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Quizbowl 3

Authored by Heidi Bonfante

Financial Education

9th - 12th Grade

Quizbowl 3
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

premium

co-insurance

copay

deductible

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

policy coverage

co-insurance

policy limit

deductible

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

co-insurance

personal damage insurance

policy

property damage liability

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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