Auto
True or False:
When setting your premium, your car insurance company may consider each of the following:
True
What term refers to the percentage of covered medical expenses you are responsible for paying after your deductible is met?
Co-insurance
What is an insurance premium?
Your monthly payment to your insurer, regardless of whether you use any services
Why would someone choose to get long term disability insurance even if they already have health insurance?
Health insurance only covers medical bills, while long term disability will help compensate for lost work with a percentage of their income
Insurance companies operate by charging individuals different prices for coverage depending on their risk levels. Then, they collect everyone's monthly premiums together and use the money to make payments when people file a claim (for example, someone is in an auto accident or needs to see a doctor). This concept is known as…
Risk Pooling
Your renter's insurance policy costs $20/month and has a $1,000 deductible. A thief breaks into your apartment and steals your $800 TV set. How much would your insurance company pay?
$0
If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will likely ________.
INCREASE
Medicaid generally provides insurance for which of the following groups of people?
Individuals in low-income households
Insurance companies make money by...
Collecting more in premiums than they need to pay out each year
Which of the following insurance coverage options would be the lowest priority for a typical single person, with no children, 1-2 years out of high school?
Life Insurance
In general, how do insurance companies decide how much to charge an individual for their monthly premiums?
The company assesses the individual's risk factors and assigns higher premiums to higher risk individuals
You cause an accident and injure the other driver. The case goes to trial and there is a verdict to compensate the injured person with $47,000. You have a $50,000 coverage limit per person for Bodily Injury. How much will the insurance company pay?
$47,000
Someone broke into Keyder's car by smashing the passenger window. Which type of auto insurance coverage will help cover the cost to get the window replaced?
Comprehensive
True or False:
Your employer offers an employer-sponsored health insurance plan, so your premiums will be paid directly from your paycheck, pre-tax.
TRUE
Which of the following would not be considered an "out of pocket" expense?
Sally’s got a pet dog, for whom she bought an accident and illness pet insurance policy three months ago. The dog steps on a mouse trap set out by neighbors and needs his first vet services of the year, totaling $650. Sally's deductible is $1,500, her reimbursement rate is 50%, and her coverage limit is $20,000. How much does Sally pay, and how much does the insurance pay?
Sally pays $650, the insurance pays $0
True or False:
A standard renters insurance policy would cover a new window when a baseball breaks the original one.
FALSE
Alex has an auto policy with a coverage limit of $40,000 and a deductible of $750. He gets into an accident and the damages to his car total $9,700. Fortunately, he has collision coverage. How much will Alex need to pay out-of-pocket?
$750
What type of auto insurance are you required to carry in almost every state?
Insurance if you cause injury to another person
What is meant by a health insurance marketplace?
A federal- or state-run website with the individual health insurance plans available in a given state
Your parents tell you that on your 21st birthday, they would like for you to get your own health insurance. You are very healthy, are not taking any prescription medicines, and generally only see your doctor for your annual physical. What type of health insurance is likely to be best for you?
A high deductible plan with a low monthly premium
Ulises has just graduated from college and decides that instead of paying for insurance, he'll work on building up his emergency fund. This way, if something goes wrong, he can just pay for it using cash. Why is this a risky idea?
An accident or illness can strike at any time and be quite expensive, so it's possible he'd need a big sum of money well before his emergency fund was large enough
Alex moves from a rented apartment into his very first house. What should he expect regarding the cost of homeowners insurance compared to renters insurance?
His homeowners insurance will be MORE expensive than his renters insurance was
Your health insurance plan has a $10 copay for certain covered prescription medications. You arrive at the pharmacist and pick up your prescription (which is covered under your plan) which has a list price of $95. How much would you pay the pharmacy?
$10
Who are the two potential opponents for the Knicks in the Eastern Conference Finals?
The Detroit Pistons or the Cleveland Cavaliers
Who was the 2nd US President?
John Adams
What is the y-intercept in the equation y = 3x - 4?
-4
How many zeros are in the number 100 billion?
100,000,000,000
11 zeros
How do you spell our principal's last name?
H-A-T-T-A-R
In what month this year will Avengers: Doomsday be released in theaters?
December