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Insurance Unit Quiz

Authored by Allen Lewis

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Used 3+ times

Insurance Unit Quiz
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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which person will probably have the LEAST expensive health insurance payments?

Julian, age 57, who has been healthy most of his life
Samantha, age 32, who is a smoker but hasn't shown any signs of health problems
Patty, age 26, who works as an administrative assistant at a marketing firm
Robin, age 72, who jogs 50 miles per week to stay fit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to an arrangement where you are responsible for paying a percentage of covered medical expenses after your deductible is met?

Deductible limit
Premium
Out-of-network fees
Co-insurance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do insurance companies decide how much to charge an individual for their monthly premiums?

The company assesses the individual's risk factors and assigns higher premiums to higher risk individuals
The company looks at the individual's tax filings from the previous year to assess overall wealth and ability to pay
The company charges the same premium for every individual eligible for coverage
The company increases or decreases premium rates based on the stock market

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Frank has an auto policy with a coverage limit of $30,000 and a deductible of $1,000. He gets into an accident and the damages to his car total $6,200. How much will Frank need to pay out-of-pocket?

$0
$1,000
$7,000
$22,000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You cause an accident in which someone is injured. The case goes to trial and there is a verdict to compensate the injured person with $58,000. You have a $50,000 coverage limit per person for Bodily Injury. How much will you have to pay out-of-pocket?

$58,000
$8,000
$0
Only your deductible amount

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of insurance?

build wealth
transfer risk
manage assets
build relationships

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Alice is trying to save money, so she decides she’ll only buy renters insurance if and when something bad happens at her apartment. Why won’t her strategy work?

Insurance companies will only cover losses suffered while the policy is already in place.
Renters insurance only provides coverage for dorms, not apartments.
Alice will only be able to recover costs of furniture if she buys renters insurance after something bad happens at her apartment.
Insurance companies will only cover damages to her apartment if she pays triple the premium for the first month.

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