wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Insurance Review

Total questions: 82

Worksheet time: 2hrs 35mins

Name
Class
Date
1.
A woman has just received a very expensive piece of jewelry. The woman has homeowner's insurance. Which statement would it be most appropriate for her to make to her insurance agent?
a)
A.  "I think I need a personal property floater."
b)
B.  "I think I should get speculative risk insurance."
c)
C.  "I will deduct the cost of the jewelry from my premium."
d)
D.   "I realize that if this jewelry is stolen it will be considered vicarious liability."
2.
For the past five years, a person has had a $20,000 whole life insurance policy that has a cash value clause. The person decides to surrender the policy.  At the time of surrender, the person will receive
a)
A.  one-fifth of the $20,000 face value.  
b)
B.  $20,000 less the premiums paid.  
c)
C.  a calculated amount of money which includes the premiums paid as well as the interest on that money.  
d)
D.  a calculated amount of money that must be converted to a term life insurance policy.  
3.
The only type of life insurance that does not develop a cash value is:
a)
A.  Term life insurance  
b)
B.  Whole life insurance  
c)
C.  Universal life insurance
d)
D.  Variable universal life insurance  
4.
A person buys a homeowner's insurance policy with a $250 deductible, which means the person will
a)
A.  have to pay a quarterly premium of $250.
b)
B.  have to pay the first $250 which will be deducted from the claim settlement paid by the insurance company.
c)
C.  only receive payment from the insurance company of $250 for any single article damaged.
d)
D.  not be responsible for the first $250 of the claimed damages.
5.
Sally took out a $50,000 life insurance policy.  The $50,000 amount of coverage is called the:
a)
A.  Cash value
b)
B.  Premium value
c)
C.  Death benefit or face value
d)
D.  Annuity value
6.
When a self-employed person decides to purchase disability insurance it is generally to
a)
A.  lessen the possibility of becoming injured.
b)
B.  protect against the financial effects of not being able to work.
c)
C.  Separate value
d)
D.  Premium or annuity value      
7.
Mr. Akon's wife died. The money he received as the beneficiary on her life insurance is called the:
a)
A.  Cash value
b)
B.  Death benefit or face value
c)
C.  Separate value
d)
D.  Premium or annuity value
8.
The amount paid for insurance is the
a)
closing cost
b)
premium
c)
deductible
d)
assessed value
9.
Insurance that protects your family against financial loss due to your death is
a)
coinsurance
b)
disability insurance
c)
life insurance
d)
comprehensive insurance
10.
The type of insurance that provides protection against financial loss from medical bills is called
a)
health insurance
b)
coinsurance
c)
life insurance
d)
premium
11.
The person named in a life insurance policy to receive the death benefit is called the
a)
policy holder
b)
beneficiary
c)
recipient
d)
insurance agent
12.
If you can not work due to a health condition or injury, this type of insurance will pay you a portion of the income you lose.
a)
disability
b)
health
c)
premium
d)
hospitalization
13.
This type of insurance protects against damage to the car OR injury to persons in the car caused by a driver who carries no insurance.
a)
collision
b)
comprehensive
c)
property
d)
uninsured motorists
14.
The gradual decrease in the value of an asset is called 
a)
repossession 
b)
foreclosure
c)
appreciation 
d)
deprication
15.
A type of debt that is backed by something of value is called 
a)
unsecured debt 
b)
secured debt 
c)
underwater debt 
d)
PMI debt 
16.
Have a 720 credit score will get you a lower interest rate on your car loan.
a)
True
b)
False
17.
The type of insurance that covers damage or loss to a vehicle from fire, theft, vandalism, or hail is called
a)
term life insurance
b)
bodily insurance
c)
comprehensive
d)
collision
18.
A type of car insurance that covers damage to your OWN motor vehicle if involved in a crash with another vehicle, an animal, an object, etc.
a)
collision
b)
comprehensive
c)
bodily injury
d)
uninsured motorist
19.
The amount you MUST pay out of pocket before insurance takes over is called the
a)
premium
b)
bonus payout
c)
term payment
d)
deductible
20.
Maggie will need to pay $120 per month in order to purchase a health insurance policy. This monthly payment is known as the:
a)
deductible
b)
co‐insurance
c)
premium
d)
moral hazard
21.
Tiffany was recently involved in a vehicle accident. In order to get her car fixed, her insurancecompany is requiring her to pay the first $500 of the repair bill because:
a)
she did not call her agent and report the accident quickly enough
b)
her policy's deductible is $500
c)
she will be reimbursed by the insurance company later
d)
the cost of the repairs is higher than her policy covers
22.

protection for individuals against possible financial losses

a)

Insurance Policy

b)

Coverage

c)

Insurance Company

d)

Insurance

24.

