Insurance Quiz

An arrangement in which an individual will receive financial protection or reimbursement is called

• premium

• insurance

• deductible

• claim

The money paid to an insurance company to purchase a policy, usually in monthly increments, is called

• grace period

• policy

• premium

• deductible

The out-of-pocket money paid BEFORE an insurance company will cover the remaining costs is called a

• deductible

• premium

• claim

• policy

The chance of loss from an event that cannot be entirely controlled is called

• policy

• deductible

• risk

• premium

A formal request by a policyholder to their insurance company for compensation for a covered loss

• deductible

• premium

• co-pay

• claim

A contract between an insurance company and an insured individual that states the exact terms of what is covered and how much will be paid for any losses.

• coverage

• policy

• premium

• deductible

What type of insurance is used: David's mother is killed in an auto accident, what type of insurance would provide his family financial support to cover the paid and unpaid work his mother performed?

• Property & Liability

• Health

• Life

• Disability

What type of insurance is used? Sally is not feeling well so her mother takes her to the doctor. She has strep throat, so doctor gives medicine and sends her home.

• Property & Liability

• Health

• Life

• Disability

What type of insurance is used? Joey's brother is in a car accident and cannot work due to a broken back.

• Property & Liability

• Health

• Life

• Disability

What type of insurance is used? Bernice runs a stop sign and hits another car. Bernice is fine but the other driver has a broken car and broken leg.

• Property & Liability

• Health

• Life

• Disability