Economics Insurance Quiz

Insurance is how one transfers _______ from your bank account to insurance companies

• Reward

• Money

• Risk

• Loss

Insurance product that provides extra coverage over other accounts:

• Liability insurance

• Long-term disability

• Umbrella insurance
• Term Life Insurance

Insurance product that covers claims that others place against you:

• Liability insurance
• Umbrella insurance

• Long-term disability

• Term Life Insurance

The purpose of life insurance is to replace one's __________ upon death.

• Legacy

• Income

• Wealth

• Home

The amount of money you pay on an insured loss before coverage kicks in:

• Premium
• Co-payment
• Deductible
• Coverage

The amount of money one pays for an insurance policy:

• Deductible

• Premium

• Co-payment

• Coverage

The amount of protection offered to a customer on an insurance policy:

• Deductible

• Co-payment

• Coverage

• Grace period

What kind of auto insurance would cover a loss due to something other than a collision?

• Uninsured

• Comprehensive

• Collision

• Liability

Which of the following is a type of insurance you DON'T need?

• Long-term disability

• Identity Theft Protection

• Long-term care

• Accidental death

Which is usually the best kind of health insurance in terms of cost and coverage?

• Federally-backed plans

• Employer-subsidized plans

• Marketplace-share plans

• Individually-funded plans