Insurance
Insurance Continued
Credit Scores
Credit Cards
Mortgages
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
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
100
Give an example of a very good credit score.
750-850
100
What is one way that using a credit card saves you money?
% cashback
Letting you pay later
Building your credit score for loans later in life
100
A mortgage is a loan taken out to assist in the purchase of a __________.
House
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
DAILY DOUBLE
(Random Facts Edition)
What organ in the human body can regenerate when as much of 75% of it is damaged or removed?
200
Why do banks want to see your credit score before lending to you?
To know how reliable you are as a borrower
200
To save money every month, you should:
a. Pay your credit card off in full
b. Pay off your minimum balance
A
200
True or false: Putting more money into your mortgage's down payment saves you money in the long run.
True! Because you don't have to pay interest on anything you've already paid off
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
Anyone over the age of 65 qualifies for a free form of healthcare called __________
Medicare
300
Describe what you can do to raise your credit score.
Making payments on several lines of credit consistently over a long period of time
300
How do credit card companies make money off credit cards?
1.5% taken from every transaction
Interest from credit card debt on late payments
300
How does the length of a mortgage affect how much you will have to pay in interest?
A longer mortgage means more years paying interest
400
Who receives the payout of a life insurance policy?
Anyone listed as a beneficiary
400
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
400
How do low credit scores effect your ability to find housing?
Increased interest rates on mortgages for buying
and
credit score cutoffs for renting
400
How much would be owed after 3 months of paying off your credit card bill in full?
$4,500
400
Missing one or two mortgage payments will result in:
A decrease in your credit score
500
Do insurance plans with a lower premium usually have a higher or lower out of pocket maximum?
Higher
Cheaper plans mean fewer benefits
500
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
What is one thing (other than missing a payment) that would lower your credit score.
Opening a new line of credit (i.e. taking out a new mortgage)
500
How much would be owed after 1 month of making only minimum payments?
$3427.20
500
If you have paid off 90% of your mortgage and are unable to make any additional payments, the bank will:
Take your house