Insurance and Financial Planning Quiz

The insurance industry opperates on the concept of shared risk, or risk pooling

Where can you find the details of what your insurance covers?

• The Premium

• The Deductible

• The Policy

• The Forclosing

Of the 5 factors that go into your credit score, which one has the largest impact?

• Types of credit used

• Length of credit histroy

• Amount owed

• Payment history

• New credit or credit inquiries

What role does insurance play in financial planning?

• It help's build and maintain one's credit score

• It protects the insured from loss

• it Helpd cover day-to-day expenses

• It grows in value and appreciates over time

Which type of life insurance can you borrow money against to pay for end of life expenses?

• Whole Life

• Term Life

If you pick an insurance plan with the lowest premium possible, which would be true?

• Your deductible will be higher

• Your deductible will be lower

• You will have the best coverage possible

• You'll end up paying more taxes

What's the BEST thing you can do to establish a good credit score?

• Make a lot of money

• Pay your bills on time

• Open a lot of credit cards

• Don't put anything on your credit card

I want to lower my monthly auto insurance premiums, which will NOT help lower it?

• Keep a clean driving record

• Lower my deductible

• Raise my deductible

• Get a cheaper car

Which of the following would typically NOT be covered under renter's or home owner's insurance?

• Lightning stikes your house

• A fire destroys your home and belongings

• Your appartment is flooded by a rising river, destrying your furniture

• Your apartment is broken into your property is stolen

The out of pocket cost the insured has to pay when loss occurs is the...

• Deductible

• Premium

• Policy

• Budget