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10. T F A plan benefit year always runs concurrent with the calendar year. 11. T F Deductibles reset at the start of each benefit year. 12. T F If you use a medical care provider who is outside of an HMO’s network, medical costs are covered, but at a reduced rate. 13. T F The main differences between a PPO and an HMO are cost and flexibility. 14. Miguel was going through an intersection when another driver ran the red light and caused $3500 to Miguel’s car. The other driver was not insured. Will Miguel’s collision coverage pay to repair his car? Will he have to pay any portion of the repair costs himself? _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 15. Miguel had to leave his damaged car on the side of the road overnight because the tow truck was delayed. During the night his car was vandalized. The perps spray-painted it, tore up the interior, and made off with an expensive karaoke machine he had in the trunk. He does not have comprehensive coverage . Will he recover his losses from his car insurance company? Explain. _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 16. Alice drives a pretty sweet car, so she selects a 100/300/50 auto policy. Tell what these numbers mean and why the kind of car she drives is irrelevant! _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 17. Caroline and Clyde are new parents. They want to make sure that in the event one of them dies they will have enough income for 20-30 years to pay the mortgage, bills, and future college costs. Clyde says disability insurance covers this. Caroline disagrees. She says they need Term Life Insurance. What’s your opinion? Explain. PRODUCT PREVIEW
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Chapter 15 | Protect What You’ve Earned 306
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