What is the purpose of a Health Savings Account (HSA)?

To save for future medical expenses in a tax-advantaged way

To cover rental property damages

To provide payouts upon the policyholder's death

To cover long-term disability needs

What does Renter's Insurance primarily provide?

Protection for personal property in a rental unit

Financial support for beneficiaries

Savings for health-related expenses

Why is having insurance important, even if you never have to use it?

D) It covers all types of financial risks.

It is mandatory in the United States

B) It is legally required for all individuals in Ohio.

C) It increases your monthly expenses.

What could happen if you have an accident but don’t have insurance?

A) You may face significant financial difficulties.

B) You will receive free medical care.

C) It will not affect you financially.

D) Your insurance premium will decrease.

What would you say to someone who isn’t willing to spend the money on the monthly insurance charge?

A) It's a wise investment to protect against potential financial crises.

B) It's unnecessary if you are healthy.

C) It's better to save the money for other expenses.

D) Insurance companies usually don't pay out claims.

What does the "100" in the 100/300/100 auto coverage policy represent in terms of bodily injury per person?

$100,000 maximum for injuries per person

$100,000 maximum for injuries per accident

$100,000 maximum for property damage

$300,000 maximum for injuries per accident

What does the term 'deductible' refer to in an insurance policy?

The initial amount paid out-of-pocket by the policyholder before an insurance provider will cover any expenses.

The amount paid by the insurance company when a claim is made.

A mandatory fee paid annually for insurance renewal.

The percentage of the claim that the insurance company will not cover.

Which statement best describes a key difference between renters and homeowners insurance?

Renters insurance typically does not cover the building structure, whereas homeowners insurance does.

Renters insurance covers the building structure, while homeowners does not.

Homeowners insurance covers personal property only, while renters insurance covers both personal property and the building.

There is no difference; both insurances cover the same items.

What is "umbrella coverage" in the context of insurance?

B) A policy that provides additional coverage beyond existing limits and coverages of other policies

A) A policy that covers only personal injuries

C) A basic insurance policy that covers home and car only

D) Insurance that covers only natural disasters

(also copayments or coinsurance) the payments an individual makes each time they get medical service

a formal request by a policyholder to their insurance company for compensation for a covered loss

the amount of money you will pay out of pocket before the insurance company will make a payment

What is the primary purpose of health insurance?

To provide coverage for medical expenses

To insure property against theft

When choosing a health insurance plan, what is a critical financial factor to consider?

The total out-of-pocket expenses

The color of the insurance card

If you had to choose between a health insurance plan that was more expensive per month with better coverage and one that was cheaper with worse coverage, which factor would most influence your decision?

The monthly cost versus coverage quality

The availability of online support

What is the primary purpose of life insurance?

To provide family income in the event of the policyholder's death

To provide a wealth-building strategy

To cover the policyholder's medical expenses

To invest in long-term financial assets

What is the purpose of life insurance?

To protect your family financially in case of his death.

What makes life insurance different from all the other forms of insurance we talked about this past week?

Life insurance is not a permanent need. You only need to hold a life insurance policy until your family is financially independent.

Life insurance only covers medical expenses

Life insurance covers damages to property instead of providing financial protection to beneficiaries

Life insurance is not a form of insurance

Insurance Review

Authored by Andrew Trewin

Business

12th Grade

Used 7+ times

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32 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of insurance specifically covers damage to a person's home and belongings in case of disasters or theft?

Auto Insurance

Health Insurance

Homeowner's Insurance

Life Insurance

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to the amount a policyholder must pay out-of-pocket before the insurance company pays a claim?

Premium

Deductible

Copay

Benefit

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the insurance that provides coverage to motorists who are involved in accidents with drivers who either have no insurance or insufficient insurance?

Liability Insurance

Uninsured/Underinsured Motorist

Comprehensive Insurance

Collision Insurance

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of insurance is designed to cover the costs of legal claims made against the insured party?

Property Insurance

Health Insurance

Liability Insurance

Life Insurance

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'Grace Period' refer to in the context of insurance policies?

Time to file a claim after an incident

Period to renew the policy without penalty

Time allowed to pay the premium after the due date without losing coverage

Duration of the insurance policy

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of insurance is specifically designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility?

Term Life Insurance

Health Insurance

Long-Term Care Insurance

Disability Insurance

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which insurance type is intended to provide financial support to a person's beneficiaries after their death?

Health Savings Account

Life Insurance

Renter’s Insurance

Supplemental Insurance

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Insurance Review

What type of insurance specifically covers damage to a person's home and belongings in case of disasters or theft?

Which term refers to the amount a policyholder must pay out-of-pocket before the insurance company pays a claim?

What is the term for the insurance that provides coverage to motorists who are involved in accidents with drivers who either have no insurance or insufficient insurance?

Which type of insurance is designed to cover the costs of legal claims made against the insured party?

What does the term 'Grace Period' refer to in the context of insurance policies?

What type of insurance is specifically designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility?

Which insurance type is intended to provide financial support to a person's beneficiaries after their death?

What is the purpose of a Health Savings Account (HSA)?

Which type of insurance is designed to replace a portion of your income if you become disabled and are unable to work?

What does Renter's Insurance primarily provide?

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