Name: _________________________________ Date: ______________________ Block: ___________

Everfi Module 7: Insurance and TaxesVideo: What is Insurance? What two things get taken out your paycheck?

1.2.

What does insurance protect you from?

Types of Insurance

Describe. What does it protect?Auto Insurance

Renters/Homeowners

Health

Disability

Life

What type of insurance do you current have?

Insurance Policy Terms 1. What is the coverage?

2. What is the premium?

3. What is a claim?

4. What is the deductible?

5. What is a co-pay?

Post Test Grade:

_________

Policy Terms PracticeJoe went to the doctor yesterday and had to pay $20 for his visit. Joe’s $20 office visit payment is called a: _________________________________Joe pays $100 a month to belong to his employer’s health insurance plan. Joe’s $100 monthly payment is called a: _________________________________Maggie must pay for $1500 worth of medical expenses out-of-pocket before her health insurance policy covers her costs. Maggie’s $1500 out-of-pocket expenses are called a: _________________________________Maggie pays $50 a month for her health insurance policy. Maggie’s $50 monthly payment is called a: _________________________________

Video: How Insurance WorksWhat does an insurance policy cover?

What are the two types of payments you need to make for insurance?

How do insurance companies stay in business?

Insurance companies change based on _____________________________________________________________. If you are a higher risk, you will have a _________________________ (higher/lower) premium. If you are a lower risk, you will have a _________________________ (higher/lower) premium.

Video: Paying Taxes1. Why does the government collect taxes?

2. What 3 levels of government collect states? ______________________________________________________3. States collect what type of tax? _________________________________________________4. Income tax is paid to which level(s) of government? _______________________________________________5. Local governments usually collect what type of tax? What does this tax support?

Types of TaxesDescribe the different types of taxes

Federal Income Tax

State Income Tax

Sales Tax

Property Tax

Capital Gains Tax

Parts of a Paystub

Describe the different parts of a paystub YTD:

Deductions:

Taxes Withheld:

Social Security:

Medicare:

State Income Tax:

401(k):

Video: Tax Forms What 3 forms come from the IRS?

What is a W-4?

What is a W-2?

What is the 1040EZ?