Insurance & Retirement

Customer asking for a payment based on the terms of the insurance policy

• Actuary

• Claim

• Copay

• Deductible

A set dollar amount you agree to pay each time you receive medical treatment, while the insurance company agrees to pay the rest.

• Deductible

• Premium

• Copay

• Claim

Amount you agree to pay towards your losses before your insurance coverage will begin paying.

• Copay

• Premium

• Claim

• Deductible

Lower monthly premiums and pay less out of pocket

• HMO

• PPO

What is the purpose of insurance?

• Build wealth

• Transfer risk

• Build relationships

• Manage assets

Manny has car insurance and was in an accident with a bill totaling $11,500. The insurance company says he needs to pay the first $1000. What does the $1000 represent?

• Deductible

• Premium

• Coverage limit

• Policy limit

Which of the following does not affect your car insurance premium?

• Age

• Gender

• Driving Record

• The make and model of your mom's car

The amount of money you take home

• net income

• gross income

• gross payment

Which of the following is not a retirement account?

• 401k

• Roth IRA

• 403b

• 547a

Which type of retirement account is more common for an individual who owns a small business?

• 401k

• Roth IRA