Understanding Insurance Costs: Key Concepts and Calculations
School
Stellar Learning Academy**We aren't endorsed by this school
Course
SITHKOP001 2301
Subject
Mathematics
Date
Dec 10, 2024
Pages
4
Uploaded by CountWater9701
Quiz 2 Student: Elizondo, Israel Cawrse: Hosseinifar, M, Section 2, Math Models, Fall B 24/25 hoose the correct definition. copayment O the regular periodic payment a policy-holder makes to an insurance company to keep an insurance policy in effect O insurance that pays for health care; insurance against the high cost of getting sick above and beyond the premium and copay @ a standard charge for certain services, such as office visits an Points 100 /100
X 2. Choose the correct answer. O Life Insurance Premiums Cost Per Thousand (Annual) 66-74 70-74 75+ Age 29 and below 30-39 40-49 50-59 60-65 Type of Insurance §3.60 $6.15 $13.20 $24.00 $39.60 $81.00 $168.00 30-year term $3.00 $13.20 $24.00 $51.00 $96.00 $156.00 $360.00 $732.00 Whole life $10.80 What is the annual premium of a $20,000 term life policy for someone who is 25 years old? $216 ) QU Points 0 /100
X 3. Choose the correct answer. Surgical treatment of a broken arm costs $16,911. You have a $1,000 deductible and then your insurance will pay 85% of the remaining cost. Your insurance also has an out-of-pocket maximum charge of $3,500. What is your cost? . ® asees ha s T Points 0 /100 X 4. Choose the correct answer. Your doctor prescribes a medicine. It is available in brand name form for $215 and as a generic for $45. Your copay for medically necessary brand names is $30 and for generics is $5. How much will the medicine cost you if you choose to get the brand name? Points 0 /100
X 5. Choose the correct answer. Life Insurance Premiums Cost Per Thousand (Annual) 66-74 70-74 75+ Age 29 and below 30-39 40-49 50-59 60-65 Type of Insurance §3.60 $6.15 $13.20 $24.00 $39.60 $81.00 $168.00 30-year term $3.00 $13.20 $24.00 $51.00 $96.00 $156.00 $360.00 $732.00 Whole life $10.80 What is the yearly cost per thousand of a 30-year term life policy with a face value of $150,000 if the annual premium is $540? (O $3.60 Points 0 /100