Personal Finance Review #3

Which types of insurance are most appropriate for a single, working, 24-year-old? (hint: choose 3 correct answers)

• Health insurance

• Disability insurance

• Life insurance

• Auto insurance

What role does insurance play in financial planning?

• It guarantees that income and assets are protected

• It helps build and maintain one's credit score

• It helps cover day-to-day expenses

• It grows in value and appreciates over time

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

• Premium

• Deductible

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

• Collision

• Liability

• Comprehensive

• None

What factors impact the cost of your auto insurance premium? (hint: choose 3 correct answers)

• Deductible amount

• The vehicle you are insuring

• Your credit score

• Your income

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

• Decrease your deductible

• Reduce or eliminate optional insurance on an older vehicle

• Maintain a good credit history

• Bundle your insurance with other policies

A policy is a contract between the

• Policyholder and the injured person

• Driver and the government

• Consumer and the insurance company

• Consumer and the insurance agent

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

• 18

• 21

• 26

• 29

Your health insurance copay is

• Amount paid out of pocket before your insurance coverage

• Paid by the insurer

• Applied on an annual basis

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

How can you obtain health insurance? (hint: choose 2 correct answers)

• Buying directly from an insurance agent

• Shopping on the Health Insurance Marketplace

• Signing up at your family doctor's office

• Remaining on your parents' plan if you are under age 30