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| Question | Answer |
|---|---|
| 1. Which term refers to the percentage of covered medical expenses you are responsible for paying after your deductible is met? | Co-insurance |
| 2. 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 |
| 3. Frank as an auto policy with a coverage limit of $30,000 and a deductible of $1,000. He gets into an accident and the damage to his car total $6,200. Fortunately, he has collision coverage. How much will frank need to pau out-of-pocket? | $1,000 |
| 4. Your parents tell you that on your 22nd birthday, they would like for you or get on your own health insurance. Youi are very healthy, are not taking any prescription medicines, and generally only see your doctor for your annual physical. What type of h | A high-deductible plan with a low monthly premium |
| 5. Lulas 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 $800. Lulas deductible is $1000, her reim | She pays 800, insurance pays 0 |
| 6. Your health insurance plan has a $20 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 $75, how much would you pay the pharmacy? | $20 |
| 7. When setting your premium, your car insurance company may consider each of the following except? | Your height |
| 8. Someone broke into Sams car by smashing the passenger window. Which type of auto insurance coverage will help cover the cost to get the window replaced? | Comprehensive |
| 9. 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 $58,000. You have a $75,000 coverage limit per person for bodily injury. How much will the insurance company | $58,000 |
| 10. Bruce 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 its possible he’s need a big sum of money well before his emergency fund is large enough. |
| 11. 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 | Risk pooling |
| 12. Finn 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 homeowner’s insurance will be more expensive than his renters insurance was |
| 13. What is an insurance premium? | Your monthly payment to your insurer regardless if you use any services. |
| 14. Why would someone’s choose to get long term disability insurance even if they already have health insurance? | Health insurance only covers your medical bills, while long term disability will help compensate for lost work with a percentage of their income. |
| 15. Your employer offers an employer-sponsored health insurance plan. Which of the following statements is TRUE? | Your health insurance premiums will be paid directly from your paycheck pretax |
| 16. What type of auto insurance are you required to carry in almost every state (49 out of 50) | Insurance if you cause injury to another person. |
| 17. 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 |
| 18. Which BEST describes what is meant by a health insurance marketplace? | Federal or state-run website with the individual health insurance plans available in a given state |
| 19. Which of the following statements is TRUE about auto insurance premiums? | If you have auto insurance policy and get into multiple accidents within one year your premium amount will increase. |
| 20. Medicaid generally provides insurance for which of the following groups of people? | Individuals in a low-income household. |
| 21. Which person will probably have the MOST expensive health insurance premiums? | Robin a high earning business owner who buys a plan for their whole family on the marketplace |
| 22. In general, how do insurance companies decide how much to charge an individual for their monthly premiums? | The company assess the individuals risk factors and assigns higher premiums to higher risk individuals. |
| 23. A standard renters insurance policy would cover each of the following EXCEPT? | A new window when a baseball breaks the og one. |
| 24. Insurance companies make money by? | Collecting more in Premiums than they have to pay out each year. |
| 25. Each of these is considered an “out-of-pocket” expense except? | Your monthly premium |
Created by:
Breslyn Jeschke