Risk management & Insurance Test
Authored by Kimberly Pittman
8th - 12th Grade
CCSS covered
Used 129+ times
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About
This quiz comprehensively covers risk management and insurance fundamentals, representing core personal finance content appropriate for high school students in grades 9-12. The questions assess students' understanding of essential insurance terminology including premiums, deductibles, claims, policies, beneficiaries, and liability, while also testing their ability to match specific insurance types (health, auto, homeowners, renters, life, disability, and long-term care) to real-world scenarios. Students need to demonstrate both definitional knowledge of insurance concepts and practical application skills by analyzing various risk situations and determining appropriate coverage needs. The quiz progresses from basic vocabulary through complex scenario-based problem solving, requiring students to understand how different insurance products protect against financial loss and how risk management strategies help individuals and businesses minimize potential economic harm. Created by Kimberly Pittman, a teacher in the US who teaches grades 8-12. This assessment serves multiple instructional purposes in personal finance education, functioning effectively as a unit review, formative assessment tool, or comprehensive test preparation resource. Teachers can deploy this quiz as a warm-up activity to activate prior knowledge, assign it as homework to reinforce classroom learning, or use it for summative evaluation of student mastery in insurance and risk management concepts. The varied question formats and real-world scenarios make it particularly valuable for helping students connect theoretical insurance knowledge to practical life situations they will encounter as young adults. This quiz aligns with personal finance standards including NFEC standards for risk management and insurance, as well as state standards that address consumer decision-making, financial planning, and protection against financial loss.
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30 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A formal request to an insurance company asking for a payment based on the terms of the insurance policy.
Policy
Claim
Risk
Premium
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The person, group, or property for which an insurance policy is issued. The condition of having insurance.
Insured
Insurer
Homeowner
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The amount paid (monthly, yearly, etc) for insurance is the
closing cost
premium
deductible
assessed value
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The person named in a life insurance policy to receive the death benefit is called the
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
In case of a future emergency, what standard is widely recommended ?
Make sure you have two credit cards.
Apply for a loan from your bank or credit union.
Have at least 6 months worth of work income saved in a emergency savings account.
Make sure you live with your parents
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
You break your arm playing football. You require an emergency room visit and surgery to repair the damage. What type of insurance do you need?
health insurance
homeowners insurance
renters insurance
long term care insurance
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
You are cooking dinner and there is a small grease fire in your kitchen. There is a lot of damage in the kitchen. What type of insurance do you need?
auto insurance
homeowners insurance
disability insurance
liability insurance
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