Front

What role does insurance play in financial planning?

Back

It guarantees that income and assets are protected

Front

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

Back

Deductible

Front

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

Back

Comprehensive

Front

Your health insurance copay is

Back

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

Front

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

Back

True

Front

This is made monthly (or on a set schedule) and is a payment the consumer makes in exchange for having coverage.

Back

Premium

Front

The Illinois state minimums of 25,000/50,000/20,000 mean:

Back

You must have at least $20,000 in liability bodily injury for one person, $50,000 for multiple people injured, and $20,000 for liability property damage

Front

Which health insurance plan would be best if your number one priority was to receive the best medical care regardless of cost? Options: PPO: Platinum, HMO: Platinum, PPO: Bronze, HMO: Gold

Back

PPO: Platinum

Front

What is a benefit to renting a place over buying?

Back

Renting is less responsibility & makes it easier to relocate.

Front

When the government is primarily responsible for the needs of its citizens it is called a

Back

Command Economy