Beverly and Kyle Nelson currently insure their cars with separate companies paying $650 and $575 a year. If they insure both cars with the same company, they would save 10 percent on the annual premiums.

Beverly and Kyle Nelson currently insure
their cars with separate companies paying $650 and $575 a year. If
they insure both cars with the same company, they would save 10
percent on the annual premiums.

What would be the future value of
the annual savings over ten years based on an annual interest rate
of 6 percent?

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2. For each of the following situations,
what amount would the insurance company pay?
a. Wind damage of $835; the insured has $500
deductible.
b. Theft of a stereo system worth $1,300;
the insured has a $250 deductible.
c. Vandalism that does $425 of damage to a
home; the insured has a $500 deductible.

3
The Kelleher family has health insurance coverage that pays
80 percent of out-of-hospital expenses after a $500 deductible per
person. If one family member has doctor and prescription medication
expenses of $1,100, what amount would the insurance company
pay?

4. As of 2008, per capita spending on health
care in the United States was about $8,000. If this amount
increased by 5 percent a year, what would be the amount of per
capita spending for health care in 10 years?

5.
Sarah’s
comprehensive major medical health insurance plan at work has a
deductible of $750. The policy pays 85 percent of any amount above
the deductible. While on a hiking trip, she contracted a rare
bacterial disease. Her medical costs for treatment, including
medicines, tests, and a six-day hospital stay, totaled
$8,893.
A friend told her that she would have paid less if she
had a policy with a stop-loss feature that capped her out-of-pocket
expenses at $3,000.
Was her friend correct? Show your computations. Then
determine which policy would have cost Sarah less and by how
much.

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