Insurance Review

What is the main purpose of insurance?

• to follow the law

• to get weathly

• For investment purposes

• To reduce risk

This is what you have to pay before the insurance company will pay anything

• coverage

• dues

• deductible

• policy

What is an insurance premium?

• 1. Your monthly payment to your insurer, regardless of whether you use any services

• 1. A list of the procedures covered by your insurance carrier

• An added cost you pay in order to receive higher-quality services

• The amount you pay out-of-pocket for a specific procedure or service

Tags

CCSS.7.EE.B.3

2. When setting your premium, your car insurance company may consider each of the following EXCEPT...

• 1. How many miles you drive per year

• Your age

• Your driving record

• Your height

Tags

CCSS.HSS.IC.B.4

This is the minimum required by law, only repairs the vehicle you hit, not your own

• Liability

• Collision

• Comprehensive

• Deductible

Which of the following is a way to reduce the cost of your insurance premium?

• Good grades
• Number of miles you drive
• Where you live
• All answers are correct

4. Insurance companies make money by...

• 1. Refusing to pay out claims to policyholders

• 1. Collecting money from the government

• Collecting more in premiums than they need to pay out each year

• 1. Keeping costs low with minimal advertising

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

5. Which of the following statements is TRUE about auto insurance premiums?

• 1. If you have an auto insurance policy and don't get into a car accident or file any claims for a year, you get your premiums back from the insurance company

• 1. If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will decrease

• 1. Auto insurance premiums are a fixed price across all insurance companies

• 1. If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will increase

6. Your renter's insurance policy costs $20/month and has a $1,000 deductible. A thief breaks into your apartment and steals your $800 TV set. How much would your insurance company pay?

• 1. $0

• 1. $200

• 1. $800

• 1. $1,000

  2. rerre

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

7. Someone broke into Sam’s car by smashing the passenger window. Which type of auto insurance coverage will help cover the cost to get the window replaced?

• 1. Bodily injury liability

• 1. Property liability

• 1. Collision

• 1. Comprehensive

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