How does the make and model of your car affect how much you pay for insurance?

In general, the more your car is worth the more you will pay to insure it.

The make and model of your car has no affect on your insurance rate.

How can you benefit from sharing your mileage with your insurance company?

The fewer miles you drive, the less likely you are to get into an accident, so you will have a lower insurance payment.

The fewer miles you drive, the more likely you are to get into an accident, so you will have a very high insurance payment.

Why do you think a speeding ticket or DUI would increase your insurance rate?

You are now a higher risk to the insurance company.

The insurance company now has to pay additional fees on your behalf.

Which of the following people is likely to have the HIGHEST auto insurance premium?

Patrick: 17 years old, single, new driver

Mary: 26 years old, married, new driver

What is one advantage of having a plan with a high coverage limit?

You will pay less if you have an expensive claim, like a costly accident

You will pay less in monthly premiums

Which of these are is a reason people consider canceling or not enrolling in health insurance?

They feel they are young and unlikely to get very sick

They are too old to qualify for health insurance

Which of these is a common result following a costly medical expense without insurance coverage?

Racking up costly credit card charges on top of tens of thousands of dollars in medical bills

Raising $50,000 on crowdsourcing platforms like GoFundMe

What is the purpose of insurance?

To provide protection against the chance of loss

To provide an opportunity to compound your money

Which of these is a benefit of a high deductible health plan (HDHP)?

The premiums are lower than a traditional health insurance plan

You can deduct all your medical expenses and premiums from your income for tax purposes

Why would someone want to have renters insurance if their building owner has insurance?

The building owner's insurance only covers the building structure. Renters insurance covers your personal property.

By law, you must have two types of insurance: landlord insurance and renters insurance

What is the purpose of liability coverage on a renters insurance policy?

It covers unintended damage and accidents in the rental

It covers your medical bills if you are injured on the property

What is the main purpose for disability insurance?

To provide income replacement to you if you are unable to work

To pay doctor and hospital bills if you become disabled

How long would a short-term disability plan provide payouts?

As long as the disability lasts

How long would a long-term disability plan provide payouts?

As long as the disability lasts

FA Unit 10 Test

Quiz

•

Mathematics

•

12th Grade

•

Practice Problem

•

Medium

•

CCSS

RI.8.1, RI.8.8, RL.11-12.1

+2

Standards-aligned

Nathan Totten

Used 10+ times

FREE Resource

27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The purpose of insurance is to...

Build wealth

Transfer risk

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FA Unit 10 Test

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The purpose of insurance is to...

Why do insurance companies need a large pool of people paying insurance premiums?

What role does math play in the insurance industry?

What is a premium?

What is a deductible?

What is an insurance limit?

What is the benefit of a high deductible?

What is the benefit of a high premium (monthly payment)?

How does the make and model of your car affect how much you pay for insurance?

How can you benefit from sharing your mileage with your insurance company?

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