Legal responsibility to pay someone who has suffered an injury or loss caused by you

a)

Liability Insurance

b)

Personal Insurance

c)

Property Insurance

d)

Auto Insurance

24.

Legal responsibility to pay someone who has suffered an injury or loss caused by you

a)

Liability Insurance

b)

Personal Insurance

c)

Property Insurance

d)

Auto Insurance

25.

The written agreement between a consumer who purchased insurance and the insurance company

a)

Protection

b)

Reconditioned

c)

Policy

d)

Premiums

26.

What is a claim?

a)

Various fees that must be paid by the buyer or the seller at the time the purchase of a home is finalized.

b)

An amount by which revenue exceeds revenue.

c)

A request made by the holder of an insurance policy for payment of a loss.

d)

Combination of different fibers.

27.

An arrangement in which the insurance company and the insured person share the costs of claims after the deductible is met

a)

Bulk Foods

b)

Cash Value

c)

Case Goods

d)

Co-Insurance

28.

An arrangement in which the insurance company and the insured person share the costs of claims after the deductible is met

a)

Bulk Foods

b)

Cash Value

c)

Case Goods

d)

Co-Insurance

29.

No-Fault Insurance

a)

A group of investments that is held in common by many individual investors.

b)

Natural resources that cannot replace themselves.

c)

System under which no fault or blame is assigned in the event of a traffic accident and all parties involved collect from their own insurance companies for losses up to their coverage limits

d)

Long-term home loan

30.

Loss in value over time.

a)

Archive

b)

Collateral

c)

Depreciation

d)

Competition

31.

Long-Term Care

a)

Government order insurance for people who can not afford insurance

b)

A physician who specializes in treating the skin

c)

Insurance that specialize in making small or personal payments.

d)

Insurance that covers care generally not covered by health insurance, Medicare, or Medicaid

32.

Insurance that gives a person protection for his or her entire lifetime

a)

Overtime

b)

Permanent life Insurance

c)

Personal Property Insurance

d)

Pension Plan

33.

Assigned-Risk Pool

a)

An amount by which spending exceeds revenue

b)

Various fees that must be paid by the buyer or the seller

c)

A group of drivers within a state who are unable to obtain auto insurance on their own

d)

Combination of different fibers

34.

PPO ( preferred provider organization)

a)

Earning after all costs of production have been paid

b)

A group of medical doctors, hospitals and other health care providers who have agreed to extend services at reduced rates through an insurer or third-party administrator.

c)

To put off taking action

d)

A partial refund of an item's purchase price.

35.

Term Life Insurance

a)

Cost per unit of measurement

b)

Entitled to some or all of one's money in a retirement plan when leaving a company

c)

Life Insurance that gives protection for a specific period of time

d)

Insurance that you desire but that are necessary to live

36.

State regulated programs that insure employees against injuries that occur on the job, job-related illnesses, and job-related death

a)

Wardrobe

b)

Warranty

c)

Worker's Compensation

d)

Vacation Package

37.

