Insurance Quiz Review

A set amount of money you pay to the insurance company to purchase a policy for coverage.

• premium

• deductible

• co-insurance

• coverage

The amount that you have to pay on a loss before the insurance begins paying is the:

• premium

• deductible

• co-insurance

• coverage

Children may be covered under their parent’s health insurance policy until they:

• 16

• 18

• 21

• 26

The type of insurance that is the minimum required by law for automobiles is:

• Comprehensive/Full Insurance

• Liability insurance

• Medical payment insurance

• Physical damage insurance

The beneficiary of a life insurance policy is the individual who:

• Purchased the policy

• Receives any proceeds if the insured person dies

• Sold the insurance policy

• Is the executor of the insured’s estate

Insurance is:

• An unpredictable event which leads to loss or damage

• An arrangement between an individual and an insurer to protect the individual

• A fee paid to the insurer for protection under specified terms

• Uncertainty about a situation’s outcome

Formal request to an insurance company asking for payment in the case of an accident, illness or injury

• Claim

• Deductible

• Co-Pay

• Premium

A contract between the insurance company and the insured that states the exact terms of coverage.

• Deductible

• Claim

• Premium

• Policy

A fixed fee you pay for specific medical services such as when you visit the doctor’s office.

• Claim

• Deductible

• Co-Pay

• Premium

This requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid.

• Co-Pay

• Co-Insurance

• Premium

• Deductible