Mayer Consumer Final Review

Front

What role does insurance play in financial planning?

Back

It guarantees that income and assets are protected

Front

The out of pocket cost to the insured when a loss occurs is called...

Back

Deductible

Front

A stone hits your windshield. Which type of coverage would likely cover this expense?

Back

Comprehensive

Front

Your health insurance copay is

Back

A fixed amount of money you pay each time you use your plan

Front

True or False: Insurance is based on the concept of shared risk, or risk pooling.

Back

True

Front

This is made monthly (or on a set schedule) and is a payment the consumer makes in exchange for having coverage.

Back

Premium

Front

The Illinois state minimums of 25,000/50,000/20,000 mean:

Back

You must have at least $20,000 in liability bodily injury for one person, $50,000 for multiple people injured, and $20,000 for liability property damage

Front

Which health insurance plan would be best if your number one priority was to receive the best medical care regardless of cost? Options: PPO: Platinum, HMO: Platinum, PPO: Bronze, HMO: Gold

Back

PPO: Platinum

Front

What is a benefit to renting a place over buying?

Back

Renting is less responsibility & makes it easier to relocate.

Front

When the government is primarily responsible for the needs of its citizens it is called a

Back

Command Economy