Insurance Practice

The starting amount of an account or an investment.

• Interest

• Rate

• Security Deposit

• Principal

The larger your down payment, the ___________________ your monthly payments

• higher

• lower

The higher your credit score, the _____________ your interest rate (APR).

• higher

• lower

The shorter your term length, the _____________ your monthly payments, and the _____________ the total interest you will pay.

• higher; lower

• lower; higher

• higher; higher

• lower; lower

When you’re borrowing money, is it better to have a HIGHER or LOWER interest rate?

• higher

• lower

In general, the __________________ your insurance deductible, the __________________ your insurance premium.

• higher; lower

• higher; higher

• lower; lower

The amount required periodically by an insurer to provide you with insurance coverage for an amount of time

• premium

• deductible

• copay

• coverage limit

The amount of money you agree to pay towards your losses before your insurance starts covering you

• premium

• deductible

• copay

• out-of-pocket maximum

A set dollar amount you pay each time you receive medical care, while the insurance company pays the rest

• premium

• deductible

• copay

• out-of-pocket maximum

The maximum amount of money you will have to spend, after which the insurance company covers all costs

• premium

• deductible

• copay

• out-of-pocket maximum