Insurance

Question 1

What are the 5 types of insurance coverage?

Answer 1

1. Collision
2. Liability
3. Comprehensive
4. Medical (Personal Injury Protection)
5. Uninsured/Underinsured

Question 2

What does Collision cover?

Answer 2

Covers damages to your car.

Question 3

What does Liability cover?

Answer 3

Covers damages you cause to other people/things.

Question 4

What does Comprehensive cover?

Answer 4

Covers things out of your control.

Question 5

What does Medical cover?

Answer 5

Covers injuries.

Question 6

What does Uninsured/Underinsured cover?

Answer 6

Covers medical expenses and lost wages.

Question 7

What is a deductible?

Answer 7

The amount you pay before insurance covers the rest.

Question 8

What is Co-Pay?

Answer 8

The fixed amount the subscriber pays at the time of service (a doctor’s appointment).

Question 9

What is a premium?

Answer 9

The monthly fee paid to an insurance company for coverage.

Question 10

What is an out of pocket max?

Answer 10

The maximum amount the subscriber is responsible for, charge in addition to premium.

Question 11

What does the Affordable Care Act do?

Answer 11

The Affordable Care Act makes it so health insurance companies cannot deny people for having a pre-existing condition.

Question 12

When was the Affordable Care Act established?

Answer 12

The beginning of 2014

Question 13

What is the purpose of any insurance?

Answer 13

To control and reduce risk.

Question 14

3 determinants of auto insurance premium and why they affect it

Answer 14

1. Personal factors such as age, gender, and marital status. These can make things high or lower because of risk factors.
2. Type of vehicle, the amount care is worth = more to insure it
3. Mileage, more time spent on the road = more likely to get into crash

Question 15

What is Medicare and how do you qualify for it?

Answer 15

Medicare is government assisted health insurance, you qualify if you are over the age of 65 or are under 65 and are disabled and can’t work.

Question 16

What is Medicaid and how do you qualify for it?

Answer 16

Medicaid is government assisted health insurance, you qualify if you are below poverty level or are in the government’s care.

Question 17

What is a schedule of benefits?

Answer 17

A schedule of benefits is a list of all services and coverage.

Question 18

What is on the schedule of benefits?

Answer 18

A schedule of benefits includes the following: premium, deductible, in/out of network, copay, out of pocket expense, procedure, and types of care.

Question 19

What type of plan should someone have if they’re healthy?

Answer 19

A healthy person wouldn’t care about what they pay because they don’t visit the hospital too often. Low premium/high deductible. High copay.

Question 20

What type of plan should a person who is often sick have?

Answer 20

Low copay, don’t care about premium, they’re gonna be going often so they’d probably want to pay low amounts.