Co-Payment

a)

Money collected or received by the government for public use

b)

Credit that can be used repeatedly

c)

The cost of one currency expressed in terms of another currency

d)

A flat fee given to a health care provider at the time of service

38.
This type of auto insurance coverage is when you hit another car or object.
a)
Liability
b)
Comprehensive
c)
Collision
d)
Uninsured/Underinsured
39.
This part of auto insurance covers medical costs and property damage of the other driver if you get in a wreck and it is your fault.
a)
Uninsured/Underinsured
b)
Collision
c)
Comprehensive
d)
Liability
40.
The amount you must pay before you begin receiving any benefits from your insurance company
a)
Premium
b)
Claim
c)
Coverage
d)
Deductible
41.
You can lower the premiums you pay for auto insurance by....
a)
A. Lowering your deductible
b)
B. Raising your deductible
c)
C. Dropping collision coverage
d)
D. Both b and c
42.
If your car is stolen or damaged by fire, this type coverage will take care of the damage.
a)
Collision
b)
Comprehensive
c)
Liability
d)
Uninsured/Underinsured
43.
Homeowner's insurance should be ___________________ replacement cost.
a)
Extended
b)
Guaranteed
c)
Full
d)
Comprehensive
44.
This type of liability policy is a good buy once you have some assets.  It gives you additional liability protection above your other policies.
a)
Blanket liability policy
b)
Extra liability policy
c)
Extended liability policy
d)
Umbrella liability policy
45.
Homeowner's insurance should be ___________________ replacement cost.
a)
Extended
b)
Guaranteed
c)
Full
d)
Comprehensive
46.

True or False. Landlords are required to cover their tenants’ property damage.

a)

True

b)

False

47.

Your friend is considering getting renters insurance, but doesn't really think it's necessary. What do you tell her?

a)

You're totally right. Renters insurance isn't really necessary.

b)

You're actually incorrect. Renters insurance is a legal requirement.

c)

While you're technically correct, renters insurance is actually quite important. After all, it covers damage and theft of your possessions, which your landlord will not.

48.

Your friend is considering getting renters insurance, but doesn't think he can afford it. What do you tell him?

a)

You're right. Renters insurance is not affordable for most people.

b)

Actually, renters insurance is a very cheap way to protect your property. It will only cost you around $20 a month.

c)

Actually, you don't need to afford it. All landlords buy renters insurance for their tenants automatically.

49.

Your friend's apartment just suffered a fire that caused $5,000 worth of damage to her possessions. Her plan has a $300 deductible, and a $10,000 limit. How much of the bill do she have to pay?

a)

$0

b)

$300

c)

$5,000

50.
If a car was damaged in a flood, which type of car insurance would typically cover the damage?
a)
Universal
b)
Term
c)
Disability
d)
Comprehensive
51.
Car insurance is more expensive for teenage males than teenage females because studies have shown-
a)
male teenage drivers get in more accidents that female teen drivers
b)
more male teenage drivers take drivers education classes than female drivers
c)
female drivers do not drive often
d)
female drivers frequently own their cars
52.
If a driver receives several traffic tickets, the cost of the car insurance will probably -
a)
increase
b)
decrease
c)
stay the same
d)
be billed monthly
53.
Before a person can receive money to cover the damage from a car accident, he must-
a)
increase his insurance coverage
b)
have a witness who will testify for him
c)
notify the lender who gave him a car loan
d)
file a claim with his insurance company
54.
Money that a person pays to an insurance company for a policy is called a 
a)
debt
b)
premium
c)
deductible
d)
liability
55.
A person had an Apple computer that was destroyed in a fire. She was able to buy a new Apple computer because her insurance policy had the following benefit-
a)
actual cash value
b)
replacement value
c)
limited risk
d)
unlimited claim
56.
Two types of life insurance policies are-
a)
general and fixed-rate
b)
valuable and indemnified
c)
term and whole life
d)
annual and tax exempt
57.
For the past five years, a person has had a $20,000 whole life insurance policy that has a cash value clause. The person decides to surrender the policy. At the time of surrender, the person will receive
a)
one-fifth of the $20,000 face value.
b)
$20,000 less the premiums paid.
c)
a calculated amount of money which includes the premiums paid as well as the interest on that money.
d)
a calculated amount of money that must be converted to a term life insurance policy.
58.
Why is term life insurance usually the least expensive type of life insurance?
a)
The policy only pays a death benefit
b)
The policy builds a cash value
c)
The policy provides coverage for a lifetime
d)
The policy is available to all consumers
59.
Insurance is frequently described as a method of "sharing the risk" because the:
a)
Risk of loss is shared with the insurance company sales person
b)
Insured shares the risk of loss with all the other policy holders
c)
Insured can share the risk by spreading the cost over a number of years
d)
Risk of loss is shared with the government
60.
Sally took out a $50,000 life insurance policy. The $50,000 amount of coverage is called the:
a)
Cash value
b)
Premium value
c)
Death benefit or face value
d)
Annuity value
61.
The purpose of Insurance is NOT to:
a)
Diversify an investment portfolio
b)
Share risk with other policy holders and the insurance company
c)
Protect assets
d)
Protect against potential losses
62.
Richard's auto insurance policy expired on 5/15/2002. Richard was upset with his insurance agent and decided to change insurance companies. At 10:00 a.m. on 5/16/2002, as he drove to a different agent to buy a new policy, he had an accident. Who is liable for damage to his car and his personal injuries?
a)
The old agent
b)
The new agent
c)
Richard
d)
The old agent is liable for damage to your car and the new agent for personal injuries
63.
Which statement does NOT accurately describe a characteristic of cash value for whole life insurance?
a)
Cash value grows gradually over time
b)
If the policy is canceled, you may be entitled to some or all of the accrued cash value
c)
Policy that accumulates cash value is less expensive than a policy that does not accumulate cash value
d)
When an insured person dies, the beneficiary will receive the death benefit but the insurance company keeps the cash value
64.
Debbie owns a clothing store. She is concerned that a customer who is injured in the store will sue. Which type of insurance should Debbie purchase?
a)
Social insurance
b)
Life insurance
c)
Surety bonds
d)
Liability insurance
65.
Mr. Akon's wife died. The money he received as the beneficiary on her life insurance is called the:
a)
Cash value
b)
Death benefit or face value
c)
Separate value
d)
Premium or annuity value
66.

