Family Law, Wills, and Insurance | Baamboozle - Baamboozle

After you meet your deductible, what kicks in at a certain percentage until you reach your maximum out of pocket on health insurance?

coinsurance (pays a certain percentage, like 80%, while you pay the rest until you reach the max out of pocket)

If your health insurance has a certain amount you pay to visit the doctor, what is that amount referred to?

Co-pay

What type of reasons might be given to NOT underwrite a life insurance policy?

Poor health (obesity, smoking) or dangerous habits (skydiving, motorcycle)

How can you make sure that earthquake is covered in your home insurance policy?

Add a rider; this is likely an exclusion that will cost extra

The auto insurance premium is $350 a month and too high for Dan's taste. How might he bring the rate down?

Lower coverage for liability will help, but higher deductible for full coverage will help most

If one carries 25/50/10 BIPD and 250 COMP and 500 COLL, how much would they pay to repair their OWN car if there is $1000 hail damage?

$250 for Comprehensive deductible

If one carries 25/50/10 BIPD and 250 COMP and 500 COLL, how much would they pay to repair the other person's car if there is $7000 damage?

Nothing; PD covers up to $10,000 and it is not above the limit

If one carries 25/50/10 BIPD and 250 COMP and 500 COLL, how much would they pay to repair their OWN car if there is $7000 damage?

$500 (Collison covers YOU and you pay deductible; insurance covers the rest)

What type of "full coverage" auto coverage pays in the event of damage to your car due to a wreck that is your fault?

Collision

What type of "full coverage" auto coverage pays in the event of a catastrophe that is not part of a wreck?

Comprehensive (covers hail, theft, etc.)

What TWO types of insurance are included in auto liability?

Bodily Injury and Property Damage

After you die, how long do creditors have to collect for your debts?

6 months

What type of will is written in handwriting?

Holographic will

What should you prepare if you want to ensure your property is divided a specific way upon your death?

A will (NOT a living will... that's only for YOU making your own health decisions!)

What kind of power of attorney might you give someone to specifically sign something on your behalf while you are out of town?

Limited

What kind of power of attorney stays in effect if you are incapacitated (until your death)?

Durable (often medical POA is a durable POA)

What can you give someone to give them legal authority to make decisions for you?

Power of attorney

Mary wants to marry Chad but is already married to someone else. This marriage would be void because of:

bigamy

The fancy "legal term" for divorce.

Dissolution of marriage

A legal procedure that declares a voidable marriage officially null and void is:

Annulment (it's as if the marriage never happened, so not a divorce)

If you have a lot of money coming in to a marriage and want to protect your financial interests in the event of divorce, what should you get?

Prenuptial agreement

If your spouse goes into the hospital for surgery and wants to ensure their wishes are carried out if they are incapacitated, what do they need?

Living will lays out THEIR specific wishes

This, given in consideration of marriage, must generally be returned if the engagement is called off.

The ring

In most no-fault states, this is given as the legal reason for marriage dissolution.

irreconcilable differences