Consumer Economics Insurance Review

Front

What is an insurance premium?

Back

Your monthly payment to your insurer, regardless of whether you use any services.

Front

Which term refers to the percentage of covered medical expenses you are responsible for paying after your deductible is met?

Back

co-insurance

Front

When setting your premium, your car insurance company may consider each of the following EXCEPT... Just because she hasn't used it in the past doesn't mean nothing will happen going forward, 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, $58,000

Back

your height

Front

Insurance companies make money by...

Back

Collecting more in premiums than they need to pay out each year

Front

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?

Back

$0

Front

Which type of auto insurance coverage will help cover the cost to get the window replaced after someone broke into Sam's car by smashing the passenger window? Options: Liability, Collateral, Personal Injury Protection

Back

Comprehensive

Front

Why would someone choose to get long term disability insurance even if they already have health insurance?

Back

Health insurance only covers medical bills, while long term disability will help compensate for lost work with a percentage of their income.

Front

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?

Back

$58,000

Front

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. How much will Frank need to pay out-of-pocket?

Back

$1,000

Front

Each of these is considered an "out-of-pocket" expense EXCEPT... Comparison shop on the Marketplace to make sure you're getting the best rates you can, See if you qualify for Medicaid, Medicare, or subsidies on the marketplace, Rocco's insurance will not pay anything towards fixing Rocco's car, because he only has liability insurance. Therefore, the insurance company will only pay for the other person's car. For insurance to cover Rocco's car, he would need a collision policy, too.

Back

Your monthly Premium