11.2 Different Types of Insurance

You decide to move into an apartment. Which kind of insurance will provide protection for your personal property?

• Liability Insurance
• Renter’s Insurance
• Property Insurance
• Long-Term Care Insurance

Which type of insurance provides coverage upon a person’s death, but only for a specified period of time?

• Whole Life

• Universal Life

• Term Life

• Long-Term Care Insurance

You have friends over for a party. Tad accidentally falls down the stairs and breaks a leg. Which kind of insurance protects you if Tad decides to sue or asks for medical assistance?

• Liability Insurance
• Renter’s Insurance
• Long-Term Care Insurance
• Health Insurance

_____ are the payments you make for insurance coverage.

• Premiums
• Copays
• Deductibles
• Benefits

_____ provides benefits to a person who becomes ill or injured and needs extended time to recover before returning to work.

• Disability insurance
• Life insurance
• Medical insurance
• Health insurance

Grandma Renae is 68 years of age. Her medical coverage is provided by the federal government through a program called

• TANF.

• Medicaid.

• Medicare.

• Social Security.

Most low income citizens in the U.S., regardless of age, are eligible to participate in a federal insurance program known as

• TANF.
• Medicaid.
• Medicare.
• Social Security.

Which of the following statements about insurance is the most accurate?

• Insurance is designed to transfer your risk to a third party.
• Insurance is designed to help you avoid risks.
• Insurance pays all costs associated with transferring your risk to a third party.
• Insurance is designed to protect only your personal property.

If you are in an auto accident, the type of insurance that will repair your vehicle is called _____ insurance.

• comprehensive

• collision

• catastrophic

• conditional

There is a storm while you and Evan are watching a movie at the theater in the mall. When you go outside, you realize a tree has fallen on your car. What kind of insurance will cover the damage?

• comprehensive
• collision
• catastrophic
• conditional