FA Unit 10 Test
Authored by Nathan Totten
Mathematics
12th Grade
CCSS covered
Used 10+ times
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27 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
The purpose of insurance is to...
Build wealth
Transfer risk
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Why do insurance companies need a large pool of people paying insurance premiums?
So that insurance company employees will get more bonuses included in their next paycheck
To cover the costs for the emergencies of the few who need it
Tags
CCSS.RI.8.1
CCSS.RI.8.8
CCSS.RL.11-12.1
CCSS.RL.8.1
CCSS.RL.9-10.1
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What role does math play in the insurance industry?
They use statistics to find out how likely a client will need to use the insurance
They use calculus to find out how likely a client will need to use the insurance
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is a premium?
The amount of money you pay per month to have insurance
The amount of money you pay out-of-pocket if you have an accident
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is a deductible?
The amount of money you pay per month to have insurance
The amount of money you pay out-of-pocket if you have an accident
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is an insurance limit?
The maximum amount of money the insurance company will pay you to cover an accident
The amount of money you pay out-of-pocket if you have an accident
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the benefit of a high deductible?
You will have a lower monthly insurance payment
You will have lower out-of-pocket expenses if you get in an accident
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