What is an insurance premium?
Personal Finance Banking, Credit, Insurance Review

Quiz
•
Social Studies
•
11th Grade
•
Medium
Gretchen Davis
Used 3+ times
FREE Resource
40 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Your monthly payment to your insurer, regardless of whether you use any services
A list of the procedures covered by your insurance carrier
An added cost you pay in order to receive higher-quality services
The amount you pay out-of-pocket for a specific procedure or service
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term refers to the percentage of covered medical expenses you are responsible for paying after your deductible is met?
Deductible limit
Premium
Out-of-network fees
Co-insurance
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Juan saved $1,000 from his summer job cleaning pools. Which of these account types would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate?
Regular savings account
Money Market account
Checking account
Certificate of Deposit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All of the following are true about prepaid cards EXCEPT…
Prepaid cards typically include a lot of fees
Prepaid cards are a useful option for someone who is unbanked to make online purchases
Prepaid cards are a great way to build credit
Prepaid cards are usually accepted anywhere that debit and credit cards are accepted
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these statements best explains why it's often a good idea to pay more than the monthly amount due on an amortized loan? Mark only one oval.
Every time you pay extra, the lender will reduce the interest rate they're charging by a small amount
The extra payment will be applied to the principal amount you owe, which will pay down your debt more quickly
The extra payment will be applied to the interest you owe, which will reduce the overall cost of your loan
Amortized loans typically have much higher interest rates than credit cards, so they're the best place to put your extra cash
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you are having trouble making auto loan payments and are really following a tight budget, which recommendation below represents the WORST advice? Mark only one oval.
Find an extra source of income by taking a second job, working longer hours, or borrowing from family if they can afford to help
Stop making payments on some of your debts so you can focus on getting the most expensive or largest debts under control
Continue making all payments and call your lenders and see if you can negotiate lower monthly payments, lower interest rates, or longer terms
Explore whether a free or non-profit credit counseling service could help
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Reading through a credit card’s Schumer Box, you see the APR for a specific card is set at 9.99% - 23.99%. Which statement is true? Mark only one oval.
When given a range of APRs like this, you can assume most cardholders pay the lowest rate listed
Your APR will be within that range, depending on the strength of your credit history
In this case, you want the highest APR in the range because you’ll earn more
The APR on credit cards is usually fixed, so it won't be adjusted as long as you are a cardholder
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