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WorksheetsRisk Management
Total questions: 25
Worksheet time: 13mins
You break your arm playing football. You require an emergency room visit and surgery to repair the damage. What type of insurance do you need?
health insurance
homeowners insurance
renters insurance
long term care insurance
You are cooking dinner and there is a small grease fire in your kitchen. There is a lot of damage in the kitchen. What type of insurance do you need?
auto insurance
homeowners insurance
disability insurance
liability insurance
You are in a car accident in which you are at fault. The other person requires medical treatment and car repairs as a result. What type of insurance do you need?
Auto insurance (with liability included)
long term care insurance
health insurance
emergency insurance
You are injured in a horseback riding accident and can't perform your job for seven months due to two surgeries and rehabilitation. What type of insurance is needed?
auto insurance
disability insurance
homeowners insurance
collision insurance
Your father expresses concern about how your mother will pay the bills in the event of his death. What type of insurance is needed?
health insurance
disability insurance
life insurance
long term care insurance
Your apartment you rent catches on fire. The firefighters put it out and saved most of your stuff. However, most of the furniture is destroyed and there are a lot of repairs needed to the apartment. What type of insurance is needed?
life insurance
homeowners insurance
renters insurance
health insurance
You get a copy of your credit score report and notice that there is a car loan for a car you did not buy. What type of insurance do you need?
homeowners insurance
credit karma insurance
auto insurance
identity theft insurance
The technique of assessing, minimizing, and preventing
accidental loss to a business, as through the use of insurance, safety measures, etc.
accidental loss insurance
business management
risk management
auto insurance
Insurance companies provide us with that intangible security against financial loss, should we face injury, illness, damage of property, or even death.
True
False
A formal request to an insurance company asking for a payment based on the terms of the insurance policy.
Policy
Claim
Risk
Premium
The total amount and type of insurance carried.
Claim
Deductible
Coverage
Insurer
A specified amount of money that the insured must pay before an insurance company will pay a claim.
Allowance
Loan
Premium
Deductible
The state of being responsible for something, especially by law.
Ownership
Liability
Coverage
Claim
The person, group, or property for which an insurance policy is issued. The condition of having insurance.
Insured
Insurer
Homeowner
Risk has three components. Which of the following is NOT a component?
An event that might cause harm
An undesirable outcome
Insurance with liability
Probability: What are the changes this will happen?
____ is the final component of risk and it means "What are the changes an event will happen?"
Risk
Insurance
Probability
There are several ways to manage risk, which of the following is NOT a way to manage risk?
ignore risk
avoid risk
reduce risk
transfer risk
These are all ways to avoid risk.
Having insurance transfers the risk from the ______ to the ______.
individual, insurance company
insurance company, individual
homeowner, renter
renter, homeowner
Employees injured on the job are covered by __________insurance.
workers compensation
life insurance
renters insurance
auto insurance
Insurance policies come in two basic types. Which of the following is NOT a basic type?
long term and short term insurance
property and casualty insurance
life, health and disability insurancce
What risks make teenage driver insurance premiums more costly?
Young drivers have less experience
Young drivers are more likely to be reckless
Young drivers are more likely to engage in distracted behavior
Young drivers are statistically more likely to be involved in an accident
All of these are risk that make teen driver insurance premiums costly.
How can teen drivers reduce their auto insurance cost?
Make good grades: maintain at least a B average in high school/college
Teen driver discounts
If parents add teens to their policy instead of getting the teen their own policy
Completion of drivers education courses
All of these are ways to reduce auto insurance for teens.
Which of the following is NOT one of the four types of risks?
Natural
Educational
Financial
Economic
Human
Volcanoes, hurricanes, earthquakes, tornados and tsunamis are all examples of ____ risk.
Educational
Natural
Human
Economic
Theft, shoplifting and fraud are all examples of ____ risk.
Financial
Natural
Human
Economic
