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Types of Insurance

Total questions: 18

Worksheet time: 9mins

Name
Class
Date
1.

The chance of loss from an event that cannot be entirely controlled is called:

a)

risk

b)

insurance

c)

deductible

d)

premium

2.

At least six months of expenses set aside to cover costs of unexpected expenses is called

a)

insurance

b)

emergency savings

c)

policy

d)

coverage

3.

A financial product purchased by many people facing a similar risk to protect against the risk of larger losses is called:

a)

insurance

b)

emergency savings

c)

policy

d)

premium

4.

A contract between the insurance company and the insured that states the exact terms of the policy is called:

a)

policy

b)

premium

c)

insurance

d)

risk

5.

The risks covered and amount of money paid for losses under an insurance policy is called:

a)

coverage

b)

premium

c)

policy

d)

deductible

6.

The person who owns the insurance policy is the:

a)

beneficiary

b)

policy holder

c)

insurance

d)

claim

7.

The money paid to purchase an insurance policy is called:

a)

premium

b)

deductible

c)

co-insurance

d)

risk

8.

A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury is called:

a)

claim

b)

deductible

c)

risk

d)

co-insurance

9.

The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss is called:

a)

risk

b)

deductible

c)

premium

d)

policy

10.

This requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid:

a)

co-insurance

b)

beneficiary

c)

policy

d)

premium

11.

This type of insurance provides money to pay for health care

a)

health

b)

disability

c)

long term care

d)

homeowners

e)

automobile

12.

This type of insurance provides payment to replace earnings during times when workers cannot work due to illness or injury.

a)

health

b)

disability

c)

long term care

d)

homeowners

e)

automobile

13.

This type of insurance provides payment for extended nursing care when a person cannot live independently (but doesn't need to be hospitalized).

a)

health

b)

disability

c)

long term care

d)

homeowners

e)

automobile

14.

This type of insurance provides payment for liability and property insurance on a vehicle.

a)

automobile

b)

homeowners

c)

renters

d)

health

e)

disability

15.

This type of insurance provides payment to cover liability losses and damage/loss of home structure and its contents

a)

automobile

b)

homeowners

c)

renters

d)

health

e)

disability

16.

This type of insurance provides payment for damage/loss of property in a rental unit in addition to liability losses

a)

automobile

b)

homeowners

c)

renters

d)

health

e)

disability

17.

This type of insurance provides payment to others if a member of the insured household accidentally causes harm to other people or property; pays for injury or loss to others.

a)

property

b)

liability

18.

This type of insurance provides payment to insured person if his/her property is damaged or destroyed by an accident; pays for loss to insured person

a)

property

b)

liability