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PFL #11a Insurance

Total questions: 29

Worksheet time: 58mins

Name
Class
Date
1.
While planning for your summer vacation, you decide not to go four-wheeling because it is dangerous.
a)
Risk Avoidance
b)
Risk Reduction
c)
Risk Retention
d)
Risk Transfer
2.
Your friend rides a four wheeler and says he does not worry about the risk even though he knows it is dangerous.
a)
Risk Avoidance
b)
Risk Reduction
c)
Risk Retention
d)
Risk Transfer
3.
Your summer vacation plans include water skiing at the lake, and you take both skiing and swimming lessons to learn more about safety.
a)
Risk Avoidance
b)
Risk Reduction
c)
Risk Retention
d)
Risk Transfer
4.
Your parents keep you on their health insurance even after you are in college in case you get hurt.
a)
Risk Avoidance
b)
Risk Reduction
c)
Risk Retention
d)
Risk Transfer
5.
The principle of risk is based on the premise of
a)
known loss.
b)
certainty.
c)
uncertainty.
d)
irresponsibility.
6.
Which of the following statements is true about risk?
a)
Risk is part of our daily lives.
b)
Risk is only caused by outside forces on our lives.
c)
If we buy enough insurance, we can eliminate risk in our lives.
d)
Because we live in Oklahoma, we know a tornado will hit our town.
7.
You decide to move into an apartment. Which kind of insurance will provide protection for your personal property?
a)
Liability Insurance
b)
Renter’s Insurance
c)
Property Insurance
d)
Long-Term Care Insurance
8.

Which type of insurance provides coverage upon a person’s death, but only for a specified period of time?

a)

Whole Life

b)

Universal Life

c)

Term Life

d)

Long-Term Care Insurance

9.
You have friends over for a party. Tad accidentally falls down the stairs and breaks a leg. Which kind of insurance protects you if Tad decides to sue or asks for medical assistance?
a)
Liability Insurance
b)
Renter’s Insurance
c)
Long-Term Care Insurance
d)
Health Insurance
10.
The amount of out-of-pocket money you pay before your insurance begins to provide coverage is called the
a)
premium.
b)
copay.
c)
deductible.
d)
benefit.
11.
_____ are the payments you make for insurance coverage.
a)
Premiums
b)
Copays
c)
Deductibles
d)
Benefits
12.
You have a sore throat and your mother takes you to the doctor. Before leaving, she gives the receptionist her insurance card and a check for $30. The $30 is called a
a)
premium.
b)
copay.
c)
deductible.
d)
benefit.
13.
_____ provides benefits to a person who becomes ill or injured and needs extended time to recover before returning to work.
a)
Disability insurance
b)
Life insurance
c)
Medical insurance
d)
Health insurance
14.

Grandma Renae is 68 years of age. Her medical coverage is provided by the federal government through a program called

a)

TANF.

b)

Medicaid.

c)

Medicare.

d)

Social Security.

15.
Most low income citizens in the U.S., regardless of age, are eligible to participate in a federal insurance program known as
a)
TANF.
b)
Medicaid.
c)
Medicare.
d)
Social Security.
16.
Which of the following statements about insurance is the most accurate?
a)
Insurance is designed to transfer your risk to a third party.
b)
Insurance is designed to help you avoid risks.
c)
Insurance pays all costs associated with transferring your risk to a third party.
d)
Insurance is designed to protect only your personal property.
17.
When you apply for auto insurance, which of the following factors will not affect your premiums?
a)
your age
b)
your FICO score
c)
your driving record
d)
your family income
18.

If you are in an auto accident, the type of insurance that will repair your vehicle is called _____ insurance.

a)

comprehensive

b)

collision

c)

catastrophic

d)

conditional

19.
There is a storm while you and Evan are watching a movie at the theater in the mall. When you go outside, you realize a tree has fallen on your car. What kind of insurance will cover the damage?
a)
comprehensive
b)
collision
c)
catastrophic
d)
conditional
20.

Aidan has a low credit score because he failed to pay his credit card bills on time. When applying for insurance, Aidan should expect the

a)

insurance company to lower his premiums because he had bad luck.

b)

insurance company to raise his premiums because he was irresponsible.

c)

insurance company to check his credit score, but it will not affect his premiums.

d)

insurance company to not use it to calculate premiums.

21.

The deductible on your insurance policy represents

a)

deferred risk.

b)

avoided risk.

c)

retained risk.

d)

transferred risk.

22.
Suppose you are in an accident while driving home from school. Which of the following statement is certain about the person driving the other vehicle?
a)
She makes better grades than you in school, so you are automatically at fault.
b)
She is automatically at fault because she is younger than you.
c)
If she has a license, she must have insurance.
d)
She may not have insurance.
23.

The concept of probability represents the idea of

a)

chance.

b)

certainty.

c)

impossibility.

d)

unreliability.

24.

Term life insurance pays its benefit if the insured dies

a)

before the policy is in place.

b)

after the term of the policy.

c)

within fourteen days after the term of the policy.

d)

during the term of the policy.

25.

Which of the following is not associated with universal life insurance policy?

a)

whole life insurance.

b)

flexible death benefits.

c)

flexible premium amounts.

d)

term life insurance coverage.

26.
Which of the following individuals does not need long-term care?
a)
A young healthy person.
b)
A newly retired person still in good health.
c)
Age is not a factor in needing long-term care.
d)
A middle-aged person still in good health but concerned about coverage.
27.
You are riding in a friend’s car. The light turns yellow as he approaches the intersection. Instead of slowing down to stop, your friend speeds up to get through the light before it turns red. Your friend’s behavior is an example of
a)
excellent driving practices.
b)
acceptable driving practices.
c)
risky driving practices.
d)
unrealistic expectations.
28.
Your dad installed smoke detectors in your house and changes the battery twice a year to keep them in working order. Your dad is ___ risk.
a)
avoiding
b)
accepting
c)
reducing
d)
transferring
29.
Suppose you have always dreamed of owning your own business. However, you do not follow through on those dreams because you are afraid you will lose money and the business will fail. Your behavior is an example of ___ risk.
a)
avoiding
b)
accepting
c)
reducing
d)
transferring

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