Consumer Ed: Chapter 6 Test (NEW)

How many risk management strategies are there?

• 2

• 4

• 6

In which type of account is your leftover balance forfeited at the end of the year?

• Flexible spending account (FSA)

• Health savings account (HSA)

Government-sponsored health insurance for those with low income and limited resources:

• Medicaid

• Medicare

Government-sponsored health insurance for senior citizens:

• Medicaid

• Medicare

This sets a maximum amount that the insured has to pay out of pocket:

• Stop-loss provision

• Deductible

This type of insurance supplements basic auto & home insurance:

• Umbrella libility

• PIP

• No-fault

The price you pay for insurance:

• Premium

• Stop-loss provision

The amount of money you must pay each year toward your medical expenses before your insurance company begins to pay:

• Deductible

• Premium

Auto insurance that protects against damage to your own vehicle when YOU are at fault in hitting another car:

• Collision coverage

• Comprehensive coverage

Which type of risk is covered by homeowners insurance?

• Hazards

• Crimes

• Liability

• All of these