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Math Reasoning: Understanding Insurance Basics

Authored by Timothy Grapes

Mathematics

12th Grade

CCSS covered

Used 2+ times

Math Reasoning: Understanding Insurance Basics
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of insurance?

To increase wealth

To provide financial protection against losses

To avoid paying taxes

To guarantee profits

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a type of life insurance policy?

Liability insurance

Term insurance

Property insurance

Health insurance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In insurance terms, what does the term "premium" refer to?

The amount paid by the insurer to the insured

The amount paid by the insured to the insurer

The total coverage amount

The deductible amount

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT typically covered by a standard homeowner's insurance policy?

Fire damage

Theft

Flood damage

Vandalism

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If an insurance policy has a deductible of $500, what does this mean?

The insurer will pay the first $500 of any claim

The insured must pay the first $500 of any claim

The insured pays $500 annually for the policy

The insurer pays $500 annually to the insured

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of life insurance?

To pay back our parents for the money they spent on us if we die

To help maintain the standard of living of those who depend on our income, such as your spouse and children

To pay us an income if we are injured and can't work

To help save money for old age

7.

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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