Insurance and Risk Quiz

The possibility of incurring a loss is called

• Speculation

• Deductible

• Risk

• Insurance

A product you can purchase that exchanges the uncertainty of a possible large financial loss for a certain smaller payment is called

• Opportunity

• Insurance

• Credit

• Investment

The amount of money you owe before insurance will cover the rest of the bill is called the

• Deductible

• Claim

• Security Deposit

• Premium

An insurance premium is paid by

• the insurance company.

• the claims adjuster.

• the government.

• the policyholder.

Insurance that covers damage to your car from an accident is called

• collision insurance.

• liability insurance.

• comprehensive insurance.

• uninsured motorist insurance.

What can insurance protect you from?

• Contract Fees

• Theft

• Premiums

• Deductible

The company who agrees to take on certain economic risks and pay for losses if they occur is called the

• liable party

• agent

• policyholder

• insurer

A request for payment for a loss that an insurance policy covers is called a

• commission

• warranty

• claim

• loss

Which is NOT an example of a risk management strategy?

• Wearing reflective clothing while biking at night

• Buying a new car

• Wearing a helmet while biking

• Purchasing a home security system

What is a consequence of not having health insurance?

• You must pay all costs for health care and medical emergencies.

• You're not allowed to go to a hospital.

• You will get a lower standard of care from doctors.

• You can only see certain doctors.