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Ins & Taxes PF

Insurance and Taxes Unit

QuestionAnswer
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