Unit 2 Finance

Question 1

premium

Answer 1

amount of moey pad for a policy and is usually deducted from a monthly paycheck

Question 2

deductible

Answer 2

the amount you are responsible for paying before insurance

Question 3

copay

Answer 3

the amount you have to pay for a specific visit (usually 20% of a total cost)

Question 4

cash flow

Answer 4

the amount of money coming in per month/ other time period
neg= lose money, pos= save money

Question 5

coinsurance

Answer 5

% of costs a person pays after a deductible is met- until you reach the out of pocket maximum

Question 6

do downpayments, interest rates or loan terms have a greater impact on monthly payment?

Answer 6

downpayments- lower monthly payments, but not total cost, interest rates- lower monthly payments marginally, but drastically lower total cost, loan term lowers monthly payments, but increases total cosst

Question 7

loan term

Answer 7

length/time period of loan