Insurance and types of it Pop Quiz

Which type of insurance is likely to be the lowest priority for a single, working, 24-year-old?

• Health insurance

• Disability insurance

• Life insurance

• Auto insurance

The out of pocket cost to the insured when a loss occurs is called...

• Premium

• Deductible

A stone hits your windshield. Which type of coverage would likely cover this expense?

• Collision

• Liability

• Comprehensive

• None

Each of these factors impacts your insurance premium EXCEPT...

• Deductible amount

• The vehicle you are insuring

• Your credit score

• Your income

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

• risk

• insurance

• deductible

• premium

At least six months of expenses set aside to cover costs of unexpected expenses is called

• insurance

• emergency savings

• policy

• coverage

A financial product purchased by many people facing a similar risk to protect against the risk of larger losses is called:

• insurance

• emergency savings

• policy

• premium

A contract between the insurance company and the insured that states the exact terms of the policy is called:

• policy

• premium

• insurance

• risk

The person who owns the insurance policy is the:

• beneficiary

• policy holder

• insurance

• claim

The money paid to purchase an insurance policy is called:

• premium

• deductible

• co-insurance

• risk