1 / 10

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

jelani-sharp
Download Presentation

Insurance Math

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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!

More Related