Money management

What is the average monthly renter's insurance premium cost in the U.S.?

$15/month

Under current law, until what age can a child stay on their parents' health insurance?

26

Your health insurance copay is

A fixed amount of money you pay each time you use your plan

This professional analyzes statistics and uses them to calculate risks and premiums

Actuary

Which insurance coverage is required by law?

Auto insurance

Which types of insurance are most appropriate for a single, working, 24-year-old?

Auto insurance, Health insurance , Disability insurance

How can you obtain health insurance?

Buying directly an insurance agent or shopping on health insurance market place

A formal request to an insurance company asking for a payment when the policyholder has an acciden, illness or injury

Claim

A stone hits your windshield. Which type of coverage would likely cover this expense?

Comprehensive

A policy is a contract between the

Consumer and the insurance company

Which of the following wouldn't save you money on your auto insurance premium?

Decrease your deductible

The out of pocket cost to the insured when a loss occurs is called...

Deductible

What factors impact the cost of your auto insurance premium?

Deductible amount The vehicle you are insuring Your credit score

This type of insurance should pay for damages if a tree that goes through your roof

Homeowners

What role does insurance play in financial planning?

It guarantees that income and assets are protected

Which of the following is TRUE about Social Security?

It replaces part of your income when you retire It replaces part of your income if you become disabled It replaces part of your income if you die leaving survivors

Which of the following would be covered under a renter's insurance policy?

Medical bills of another person who is injured on the property

What information is typically listed on an insurance policy?

Name of person or property being insured Deductible amounts The policy period

The total cost of buying insurance, usually per year

Premium

Jennifer has an auto policy of $20,000/$40,000/$10,000. The $10,000 covers

Property damage per occurrence

True or False: Insurance is based on the concept of shared risk, or risk pooling.

True

Someone who receives money if an insured person dies

beneficiary

Someone who relies on someone else for income and care

dependent

Provides payment to replace earnings during times when workers cannot work due to illness or injury

disability insurance

Cash set aside that can be used to cover the costs of unexpected expenses

emergency savings