Insurance Terms Quizs

out of pocket expense

• The amount of money a driver will pay to repair their car after an accident.

• The total cost of insurance premiums paid by a driver.

• The amount reimbursed by insurance for car repairs.

• The cost of regular maintenance for a vehicle.

actuary

• A mathematician who assesses risk involved with insuring an individual.

• A financial analyst who manages investment portfolios.

• A statistician who conducts surveys and analyzes data.

• An accountant who prepares tax returns and financial statements.

limit

• The maximum amount an insurance company will pay after an accident.

• The minimum amount an insurance company will pay after an accident.

• The total cost of all damages incurred during an accident.

• The average payout for all insurance claims in a year.

insurance company

• A company that provides insurance and writes car insurance policies.

• A business that sells cars and provides warranties.

• An organization that offers financial advice and investment services.

• A firm that manufactures insurance products for retail sale.

car insurance policy

• A type of vehicle maintenance plan that covers repairs.

• A contract between you and your insurance company that protects you financially if you are in an accident.

• A government program that provides free car repairs for low-income families.

• A warranty that covers the cost of new car purchases.

compulsory insurance

• Required insurance.

• Optional insurance.

• Voluntary insurance.

• Exempt insurance.

liability

• A type of insurance that protects you financially if you hurt another person in an accident.

• A legal obligation to pay debts or damages.

• A type of insurance that covers your property against theft.

• A financial product that helps you save for retirement.

comprehensive insurance

• A type of insurance that covers only theft and vandalism.

• A type of insurance that protects you financially if your car is damaged by a storm, fire, hitting an animal, or other 'Acts of God.'

• A type of insurance that only covers medical expenses after an accident.

• A type of insurance that provides coverage for natural disasters only.

surcharge

• A fee paid on insurance for 7 years after a moving violation or accident.

• A discount applied to insurance premiums for safe driving.

• A one-time fee for processing insurance claims.

• A penalty for late payment of insurance premiums.

deductible

• The total amount an insurance policy covers for repairs.

• The portion of repair costs the insurance policy holder is required to pay after an accident.

• The fee charged by the insurance company for processing a claim.

• The maximum amount an insurance policy holder can claim in a year.