Insurance

Front

The number one reason risk pooling is valuable to the insurance industry is…

Back

It brings together many individuals' premiums so that there is money to cover the select few with losses.

Front

Allison just turned 29 and is thinking of signing up for a Catastrophic Plan since she doesn't need a lot of medical care. Which of the following is TRUE?

Back

She will have a high deductible.

Front

All of the following are typical services included in standard health care plans EXCEPT: ambulance and emergency room visits, Immunizations, vision and/or dental care, yearly physical exams

Back

vision and/or dental care

Front

The actuarial value of plan is

Back

the percentage of costs covered by the insurance

Front

What type of risk management strategy are you using if you purchase insurance?

Back

Shared

Front

After getting into a car accident, you should immediately…

Back

Move you and your car to a safe area if possible and check to see if anyone is hurt.

Front

Which definition best describes an insurance premium? Options: the monthly amount you pay in order to purchase coverage, the maximum amount insurance will pay, an extra level of coverage, the amount you pay before the insurance pays

Back

the monthly amount you pay in order to purchase coverage

Front

A homeowners policy will typically include all of the following in their bundles EXCEPT: personal property inside the dwelling, other structures, the dwelling.

Back

earthquake or flood damage

Front

You let your friend Drucella borrow your car for the weekend while hers is in the shop. She turned on a "No Right on Red" and hit another car. What will happen since Drucella was at-fault?

Back

Since Drucella was the driver, she will be held responsible for the accident she caused.

Front

Micheal has a deductible of $500 and a coverage limit of $50,000 for bodily injury liability. He causes an accident and the other driver's bills total to $52,380. How much is Micheal responsible?

Back

$2,380 plus deductible because of his limit.