you will pay them a regular fee and in return they’ll agree to pay for some ( or all) of covered expenses if bad things happen to you
What is the main difference between homeowner's and renter's insurance
Homeowners protects the building AND your stuff whereas renter's only protects your stuff
What are three (3) disadvantages to BUYING a house?
* You are now in BIG debt
* You are responsible for all maintenance and repairs
* Hard to move if / when your work situation changes
* Hard to know what size you REALLY need until its too late
Why were credit cards invented
To "help" people spend money easily and without having to think/worry if the " have the money" at the moment of purchase
List three (3) "living wage" jobs you can get as a young adult that don't need a 4-year college degree
* Nail Tech
* Flagger
* Trades - Apprentice
* Military
What is the purpose of insurance
This is agreement in intended to transfer risk of paying BIG BILLS to someone besides you if an accident happens
How much does Renter's insurance in Oregon cost each month [ on average]
$15 - 30 / month
What is the difference between a credit card and a debit card
Credit card - you pay at the end of the month and you don't have to pay the whole bill right away
Debit card - You pay the whole thig directly out of your bank account within 24 hrs
In relation to a credit card, what is an annual fee and what is its purpose?
A fee you pay each year of the "privilege'" of using the card
It's purpose is to insure that the Credit Card company makes some profit from you even if you don't accrue interest
List three (3) "soft skills" that will be of benefit to you no matter where you go to work
* Clean * Willing to get more training
* Polite * Not afraid of dirt
* On time * Humble
* Hard working * Confident
* Ask intelligent questions * Honest
Name three (3) different types of insurance
•Auto
•Renters
•Health
•Homeowners
•Short Term disability
•Long Term Disability
•Accidental Death and Dismemberment
•Life Insurance
•Whole Life
•Term Life
What much coverage / what is the payout of a good Renter's insurance policy
$30,000
What are three (3) things a person can do to establish/develop “ Good credit”
* Pay your bills on time
* Don't use your entire credit limit
* Make regular payments on long term bills ( Car loan / mortgage)
* Get your name on the account of someone with good credit ( usually a parent)
Identify and explain two (2) benefits of paying for things using an app [ i.e. Apple pay or venmo] instead of using cash
* Quicker
* Can be done over internet / distance
* Creates a paper trail
* Less bulky
* More secure
This governmental agency makes you pay them taxes every year
IRS
What are three (3) things that can affect your insurance costs
* Credit Score
* Age
* Accident history
* Location
* Type of car / house
What are two (2) qualities of an apartment that can cause it's Renter's insurance rate to change
* Location
* Security system
* Deadbolts
* Sprinklers
* Size
* Number of roommates
This type of auto insurance is required in most states
What is liability insurance
What are two (2) “rewards” credit cards often give to their “loyal customers” as an incentive to spend more money [and therefore pay more in interest payments]?
*Airline miles
* "Cash Back"
* Discount "points"
* Discounts on trips / big ticket items
What are two (2) reasons its usually a good idea to work for someone else before you start your own business
* Easier to establish a client base
* Cheaper
* Most will teach you how to run a business
* Gain experience and learn if you REALLY like the work before you are massively in debt
What are three (3) things you can do now to help you get lower insurance costs in the future
* Get good grades
* Save money
* Drive a cheap car
* Get on parents insurance
* Don't have debt
* Take driver's Ed
List two types of Homeowner's insurance coverage
•Dwelling (Coverage A): Protects the physical structure of your house.
•Other Structures (Coverage B): Covers detached structures like sheds, fences, and gazebos.
•Personal Property (Coverage C): Covers personal belongings like furniture, clothing, and electronics.
•Loss of Use (Coverage D): Pays for temporary housing (hotel/rent) if you cannot live in your home due to a covered loss.
•Liability (Coverage E): Protects you against lawsuits for bodily injury or property damage to others.
•Medical Payments (Coverage F): Pays for minor medical expenses for guests injured on your property.
You are required by most lenders to to have this type of "extra" insurance on your car while you are still making payments or leasing the car
What is Comprehensive Coverage
Note and explain (2) ways women benefitted when they were allowed to have their own credit cards rather than needing to share a credit card with a man in their lives?
* Build their own credit
* More directly affect what get made/ sold through their purchasing power
* Easier for them to save money and not have it stolen by their husbands/men
* Financially able to get enough money together to get out of a bad situation
What are two (2) reasons advertising your business on social media can be a bad idea
* You can't control the reviews
* People might ruin your businesses reputation for bad reasons
* Can be hard to reach the right customers
* you have to interact with the account multiple times a day, every day