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WorksheetsInsurance
Total questions: 56
Worksheet time: 32mins
Name
Class
Date
1.
Of the four parts of auto insurance coverage, which part protects only the other person involved in an accident?
a)
Liability
b)
Comprehensive
c)
Collision
d)
Medical Payments/Bodily Injury
2.
Of the four parts of auto insurance coverage, which part protects your from acts of God?
a)
Comprehensive
b)
Liability
c)
Collision
d)
Medical Payments/Bodily Injury
3.
Of the four parts of auto insurance coverage, which part will pay for repairing your car?
a)
Liability
b)
Comprehensive
c)
Collision
d)
Medical Payments/Bodily Injury
4.
Of the four parts of auto insurance coverage, which part will pay for injuries to passengers or pedestrians and funeral expenses?
a)
Medical Payments/Bodily Injury
b)
Collision
c)
Comprehensive
d)
Liability
5.
The color of your vehicle can increase the cost of your insurance premiums.
a)
True
b)
False
6.
The amount of money you have to pay out of your own pocket before the insurance pays is called the _____________
a)
Premium
b)
Estimate
c)
Deductible
d)
Co-Pay
7.
The amount you pay for an insurance policy.
a)
Rider
b)
Premium
c)
Deductible
d)
Co-Pay
8.
How you deal with the chance of potential personal or financial loss is called risk management or risk pooling.
a)
True
b)
False
9.
Which of the following is a way to reduce the cost of your insurance premium?
a)
Good grades
b)
Number of miles you drive
c)
Where you live
d)
All answers are correct
10.
Which of the following would you choose if you want a variety of premium quotes?
a)
Insurance Agent
b)
Insurance Broker
c)
Insurance Actuary
d)
Insurance Claims Adjuster
11.
You left the water running and your bathtub overflowed. The water also flooded the condo unit below yours and damaged your neighbor’s property. Your policy…
a)
Only takes care of damage to your property, not your neighbor’s
b)
Covers damage to your property and damage to your neighbor’s property.
c)
Doesn’t cover any of the damages.
d)
Only covers part of the damage to you.
12.
A burglar broke into your home and stole your grandmother’s old photo albums, which were of great sentimental value to you. Which of the following is true:
a)
Unless you’ve had them appraised and insured, your home policy will only cover their real-value cost.
b)
Your insurance company makes exceptions for items of sentimental value and will pay more for them.
c)
Because they’re old photo albums, your policy won’t cover them at all.
d)
Personal property is not included in insurance
13.
An airplane fell from the sky on your home and completely destroyed it. Your home policy…
a)
Won’t cover a freak incident like this
b)
While not every incident of “impacted by flying objects’ is covered by home policies, some do, so you may be covered
c)
Your home insurance policy will automatically cover this.
d)
Doesn't matter, it goes under the Airplane owner's insurance
14.
Your dog attacked a visitor who was on your property. Your policy…
a)
Covers this under the “admission of fault” clause. Even if the incident was caused by negligence on your part or you didn’t post signs and allowed it to happen, you’re still protected.
b)
If you didn’t post any “Beware of Dog” signs, you are responsible and your policy won’t cover it.
c)
Dog attacks aren’t covered by homeowner policies.
d)
Will cover only the medical damages, not emotional therapy
15.
You’re doing some painting and plastering work on your home. It is strictly cosmetic. You should inform your insurance company because…
a)
. Even if it is cosmetic, the work will affect your insurance policy.
b)
Don’t bother – it is only cosmetic.
c)
The work may increase the value of your home, so you may need to reassess your home policy.
d)
Your rates will drop.
16.
If a guest at your party causes damages to your apartment, who is responsible for repairs:
a)
The guest
b)
The landlord
c)
You and anyone else on the lease agreement
d)
None of the Above
17.
If your hospital bill is $1000 and you have an 80/20 co-insurance plan, the amount you are expected to pay is: (assume you have already paid your deductible this year on previous expenses)
a)
$0
b)
$200
c)
$800
d)
$1000
18.
Insurance that provides lost income as a result of an injury on the job
a)
disability income insurance
b)
product liability insurance
c)
business interruption insurance
d)
worker’s compensation insurance
19.
Which type of health care policy requires you to always see a primary care physician before you can receive a referral to see a specialist?
a)
Health Maintenance Organization (HMO)
b)
Preferred Provider Organization (PPO)
20.
A premium is the portion of the loss that you pay before the insurance company pays anything
a)
True
b)
False
21.
HMO’s (Health Maintenance Organization) will pay only for services provided by doctors and hospitals in the health plan network.
a)
True
b)
False
22.
If you see a doctor that is not part of your PPO health plan network, your insurance company will not provide any payment for seeing this doctor.
a)
True
b)
False
23.
What is the amount called the insured person must meet by paying out of pocket before the health insurance pays anything?
a)
Co-payment
b)
Out of pocket
c)
Co- Insurance
d)
Deductible
24.