What is the minimum age for obtaining life insurance?

a)

18

b)

No minimum age

c)

50

d)

21

67.
Who is the person that recieves the money from the dead person
a)
beneficiary
b)
benefactor
c)
creditor
d)
debt collecter
68.
Can life insurance companies charge smokers more money for life insurance than nonsmokers?
a)
Yes
b)
No
69.
Who usually pays more for life insurance?
a)
Men
b)
Women
70.
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
71.
This type of life insurance is for a period of time
a)
Term life insurance
b)
Whole life insurance
72.
This life insurance has a savings feature.
a)
Term life insurance
b)
Whole life insurance
73.
____________ requires your former employer to allow you to continue your health insurance coverage (for a fee) for up to 18 months after you leave the company.
a)
Workers compensation
b)
Disability
c)
Long-term care insurance
d)
COBRA
74.
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
75.
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
76.
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)
77.
With this type of policy the insured pays less but has less options:
a)
HMO
b)
PPO
c)
Medicaid
78.
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
79.
Policy for low income families
a)
Medicare
b)
Medicaid
c)
CHIPS
80.
Policy for 65 and up
a)
Medicare
b)
Medicaid
c)
CHIPS
81.
The higher the deductible the lower the premium. 
a)
True
b)
False
82.
All homeowners insurance policies cover flood damage. 
a)
True
b)
Flase

Similar Resources on Wayground

Food Protection Review

80 questions

Food Protection Review

quiz

Worksheet

•

9th - 12th Grade

Law Enforcement - Dual Credit Practice Exam

80 questions

Law Enforcement - Dual Credit Practice Exam

quiz

Worksheet

•

10th - 12th Grade

guess the country

85 questions

guess the country

quiz

Worksheet

•

5th Grade - University

LATIHAN SOAL KELAS XI

80 questions

LATIHAN SOAL KELAS XI

quiz

Worksheet

•

11th Grade

M1. Tema 5: Toma de muestras

80 questions

M1. Tema 5: Toma de muestras

quiz

Worksheet

•

2nd Grade - University

Chapter #15 Infection Control

80 questions

Chapter #15 Infection Control

quiz

Worksheet

•

9th - 12th Grade

software dev 2

80 questions

software dev 2

quiz

Worksheet

•

9th - 12th Grade

Final Exam Personal Finance

77 questions

Final Exam Personal Finance

quiz

Worksheet

•

11th Grade