Exam Review NGPF Unit 11 Insurance Jan 2023
Authored by Stephen McCloskey
Other
9th - 12th Grade
Used 21+ times
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This quiz comprehensively covers personal insurance concepts appropriate for grades 11-12, focusing on health insurance and auto insurance fundamentals. The questions assess students' understanding of core insurance principles including risk pooling, premium structures, deductibles, coverage types, and the regulatory framework governing insurance markets. Students need to demonstrate knowledge of insurance terminology such as in-network vs. out-of-network providers, catastrophic plans, HSAs vs. FSAs, and various auto insurance coverage types including liability, comprehensive, and collision. The content requires analytical thinking about real-world scenarios, such as understanding the financial consequences of driving without insurance or knowing proper procedures after an accident. This material builds critical financial literacy skills that prepare students for making informed decisions about insurance coverage as young adults. Created by Stephen McCloskey, an Other teacher in US who teaches grade 9-12. This quiz serves as an excellent review tool for students completing a comprehensive unit on insurance, particularly valuable for formative assessment before a major exam. Teachers can use this as homework to reinforce key concepts, as a warm-up activity to activate prior knowledge, or as guided practice during review sessions. The scenario-based questions make this quiz especially effective for helping students apply theoretical knowledge to practical situations they will encounter as consumers. The content aligns with personal finance standards including CCSS Mathematical Practices for problem-solving and reasoning, as well as state-specific financial literacy standards that emphasize understanding insurance as a risk management tool and consumer protection strategy.
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The number one reason risk pooling is valuable to the insurance industry is ...
It allows companies to charge the same premium to all members of the pool.
It brings together many individuals' premiums so that there is money to cover the select few with losses.
It makes insurance coverage available to everyone, even those who are unable to make their payments.
It is subsidized by the federal government.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Going to an in-network doctor is a good idea, because ...
you will receive a higher quality of care.
you will save on overall costs when compared to seeing an out-of-network doctor.
you will get a significant tax credit for that year.
you will always work with a primary care physician who manages your overall health.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All of the following represent a compelling reason to pay a higher insurance premium.
You will receive a higher level of customer service and better care.
You will have a lower deductible.
You will have a higher coverage limit.
You will have a lower out-of-pocket maximum.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If someone gets their health insurance through Medicaid, that means ...
They are likely to pay all of their insurance premium and get a tax refund or credit when they file their taxes.
They earn too much money to qualify for low-income subsidies.
They are definitely a senior citizen since Medicaid is a government program specifically meant to help seniors.
Their insurance premium is likely covered by the Federal and/or state government.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Each of the following factors affect your monthly auto insurance premium EXCEPT...
Your vehicle's make, model, and year.
Your driving record.
Your local auto shop's customer service reviews
Your age and marital status.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ricardo was not paying attention to the flow of traffic and rear-ended the car in front of him. Both cars have damage, but he doesn't have car insurance. What will most likely happen?
As long as the other person has auto insurance, then Ricardo is also covered.
Ricardo will have to pay out-of-pocket for auto repair and possible medical bills for the person he hit.
If the accident happened near a local repair shop, they might be able to fix the cars at a discounted price.
They can split the costs: Ricardo's health insurance will cover medical bills and the person he hit will cover the vehicles' damages.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you feel your insurance company is not upholding your policy correctly and you can't resolve it directly with the company, you will likely have the most success by contacting...
Your US Senator or Congressperson
The Federal Trade Commission
Your state's Department of Insurance or Insurance Bureau
Your local police department
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