Risk management & Insurance Test

A formal request to an insurance company asking for a payment based on the terms of the insurance policy.

• Policy

• Claim

• Risk

• Premium

The person, group, or property for which an insurance policy is issued. The condition of having insurance.

• Insured

• Insurer

• Homeowner

The amount paid (monthly, yearly, etc) for insurance is the

• closing cost

• premium

• deductible

• assessed value

The person named in a life insurance policy to receive the death benefit is called the

• policy holder
• beneficiary
• recipient
• insurance agent

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

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

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

You are in a car accident in which you are at fault. The other person requires medical treatment and car repairs as a result. What type of insurance do you need?

• Auto insurance (with liability included)

• long term care insurance

• health insurance

• emergency insurance

You are injured in a horseback riding accident and can't perform your job for seven months due to two surgeries and rehabilitation. What type of insurance is needed?

• auto insurance

• disability insurance

• homeowners insurance

• collision insurance

Your father expresses concern about how your mother will pay the bills in the event of his death. What type of insurance is needed?

• health insurance

• disability insurance

• life insurance

• long term care insurance