Financial literacy - U1 -Revision module 6, 7 and 8

Which of these is a known comparison site for insurance? (3 answers)

• Compare the moose

• Go compare

• Supermarket money

• Uswitch

• Compare the market

Other than the monthly cost, what else should we consider when looking at car insurance quotes? (3 answers)

• Excess costs

• Type of coverage

• How nice the name of the company is

• Companies reputation/review scores

• The weather

How do insurance companies make money?

• People crashing cars

• Customers paying for insurance

• Advertising

Which of the following is true about how insurance companies stay profitable?

• All customers pay for coverage, none make claims

• Some customers pay for coverage, some make claims

• All customers pay for coverage, some make claims

• Some customers pay for coverage, all make claims

• All customers pay for coverage, all make claims

Which of the following insurance types is compulsory (must have) and which are optional (choose to have or not)

Groups:

(a) Compulsory

,

(b) Optional

• Car insurance 3rd party

• Pet insurance

• Travel insurance

• Life insurance

• Comprehensive car insurance

Match the following

• Extra excess payments you opt to pay

• Premium

• Excess payment you must pay to claim

• Quote

• How much you pay for the insurance

• Voluntary excess

• Contacting the provider to use coverage

• Claim

• The price offered to you by a company

• Compulsory excess

Match the following

• Only covered up to a set date

• Life insurance

• Coverage in the end of you passing away

• Whole-of-life assurance

• Coverage regardless of when you die

• Term assurance

In relation to insurance, what does the acronym IPT stand for?

• Insurance paid tax

• Insurance premium tax

• Increased payment tax

• Increased premium tax

What are the reasons for having insurance?

• To cover financial costs if the worst happens

• You legally have to have it

• Everyone has it

• It will pay for things you can't afford normally

What is the main risk of not getting insurance?

• Being arrested for not having insurance

• Can't travel abroad without it

• Might not be able to afford costs if something bad happened