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Insurance

Total questions: 27

Worksheet time: 12mins

Name
Class
Date
1.

The out of pocket cost to the insured when a loss occurs is called...

a)

Premium

b)

Deductible

2.

A stone hits your windshield. Which type of coverage would likely cover this expense?

a)

Collision

b)

Liability

c)

Comprehensive

d)

None

3.

What factors impact the cost of your auto insurance premium? (hint: choose 3 correct answers)

a)

Deductible amount

b)

The vehicle you are insuring

c)

Your credit score

d)

Your income

4.

Which of the following wouldn't save you money on your auto insurance premium?

a)

Decrease your deductible

b)

Reduce or eliminate optional insurance on an older vehicle

c)

Maintain a good credit history

d)

Bundle your insurance with other policies

5.

Your health insurance copay is

a)

Amount paid out of pocket before your insurance coverage

b)

Paid by the insurer

c)

Applied on an annual basis

d)

A fixed amount of money you pay each time you use your plan

6.

True or False: Insurance is based on the concept of shared risk, or risk pooling.

a)

True

b)

False

7.
The amount paid for insurance is the
a)
closing cost
b)
premium
c)
deductible
d)
assessed value
8.
Insurance that protects your family against financial loss due to your death is
a)
coinsurance
b)
disability insurance
c)
life insurance
d)
comprehensive insurance
9.
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
10.
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
11.
A type of car insurance that covers damage to your OWN motor vehicle is
a)
collision
b)
comprehensive
c)
bodily injury
d)
uninsured motorist
12.
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
13.
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
14.
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
15.
A formal request to an insurance company asking for a payment when the policyholder has an acciden, illness or injury
a)
emergency savings
b)
coverage
c)
claim
d)
employee benefits
16.

What is the main purpose of insurance?

a)

to follow the law

b)

to get weathly

c)

For investment purposes

d)

To reduce risk

17.

This type of insurance should pay if you severely burn your finger on a toaster and need to go to the hospital

a)

Life

b)

Health

c)

Product

d)

Homeowners

18.

This is what you have to pay before the insurance company will pay anything

a)

coverage

b)

dues

c)

deductible

d)

policy

19.

This is the minimum required by law, only repairs the vehicle you hit, not your own

a)

Liability

b)

Collision

c)

Comprehensive

d)

Deductible

20.

This covers the damage to your car and the other persons, regardless of who is at fault

a)

Comprehensive

b)

Liability

c)

Homeowners

d)

Health

21.

The people who need this the most generally have kids, and always have someone relying on their income

a)

Product Insurance

b)

Auto insurance

c)

Life Insurance

d)

Health insurance

22.

A gentleman is injured at work at a construction site. He will not be able to work for two months. What insurance supports his injury?

a)

Long Term Care

b)

Home Liability

c)

Health

d)

Disability

23.

What does renters insurance cover?

a)

The damage to the property

b)

Earthquakes

c)

Personal items the tenant owns

d)

If a burglar breaks in and he/she is injured as a result

24.

Which sources are ways to purchase insurance?

a)

Individual

b)

Employer

c)

Government

d)

All the above

25.

Contract between the person and insurance company

a)

Policy

b)

Policy holder

c)

Premium

d)

Risk

26.

Person who owns the policy

a)

Policy

b)

Policy holder

c)

Premium

d)

Risk

27.

Chance of loss

a)

Policy

b)

Policy holder

c)

Premium

d)

Risk

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