WorksheetsChapter 10 Quiz
Total questions: 22
Worksheet time: 11mins
Why do you need insurance?
To protect your assets in case of accident, fire, or other disaster.
To repair your assets when needed
To protect your family's financial well-being
All of the above
The insurance declaration page does not include:
The type of insurance you have
Local emergency contacts
Who is covered under the insurance policy
The maximum amount an insurance company will pay
What type of auto insurance will you need to get your car repaired if you are in a hail storm?
Liability
Collision
Comprehensive
Uninsured motorist
If you are at fault in an auto accident, what insurance coverage will you need to get the funds to have your car repaired?
Liability
Collision
Comprehensive
Uninsured motorist
If you are at fault in an auto accident and your passenger sustains injuries and is required to go to a hospital for treatment, what type of insurance will cover those expenses?
Liability
Collision
Comprehensive
Health
True or False: You can purchase insurance only through on insurance agent who is licensed in your state.
True
False
Your insurance deductible is:
The amount you have to pay if you make an insurance claim.
The cost of insurance that is deducted from your paycheck.
The maximum the insurance company will pay.
A fee insurance companies charge.
Minimum automobile liability insurance is:
Not something you need but is a suggested amount of coverage.
The same in every state.
Different in every state.
Sufficient to cover your legal responsibility if you cause an accident.
Auto insurance rates are determined by:
The likelihood that you will make a claim against your insurance company.
Your age.
Your driving record.
All of the above.
SR-22 liability insurance is:
Required by the state if you are classified as a high-risk driver
Issued by the state
Required only if you are cited for driving under the influence
Required only if you own a car
Flood insurance is:
Automatically included in your homeowner's insurance policy
Required only if you live near a river
Not important if you live in a 500-year flood plain
Purchased from the National Flood Insurance Program
Insurance riders:
Cover passengers in your automobile
Are additional insurance to protect specific items of value not covered on your primary policy
Are extremely expensive and not worth getting
Are a way for insurance agents to make more money
A home inventory:
Helps you recall your personal possessions in case of fire, theft, or destroyed property
Should be documented with video or photographs
Should be kept in a secure, off-site location
All of the above
Umbrella liability insurance coverage:
Provides additional liability coverage above your homeowner's and auto policies
Is unaffordable for many people
Covers you on a rainy day
Is just for the rich
With health insurance, the copayment is:
The amount you must pay before insurance pays
Not counted against your out-of-pocket maximum
Included in your premium
Covered under Medicaid
Medicare:
Is for those with limited income
Is for the health care expenses of people age 65 and older
Is a government program that covers all medical expenses
Has 2 parts to it
COBRA:
Allows you to keep health insurance for a limited time under your employer's health insurance plan even if you no longer work there
Is paid by the employer
Is not available to students after they graduate from college
Is covered under Medicaid
Disability insurance:
Pays 100% of your salary if you are hurt and have to miss work
Starts immediately when you are injured
Usually has a waiting period before you can make a claim
Is offered only by your employer or the government
Life insurance:
Benefits you after you die
Is to help support those who depend on your income in the event of your death
Costs the same for everyone
Needs do not change over time
In what life stage are you likely to need the most life insurance coverage?
Dependent
Independent
Early Family
Empty Nest
Retirement
Term life insurance:
Covers you only for the term of the policy
Is the cheapest form of life insurance you can purchase
May have the option to renew
Can be outlived
All of the above
Permanent life insurance:
Builds a cash value
Is known as whole life, universal life, and variable life
Provides you with a fixed amount of insurance
All of the above
None of the above
