Insurance Intro Exit Ticket

What is the purpose of insurance?

• To anticipate catastrophic losses

• To provide extra income

• To reimburse individuals for gambling losses

• To make insurance companies profitable

What is insurance?

• A contract or policy for financial protection

• A contract or policy for performance

• A contract or policy for legal representation

• A contract or policy for investment

David has recently purchased a car insurance policy. What is the term for the specified payment amount that David is required to pay periodically to maintain his policy?

• A premium

• An upgrade

• A specified payment amount required at the end

• A specified payment amount required randomly

Avery had a car accident and his car was severely damaged. He then made a formal request to his insurance company. What is this request called?

• A claim

• A request for coverage

• A request for policy cancellation

• A request for premium reduction

What is coverage?

• The extent of insurance responsibility

• The extent of premium payment

• The extent of deductible

• The extent of claim approval

William has a health insurance policy. He recently had a medical procedure and received a bill. What does the term 'deductible' refer to in this context?

• The amount William must pay out-of-pocket before his insurance coverage begins to pay

• The amount paid by William's insurance company for his medical expenses

• The amount William pays for his insurance premium

• The amount William pays for his insurance claim to be approved

What is a benefit period?

• The length of time during which a benefit is paid

• The length of time during which a premium is paid

• The length of time during which a deductible is paid

• The length of time during which a claim is paid