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4. One day Franklin decides to read their homeowner’s policy. The first page is called Declarations . What is that? Should he bother reading it? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 5. Franklin notices the homeowner’s policy says they have All Risk Coverage . What is that? Is there any other kind of coverage? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 6. Franklin is reading their homeowner’s policy and notices that under exclusions , there is no insurance coverage for a business operating on the premises. Fiona runs a part time tutoring business at their home called Fiona’s Fun Physics! She has a lab in the garage where she and the students do all sorts of crazy experiments. What are exclusions ? Should Franklin be worried about Fiona’s Fun Physics business? What can he do to get coverage? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 7. Fiona graduates and gets a job. On her first day of work, she is handed a packet of papers explaining the various employee benefits. She notices one called Healthcare Plan Summary of Benefits and Coverage . She wonders what it is and what she should so with it. _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 8. Fiona’s co-worker, Florence tells her “Our company’s plan is great! It’s a managed care plan . It costs employees absolutely nothing and 100% of our medical costs are always covered. Could that be true? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ PRODUCT PREVIEW
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 299
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