Insurance Quiz

What does PPO stand for?

• Personal Property Ownership

• Preferred Provider Organization

• Professional Practice Organization

• Public Protection Order

What does HMO stand for?

• Home Mortgage Organization

• Highway Maintenance Office

• Humanitarian Medical Outreach

• Health Maintenance Organization

What does renter's insurance cover?

• Automobile damages for renters

• Belongings and liability coverage for renters

• Homeowners' property and liability coverage

• Healthcare expenses for renters

What does uninsured/underinsured coverage in auto insurance protect against?

• Your own medical bills after a car accident

• Another driver not having enough coverage to pay your losses

• Costs to repair or replace your vehicle after events out of your control

• Damage to your own vehicle after a crash

What is the role of an underwriter in an insurance company?

• Evaluates an individual's risk factors and assigns premium amounts

• Sells insurance policies and provides customer service

• Calculates risk based on loss percentages and determines insurance rates and premiums

• Insures deposits in US banks against bank failure

What is the role of an insurance agent?

• Sells insurance policies and provides customer service

• Evaluates an individual's risk factors and assigns premium amounts

• Calculates risk based on loss percentages and determines insurance rates and premiums

• Insures deposits in US banks against bank failure

What is insurance?

• An additional form of protection that can be purchased to extend/enhance a manufacturer's warranty on consumer goods

• An agreement where you make regular payments to a company and the company promises to pay you money if you suffer an injury, illness, loss, etc

• The chance of something happening or not happening within a certain number of occurrences

• The U.S. corporation insuring deposits in US banks against bank failure

What is an extended warranty?

• An additional form of protection that can be purchased to extend/enhance a manufacturer's warranty on consumer goods

• An agreement where you make regular payments to a company and the company promises to pay you money if you suffer an injury, illness, loss, etc

• The chance of something happening or not happening within a certain number of occurrences

• The U.S. corporation insuring deposits in US banks against bank failure

What does FDIC stand for?

• Federal Deposit Insurance Corporation

• Fiscal Development and Investment Committee

• Financial Data and Information Center

• Federal Department of Insurance and Claims

What is a deductible in insurance?

• The amount of money you agree to pay towards your losses before your insurance coverage will begin paying

• A set dollar amount you agree to pay each time you receive medical treatment, while the insurance company agrees to cover the rest

• Auto insurance that protects you against cost of your own medical bills if you are involved in a car accident

• The lowest amount of auto insurance coverage one can have to be legally allowed to drive in each state