It's
All
Random
100
Who receives the payout of a life insurance policy?
Anyone listed as a beneficiary
100
Susie makes a $200 payment to her health insurance company each month so that her health insurance doesn’t expire. This payment is known as a: _______.
Premium
100
When Mark bought a new, fancier car, his car insurance premiums went up. Explain why the insurance company charges more for his new coverage.
The car costs more to fix
200
Joe had $200,000 of medical expenses this year. After the first $20,000 he never had to pay another cent because he already hit his ___________.
Out of pocket maximum.
200
Raymond pays for the first $5,000 of covered services himself (out-of-pocket) under his health insurance plan. This $5,000 is known as his _____.
Deductible
200
Insurance companies are able to turn a profit because most people pay in more than they get out. While this might sound like a scam, explain why someone might want to have insurance anyway.
When you need it, you really need it.
300
Anyone over the age of 65 qualifies for a free form of healthcare called __________
Medicare
300
Group health plans offered by colleges or employers are usually less expensive than individual health insurance plans. Why is this?
Group bargaining power
300
Though they are now legally entitled to health insurance, what used to happen to uninsured people with preexisting conditions?
They could not get health insurance / their insurance was very expensive
400
Name a type of insurance not mentioned on this quiz (not health, life, or disability)
Car
Homeowners
Renters
Liability
Pet
400
What does disability insurance do?
Pays you if you get injured in a way that prevents you from working
400
Tom’s insurance had a $500 deductible and a 20% co-pay. He had a covered medical event that cost $10,000. How much did he have to pay out of pocket?
$2400
500
John has insurance with a $500 deductible that he has already paid off and 50% co-pay. If he has another qualifying expense afterwards that costs $1,000, how much will he pay out of pocket?
$500
500
If you have $4,000 of medical expenses this year, how much will plan A cost in total? How about plan B?
A: $6,600
B: $6,300
500
If you have $280,000 of medical expenses this year, how much will plan A cost in total? How about plan B?
A: $12,000
B: $11,000