Review: Insurance BIG Ideas

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

This professional analyzes statistics and uses them to calculate risks and premiums.

• Agent

• Actuary

• Claims Clerk

• Underwriter

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

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

What is the average monthly renter's insurance premium cost in the U.S.?

• $150/month

• $90/month

• $40/month

• $15/month

The amount paid for insurance is the

• closing cost
• premium
• deductible
• assessed value

The type of insurance that provides protection against financial loss from medical bills is called

• health insurance
• coinsurance
• life insurance
• premium