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WorksheetsInsurance
Total questions: 20
Worksheet time: 19mins
Which type of insurance is likely to be the lowest priority for a single, working, 24-year-old?
Health insurance
Disability insurance
Life insurance
Auto insurance
A high-deductible health plan (HDHP)...
Can be paired with a flexible spending account (FSA)
Can be paired with a health savings account (HSA)
Has a high monthly premium
Makes sense for someone who needs a lot of medical care
Why might someone buy an insurance policy?
To transfer financial risk to an insurer in exchange for a premium
To guarantee they will never experience a financial loss
To receive more money back than they pay in premiums
To make the insurer responsible for preventing accidents or losses
The amount of money you agree to pay towards your losses before your insurance coverage will begin paying is called...
Premium
Deductible
You just quit your job. You are eligible for unemployment insurance.
TRUE
FALSE
A stone hits your windshield. Which type of coverage would likely cover this expense?
Collision
Liability
Comprehensive
None
Each of these factors impacts your insurance premium EXCEPT...
Deductible amount
The vehicle you are insuring
Your credit score
Your income
Which of the following would INCREASE your auto insurance premium?
Decrease your deductible
Decrease how much you drive
Increase your credit score
Maintain a good driving history
When buying a house, lenders typically require you to purchase homeowners insurance.
TRUE
FALSE
A policy is a contract between the
Policyholder and the injured person
Driver and the government
Consumer and the insurance company
Consumer and the insurance agent
What happens when you reach your out-of-pocket maximum?
Your insurance policy is automatically cancelled
You must pay a penalty fee to continue receiving coverage
Your insurer covers 100% of covered expenses for the rest of the plan year
Your deductible resets and you start paying out-of-pocket again
Your health insurance copay is
Amount paid out of pocket before your insurance coverage
Paid by the insurer
Applied on an annual basis
A fixed amount of money you pay each time you use your plan
A health savings account (HSA)...
Allows you to invest the money you put in
Increases your taxable income
Does NOT roll over money from the previous year
Allows you to withdraw money but be taxed on it
Which of the following would be covered under a renter's insurance policy?
Damage to the exterior of the property
Medical bills of another person who is injured on the property
Your roommate's personal belongings in the rental unit
Damage to a detached shed on the property
Medicare serves...
Children
Low-income adults
People 65 and older
Pregnant women
Most Americans get healthcare through...
Medicare
Medicaid
Direct purchase from a marketplace
Their employer
True or False: Insurance is based on the concept of shared risk, or risk pooling.
True
False
Which statement is TRUE about life insurance?
It pays a lump sum to your family or loved ones after you die
Everyone needs life insurance, regardless of whether they have dependents
The money can only cover funeral costs
Life insurance is included in all healthcare plans
Renters insurance is more expensive than homeowners insurance.
TRUE
FALSE
Which insurance coverage is required by law?
Homeowners insurance
Auto insurance
Renters insurance
Disability insurance
