Insurance 1
Define Out of Pocket Maximum
The maximum amount YOU have to pay for health services in a year
What happens to your premium when your deductible is high?
What is a counteroffer when buying a house
A response to an offer that suggests specific changes
What is the APR
The cost you pay each year to borrow money, including fees, expressed as a percentage.
What percent of your gross income should go to housing?
30%
What is the difference between out of network providers and in network providers.
Out of network providers are not always covered by your plan or may cost you more money to go to them
When would you need disability insurance?
What does it cover?
When you are injured and unable to work for a period of time.
A portion of your salary.
What is the monthly amount you pay to get insurance called?
Premium
What is a contingency when selling your home?
A condition that must be met before a sale is finalized
Closing Costs are
Fees you pay your lender at the time you buy a house. These costs can include fees for appraisal, title insurance, and inspections.
What can you use money from an health savings account for?
Health expenses only
A claim is...
request for the insurance company to pay your bill
What is the Insurance agreement?
The main part of an insurance policy, which clearly spells out every point of what coverage you receive for the premium you're paying.
What is the value of ownership built up in a home or property that represents the current market value of the house minus any remaining mortgage payments.
Equity
The realtor that works for the buyer is called?
The realtor that works for the seller is called?
Buyer's Agent
Listing Agent
What does PPO stand for?
What happens if you go to someone who is not one of the providers?
Preferred provider organization
nonparticipating providers results in higher costs to the patient.
Who is covered under CHIP
Children's Health Insurance Program.
Children in families who earn too much money to qualify for Medicaid but not enough money for private insurance
What does an insurance agent do?
An employee of an insurance company who sells insurance policies and provides customer service.
What are 3 advantages of renting
1. Cheaper up front
2. Short term living
3. Maintenance isn't your problem
What happens when you pay more than you owe on your mortgage one month? EX: you owe $2,000 but pay $3,000. What did the extra $1,000 pay for?
It goes to pay down your principal (total amount owed on house)
Medicaid is a health service for who?
Lower income
What is an insurance policy?
A contract in which an individual or entity receives financial protection or reimbursement against losses
What is the Declaration Page in your insurance policy
The page of an insurance policy which includes a summary description of the insurance coverage provided and gives the maximum dollar limit the insurer will pay for a claim under each coverage.
Define ARM
Name 1 time an ARM would be best.
A mortgage in which the initial interest rate is normally fixed for a specified period of time after which it is reset periodically, often every month.
When you KNOW you will move within the fix rate period.
What are additional costs when buying a home? (Name 3)
2. Inspection
3. Taxes
4. Title company
5. Realtor