
Understanding Insurance Basics
Flashcard
•
Social Studies
•
9th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Which of the following best explains how insurance helps reduce financial risk? Options: It guarantees you won’t experience accidents or emergencies., It transfers some or all of the financial burden to the insurance company., It provides immediate cash for all expenses., It eliminates the need to save for emergencies.
Back
It transfers some or all of the financial burden to the insurance company.
2.
FLASHCARD QUESTION
Front
How does insurance benefit families during unexpected medical emergencies?
Back
By covering part of the costs, reducing the financial strain.
3.
FLASHCARD QUESTION
Front
Why is insurance considered a tool for transferring risk?
Back
Because the insured pays less money than the potential cost of a loss.
4.
FLASHCARD QUESTION
Front
Which of the following situations shows the importance of insurance? A person without insurance pays out-of-pocket for a minor expense. A family avoids losing their savings after a major accident thanks to insurance. A person decides not to buy insurance because they’ve never had an accident. A family saves money by not purchasing homeowner's insurance.
Back
A family avoids losing their savings after a major accident thanks to insurance.
5.
FLASHCARD QUESTION
Front
How does having insurance for your car protect you after an accident?
Back
It helps cover repair costs and liability for damages caused to others.
6.
FLASHCARD QUESTION
Front
What is the difference between a premium and a deductible?
Back
The premium is paid regularly; the deductible is paid only after a claim.
7.
FLASHCARD QUESTION
Front
If your car insurance policy has a $500 deductible, what does that mean?
Back
You must pay $500 before the insurance covers the rest of the cost.
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