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Ins & Taxes PF
Insurance and Taxes Unit
| Question | Answer |
|---|---|
| Define Insurance | A risk management tool, used as a financial management tool to protect against risks. It is an arrangement or contract between an individual and an insurer (company) to protect the individual. |
| Who should have life insurance? | a. Anyone who owns a car or house b. Anyone who visits a doctor c. Anyone who has a family and needs to be sure they have financial security if something happens. |
| What are the different types of insurance? | Auto, home/property, health, life, disability, long term care, and renters |
| Who benefits from having health insurance? | Everyone |
| What factors may influence life and health insurance? | Smoking, weight, blood pressure, age, and previous medical history |
| Who should have auto insurance? | Missouri requires anyone that drives |
| What factors influence the cost of homeowner’s insurance? | Age of home, location, square footage, other structures, age of roof |
| What is renter’s insurance and what does it cover? | If you rent an apartment or dwelling, renter’s insurance covers personal property, additional living expenses, and personal liability related coverage. It does not cover the building. |
| Define policy | the contract for insurance (between the consumer and insurance company) |
| Define premium | the price you pay for the insurance (monthly, semiannually, annually) |
| Define deductible | the set amount that the policyholder must pay per loss on an insurance policy |
| Define claim | a request or demand for payment in accordance with an insurance policy |
| Who is legally obligated to by auto insurance in the State of Missouri? | Everyone who drives |
| What is the minimum insurance coverage required in the State of Missouri? | 25/50/10 (25,000 bodily injury per person/ 50,000 per accident/ 10,000 property liability) |
| Who typically has to pay more for life insurance? | Life insurance cost more for smokers, unhealthy people, and older |
| What factors influence the cost of auto insurance? | Driving record, deductible, age person/car, number of accidents, tickets, # of discounts, location of where the car is stored, # of miles driven |
| Missouri requires that individuals pay property taxes and real estate taxes. What are examples of property taxes? | Car, Truck, Boat, 4-wheeler, Trailer |
| Define landlord | The person that owns the property that is rented |
| Define beneficiary. | The person who receives compensation in the event of a loss |
| What are the different types of taxes? Can you describe when you pay them? | Income tax, sales tax, personal property tax (real estate tax), wealth tax (estate and inheritance) |
| When is a W-4 completed? | When you gain employment |
| When is an I-9 completed? | When you gain employment |
| When is a W-2 supposed to be post-marked? | January 31 the year taxes are due |
| When are tax returns supposed to be post-marked? | April 15, the year taxes are due |
| What is FICA? | Social security and medicare (Fair insurance contributions act) |
| What does IRS stand for? | Internal Revenue Service |
| What is the first income tax return YOU will probably file? | 1040EZ |
| Liability coverage pays for | damage, or injury for which you are responsible |
| Collision coverage pays for | the accident-related cost of repairing or replacing your vehicle |
| Comprehensive coverage pays for | theft, fire, vandalism, or other damages not related to an accident |
| If you are in an accident, your vehicle insurance medical coverage handles | only people injured in your vehicle |
| A higher deductible results in | a lower premium |
| Speeding tickets or accidents may result in | a higher premium |
| Safety features such as antitheft devices and automatic seat belts may result in | a lower premium |
| Taking driver education classes may result in | a lower premium |
| True/False: Health insurance is only available as a benefit from an employer | False |
| True/False: You can continue your health insurance even if you leave a job. | True |
| True/False: A co-payment is the small amount you pay for a doctor’s visit or prescription. | True |
| True/False: In general the younger you are, the less expensive life insurance is. | True |
| True/False: Life insurance can also be used as an investment for retirement | True |
| True/False: Life insurance companies can cancel policies if you develop a serious illness after you are insured. | True |
| True/False: You can collect life insurance benefits before you die. | True |
| True/False: The amount of disability insurance you can buy is based on a percentage of your total income. | True |
| Write the type of insurance coverage needed (try to be very specific): Your house is destroyed by a tornado and you need to rebuild it. | Home Owners |
| Write the type of insurance coverage needed (try to be very specific). There is a fire in your apartment and you need to replace all of your clothes and furniture due to smoke damage. | Renter’s |
| Write the type of insurance coverage needed (try to be very specific). Your house is destroyed by a tornado and you need to rebuild it. | Home Owner’s |
| Write the type of insurance coverage needed (try to be very specific). Your car is stolen and you need a replacement car | Automobile |
| Write the type of insurance coverage needed (try to be very specific). You hit someone else’s car and damage it so you need to pay for the car’s repairs. | Automobile |
| Write the type of insurance coverage needed (try to be very specific). You get food poisoning and visit the emergency room | Health |
| Write the type of insurance coverage needed (try to be very specific). You hit a tree with your car and you need to repair it | Automobile |
| Write the type of insurance coverage needed (try to be very specific). An unexpected death of a family member results in funeral expenses | Life |
| Write the type of insurance coverage needed (try to be very specific). You break your leg and are out of work for 3-months | Disability |
| Write the type of insurance coverage needed (try to be very specific). Your friend is injured while riding in your car when you collide with a tree. | Automobile |
| Write the type of insurance coverage needed (try to be very specific). Your car is totaled in an accident caused by someone without liability insurance. | Automobile |
Created by:
lglenn1816
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