8. Why would someone choose to get long term disability insurance even if they already have health insurance?

Health insurance only covers medical bills, while long term disability will help compensate for lost work with a percentage of their income

Health insurance only covers regular check ups, while long term disability insurance also covers emergencies

11. Each of these is considered an "out-of-pocket" expense EXCEPT…

A copay of $15 to fill a prescription

12. Medicaid generally provides insurance for which of the following groups of people?

Individuals in low-income households

Anyone who wants to buy coverage from the Marketplace

13. Your employer offers an employer-sponsored health insurance plan. Which of the following statements is TRUE?

Your health insurance premiums will be paid directly from your paycheck, pre-tax

You can only see doctors who are also employees of the same company

14. Which person will probably have the MOST expensive health insurance premiums?

Patty, who works as an administrative assistant for an employer with a group plan

Julian, who has 3 children and is eligible for Medicaid

15. What type of auto insurance are you required to carry in almost every state (49 out of 50)?

Insurance if you cause injury to another person

Insurance if you damage your own property

16. Bruce has just graduated from college and decides that instead of paying for insurance, he'll work on building up his emergency fund. This way, if something goes wrong, he can just pay for it using cash. Why is this a risky idea?

An accident or illness can strike at any time and be quite expensive, so it's possible he'd need a big sum of money well before his emergency fund was large enough

Having insurance not only protects you financially, but also physically, so he'll be less likely to experience illness or accident if he has insurance

17. Your parents tell you that on your 22nd birthday, they would like for you to get your own health insurance. You are very healthy, are not taking any prescription medicines, and generally only see your doctor for your annual physical. What type of health insurance is likely to be best for you?

A high deductible plan with a low monthly premium

A low deductible plan with a high monthly premium

19. Lula’s got a pet dog, for whom she bought an accident and illness pet insurance policy three months ago. The dog steps on a mouse trap set out by neighbors and needs his first vet services of the year, totaling $800. Lula’s deductible is $1000, her reimbursement rate is 75%, and her coverage limit is $15,000. How much does Lula pay, and how much does the insurance pay?

Lula pays $800, the insurance pays $0

Lula pays $600, the insurance pays $200

20. In general, how do insurance companies decide how much to charge an individual for their monthly premiums?

The company assesses the individual's risk factors and assigns higher premiums to higher risk individuals

The company looks at the individual's tax filings from the previous year to assess overall wealth and ability to pay

21. Which of the following insurance coverage options would be the lowest priority for a typical single person, with no children, 1-2 years out of high school?

Auto Insurance (if they have a car)

23. A standard renters insurance policy would cover each of the following EXCEPT…

A new window when a baseball breaks the original one

A small TV and some sneakers, stolen in a robbery

24. Finn moves from a rented apartment into his very first house. What should he expect regarding the cost of homeowners insurance compared to renters insurance?

His homeowners insurance will be MORE expensive than his renters insurance was

He will not need homeowners insurance, because owning a home is less risky than renting

25. Which BEST describes what is meant by a health insurance marketplace?

A federal- or state-run website with the individual health insurance plans available in a given state

An online directory that lists doctor and hospital contact information

Insurance - Unit Test - Mod

Quiz

•

others

•

9th - 12th Grade

•

Practice Problem

•

Medium

Kelly DeHaan

Used 1+ times

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

1. What is an insurance premium?

Your monthly payment to your insurer, regardless of whether you use any services

A list of the procedures covered by your insurance carrier

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Which term refers to the percentage of covered medical expenses you are responsible for paying after your deductible is met?

Premium

Co-insurance

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

3. When setting your premium, your car insurance company may consider each of the following EXCEPT...

Your driving record

Your height

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

4. Insurance companies make money by...

Collecting money from the government

Collecting more in premiums than they need to pay out each year

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. Which of the following statements is TRUE about auto insurance premiums?

Auto insurance premiums are a fixed price across all insurance companies

If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will increase

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. Your renter's insurance policy costs $20/month and has a $1,000 deductible. A thief breaks into your apartment and steals your $800 TV set. How much would your insurance company pay?

$0

$200

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

7. Someone broke into Sam’s car by smashing the passenger window. Which type of auto insurance coverage will help cover the cost to get the window replaced?

Collision

Comprehensive

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

0 questions

Insurance Unit Test

Quiz

•

0 questions

Insurance - Unit Test

Quiz

•

0 questions

Insurance Quiz

Quiz

•

0 questions

Insurance - Unit Test

Quiz

•

0 questions

Insurance Quiz

Quiz

•

0 questions

Insurance - Unit Test

Quiz

•

0 questions

Human Resource Insurance Baker 7th Period

Quiz

•

0 questions

Personal Finance - Insurance

Quiz

•

Popular Resources on Wayground

5 questions

This is not a...winter edition (Drawing game)

Quiz

•

1st - 5th Grade

15 questions

4:3 Model Multiplication of Decimals by Whole Numbers

Quiz

•

5th Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

10 questions

The Best Christmas Pageant Ever Chapters 1 & 2

Quiz

•

4th Grade

12 questions

Unit 4 Review Day

Quiz

•

3rd Grade

10 questions

Identify Iconic Christmas Movie Scenes

Interactive video

•

6th - 10th Grade

20 questions

Christmas Trivia

Quiz

•

6th - 8th Grade

18 questions

Kids Christmas Trivia

Quiz

•

KG - 5th Grade

Discover more resources for others

10 questions

Identify Iconic Christmas Movie Scenes

Interactive video

•

6th - 10th Grade

10 questions

Understanding Meiosis

Interactive video

•

6th - 10th Grade

26 questions

Christmas Movie Trivia

Lesson

•

8th Grade - Professio...

28 questions

Ser vs estar

Quiz

•

9th - 12th Grade

20 questions

Cell organelles and functions

Quiz

•

10th Grade

20 questions

Christmas Movie Trivia

Quiz

•

9th - 12th Grade

10 questions

Exploring the Energy Cycle: Photosynthesis and Cellular Respiration

Interactive video

•

6th - 10th Grade

25 questions

photosynthesis and cellular respiration

Quiz

•

9th Grade

Insurance - Unit Test - Mod

30 questions

1. What is an insurance premium?

2. Which term refers to the percentage of covered medical expenses you are responsible for paying after your deductible is met?

3. When setting your premium, your car insurance company may consider each of the following EXCEPT...

4. Insurance companies make money by...

5. Which of the following statements is TRUE about auto insurance premiums?

6. Your renter's insurance policy costs $20/month and has a $1,000 deductible. A thief breaks into your apartment and steals your $800 TV set. How much would your insurance company pay?

7. Someone broke into Sam’s car by smashing the passenger window. Which type of auto insurance coverage will help cover the cost to get the window replaced?

8. Why would someone choose to get long term disability insurance even if they already have health insurance?

9. You cause an accident and injure the other driver. The case goes to trial and there is a verdict to compensate the injured person with $58,000. You have a $75,000 coverage limit per person for Bodily Injury. How much will the insurance company pay?

10. Frank has an auto policy with a coverage limit of $30,000 and a deductible of $1,000. He gets into an accident and the damages to his car total $6,200. Fortunately, he has collision coverage. How much will Frank need to pay out-of-pocket?

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for others