Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
PF chapter 8
| Question | Answer |
|---|---|
| Which term refers to the percentage of covered medical expenses you are responsible for paying after your deductible is met? | Co-insurance |
| 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 |
| Frank has an auto policy with a coverage limit of $30,000 and a deductible of $1,000. He gets into an accident and the damages to his car total $6,200. Fortunately, he has collision coverage. How much will Frank need to pay out-of-pocket? | $1,000 |
| 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 |
| dog get hurt, his first vet services of the year, totaling $800. Lula’s deductible is $1000, her reimbursement rate is 75%, and her coverage limit is $15,000. How much does Lula pay, and how much does the insurance pay? | Lula pays $800, the insurance pays $0 |
| Your health insurance plan has a $20 copay for certain covered prescription medications. You arrive at the pharmacist and pick up your prescription which has a list price of $75. How much would you pay the pharmacy? | 20 |
| When setting your premium, your car insurance company may consider each of the following EXCEPT... | Your height |
| Someone broke into Sam’s car by smashing the passenger window. Which type of auto insurance coverage will help cover the cost to get the window replaced? | Comprehensive |
| 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 pay? | $58,000 |
| 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 it's possible he'd need a big sum of money well before his emergency fund was large enough |
| 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 This concept is kn | Risk pooling |
| 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 homeowners insurance will be MORE expensive than his renters insurance was |
| 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 |
| 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, pre-tax |
| 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 |
| 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 |
| Which BEST describes 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 |
| Which of the following statements is TRUE about auto insurance premiums? | If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will increase |
| Medicaid generally provides insurance for which of the following groups of people? | Individuals in low-income households |
| 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 |
| 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 |
| A standard renters insurance policy would cover each of the following EXCEPT… | A new window when a baseball breaks the original one |
| Insurance companies make money by... | Collecting more in premiums than they need to pay out each year |
| Each of these is considered an "out-of-pocket" expense EXCEPT… | Your monthly premium |
Created by:
JDSchwan