Insurance 101: Protecting Your Future Quiz

What is insurance?

• A contract between you and a bank to cover loans

• A contract between you and the insurance company to cover unexpected events

• A contract between you and a retailer for product warranties

• A contract between you and a government agency for tax purposes

Which of the following can be insured?

(May choose more than one)

• Car, Home, Life

• Jewelry, Electronics, Furniture

• Pets, Plants, Artwork

• Clothing, Shoes, Accessories

What determines the cost of the insurance premium?

(May choose more than one)

• Your age and gender

• Your risk profile, including your credit worthiness

• The number of claims you file

• The type of car you drive

What is a deductible in insurance terms?

• The monthly payment you make to an insurance company

• The fee charged for late payments

• The total amount covered by the insurance policy

• The amount you must pay out of pocket before insurance kicks in

How can you save money on insurance?

• Increase your premium

• Bundle policies and increase your deductible

• Decrease your deductible

• Pay monthly instead of annually

What must you do first before insurance covers the rest of your expenses?

• Pay your deductible in full

• Pay your premium in full

• Call your insurance company

• Submit a claim form

What is a common mistake to avoid when choosing an insurance plan?

• Reading the policy details

• Getting the cheapest plan with sufficient coverage

• Missing payment deadlines

• Comparing plans and prices

What happens if you are in a life-threatening condition at a hospital?

• You must pay upfront

• Hospitals must stabilize you regardless of insurance status

• You need to show proof of insurance

• You will be transferred to another facility

What is free regardless of insurance status?

• Dental check-ups

• Prescription medications

• Flu and COVID vaccines

• Vision tests

If you make under $21,600 a year, what can you qualify for?

• Private insurance

• Medicare

• Medicaid

• Employer-sponsored insurance