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
