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Insurance Math

Insurance Math. Insurance Review. What factors determine auto insurance premium? Age Gender Make & Model of car How often & how far you drive it Previous accidents/tickets. Insurance Review. Which of the following people will pay the highest car insurance premiums? Senior citizen

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Insurance Math

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  1. Insurance Math

  2. Insurance Review • What factors determine auto insurance premium? • Age • Gender • Make & Model of car • How often & how far you drive it • Previous accidents/tickets

  3. Insurance Review • Which of the following people will pay the highest car insurance premiums? • Senior citizen • Middle age driver • Female: 24-34 • Male: 16-25 MALES: 16-25!

  4. Question #1 John breaks his arm playing football and has to go to the emergency room. His total bill is $921.04. His insurance pays 90% of the bill. How much is John responsible for paying? $921.04 x .90= $828.94 Insurance will pay $828.94 How much does John have to pay? $921.04 - $828.94= $92.1

  5. Question #2 • Molly goes ice skating and takes a little spill. She has sprained her ankle and needs to go to the ER. Just for visiting the ER, her bill is $457.30. Her insurance coverage is 80/20 (insurance pays 80% & Molly pays 20%). How much does Molly owe? 457.30 x .20= $91.46

  6. Question #3 • The Smith’s have homeowners insurance that pays 70% after a $500 deductible is met. After a recent storm, the Smith’s filed a claim to replace their roof. The roof costs $3,000.00 to replace. What was the insurance company’s payment in the case? $3,000.00- $500= $2,500.00 $2,500 x .70= $1,750.00

  7. Question #4 • Jim recently stayed in the hospital. His health insurance policy pays 70% of his hospital bills after a $1,000.00 deductible is met. The total of the hospital costs were $24,000.00. What were Jim’s total payments after the deductible? $24,000-$1,000.00 = $23,000.00 $23,000 x .30= $6900.00 (what Jim pays)

  8. Question #5 Sarah had three x-rays taken of her foot for a total cost of $467. Under her major medical coverage, the insurance company paid 80% of the cost of the x-rays after a $25 deductible for each x-ray. How much did Sarah have to pay for the three x-rays? 467-25-25-25 = $392.00 $392.00 x .80 = $313.60 (what insurance pays) $392- $313.60 = $78.40 (what Sarah will pay)

  9. Question #6 • Kate works for a large company. The annual premium for her health insurance is: • $3,736 for hospitalization & medical • $1,372 for surgery • $1,150 for major medical • Kate’s employer pays 55% of the annual premium • What is Kate’s portion of the premium? $6258 x .55%= $3441.90 (what employer pays) $6258 x .45% = $2816.10 (what Kate pays)

  10. Now, do some on your own!Whatever you don’t finish in class, is HW!

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