With this type of policy the insured pays less but has less options:
a)
HMO
b)
PPO
c)
Medicaid
25.
A % of the total cost a person may pay once the deductible is met
a)
co-pay
b)
out of pocket
c)
co-insurance
d)
premium
26.
A person who receives your life insurance when you die
a)
benefit
b)
beneficiary
c)
lucky
27.
This benefit is in case you get hurt and cannot work for a long or short period of time
a)
Life
b)
Disability
c)
Long Term Care
d)
Workers Comp
28.
Policy for low income families
a)
Medicare
b)
Medicaid
c)
CHIPS
29.
Policy for 65 and up
a)
Medicare
b)
Medicaid
c)
CHIPS
30.
The higher the deductible the lower the premium.
a)
True
b)
False
31.
If you injure someone in an accident that you cause, you are liable for the costs results from the injuries.
a)
True
b)
False
32.
What is the minimum age for obtaining life insurance?
a)
18
b)
No minimum age
c)
50
d)
21
33.
What is life insurance?
a)
Insurance that insures your own life
b)
Insurance that insures your car
c)
Insurance that insures your home
d)
Money that is paid to you to live
34.
Who is the person that recieves the money from the dead person
a)
beneficiary
b)
benefactor
c)
creditor
d)
debt collecter
35.
The older you are, the more life insurance costs
a)
true
b)
false
36.
Life insurance can be helpful in many ways after someone has passed away. Please select all that apply.
a)
Provide income for family members
b)
Pay off financial obligations
c)
Assist with funeral and burial costs
d)
All of these
37.
Term coverage allows a person to be insured for their entire life.
a)
True
b)
False
38.
Why do most people invest in life insurance polices?
a)
To provide them with a way of protecting their assets, like savings and investments
b)
To replace the lost income to their families after they die
c)
To pay for final expenses, like funerals
d)
All of these
39.
Can life insurance companies charge smokers more money for life insurance than nonsmokers?
a)
Yes
b)
No
40.
Who usually pays more for life insurance?
a)
Men
b)
Women
41.
Which of the following people do you think would need life insurance the most?
a)
A single working mom with two kids
b)
A single college grad without dependents starting his first job
c)
A single wealthy businesswoman without dependents
d)
An elderly retired man with a wife who is also retired
42.
An insurance policy can provide more than a death benefit.
a)
True
b)
False
43.
If an adult is on a limited budget and has a significant need for life insurance coverage, her best option will probably be:
a)
Permanent Life Insurance
b)
Cash Value Life Insurance
c)
Term Life Insurance
d)
Whole Life Insurance
44.
This type of life insurance is for a period of time
a)
Term life insurance
b)
Whole life insurance
45.
This life insurance has a savings feature.
a)
Term life insurance
b)
Whole life insurance
46.
What percentage of Americans actually have life insurance?
a)
60%
b)
44%
c)
30%
d)
59%
47.
You have reached your deductible of $2000, but you have not reached your maximum out-of-pocket limit of $4000 and your co-insurance begins. Your co-insurance is 20%. How much do you have to pay if you go to the doctor and the visit is $150?
a)
$150
b)
$30
c)
$120
d)
$0
48.
a fixed amount you pay for a service
a)
co-insurance
b)
co-pay
c)
premium
d)
claim
49.
Insured
a)
The policy holder or subscriber
b)
Fee paid for the health insurance
c)
A person designated to receive the benefits of an insurance policy
d)
The insurance company
50.
Health insurance policy
a)
Insurance which covers your health, teeth and eyes
b)
A law which allows you insurance even if you lose your job
c)
A contract between you and an insurance company
d)
A policy you purchase only for children
51.
Provider
a)
Federal program that provides insurance for the elderly
b)
A health professional who provides services
c)
Treatment of conditions not covered by the insurance company
d)
Comprehensive health benefit program
52.
Group Insurance
a)
Insurance coverage offered to employees by the employer
b)
Insurance policy an individual must purchase on their own
c)
Insurance offered by the government
d)
Insurance offered to a special group of people
53.
Health Insurance
a)
Portion of the cost of service to be paid by the employer
b)
Protection against financial lost by unplanned health related events
c)
Treatments for conditions not covered by insurance policies
d)
Services rendered by providers
54.
A 30 year woman broke her arm and went to the ER for treatment. Her health insurance plan has a $1,500 deductible. What does this mean
a)
She can deduct $1,500 from the hospital bill, but must pay the rest
b)
The hospital will only charge her $1,500
c)
She is resoponsible for paying, $1,500 of her medical expenses before her insurance starts to pay
d)
Her insurance company will only pay $1,500 and she must pay the rest
55.
Co-insurance and co-payment refer to the
same thing.
same thing.
a)
True
b)
False
56.
Max has a premium of $180 for his coverage. He broke his foot and had surgery on his foot. The deductible was $1,000. What were his medical expenses for the month?
a)
$180
b)
$1,000
c)
$1,180
d)
$8,000
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