Insurance Quiz

What does insurance provide?

• A guarantee of no accidents

• A promise of product or service performance

• Security against potential risks

• Shield against monetary losses

What is the term for the amount you must pay out-of-pocket before an insurance company will cover your remaining costs?

• premium

• claim

• policy

• deductible

What is the term for the amount you must pay for an insurance policy?

• deductible

• premium

• claim

• lease

What is the term for the amount of money that an insured individual must pay out-of-pocket before the insurance company pays a claim?

• premium

• policy

• claim

• deductible

What is the term for the amount you are required to pay out-of-pocket before your insurance coverage begins?

• premium

• deductible

• coverage

• liability

Who is the insured in a life insurance policy?

• The person whose life is covered by the policy

• The person who receives the insurance money after the insured's death

• The agent who sets up the insurance policy

• The employer of the insured at the time of their death

Who is the person that helps you get the policy that best fits your needs?

• accountant

Who will pay the most for auto insurance?

• females, ages 16-25

• females, ages 26-65

What is the term for a life insurance policy that only covers a specific duration?

• universal

• whole life

• term life

• endowment

Which type of life insurance provides coverage for a person's entire life and can be used as income after retirement?

• comprehensive

• whole