Quizbowl 3

What is the purpose of insurance?​

• To provide free money to people who have bad luck.

• To make sure you follow the law about liability

• To provide financial protection against unexpected losses.

• to spread the burden of misfortune so thinly that it essentially disappears

What is the term for the payment made by the insured to the insurer for coverage?

• premium

• co-insurance

• copay

• deductible

What is the term for the money an insured person must pay out of pocket before insurance starts covering costs?

• premium

• co-insurance

• copay

• deductible

What is the term for the maximum amount an insurance company will pay for a covered loss?

• policy coverage

• co-insurance

• policy limit

• deductible

What type of insurance covers damages to a car that are not caused by a collision?

• co-insurance

• comprehensive insurance​

• personal damage insurance

• property damage liability

What is the term for the legal agreement between an insurer and the insured?

• co-insurance

• personal damage insurance

• policy

• property damage liability

What type of life insurance provides coverage for a specific period, such as 10 or 20 years?

• umbrella policy

• whole life insurance

• life insurance policy

• term life insurance

What type of insurance covers medical expenses for the insured?

• personal injury insurance

• life insurance

• health insurance

• short term disability insurance

What is the term for the portion of medical costs that the insured must pay after the deductible is met?

• coinsurance

• copay

• deductible

• over-the-limit charge

What type of insurance is required by law for drivers in most states?

• auto collision insurance

• personal liability insurance

• uninsured/underinsured

• auto liability insurance​