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05.00 QUIZIZZ: Insurance Policy

Total questions: 35

Worksheet time: 18mins

Name
Class
Date
1.

The _______________ provides & sells insurance while the ________________ negotiates on behalf of the insurer.

a)

Insurance, insurance agent

b)

Insurance company, insurance policy

c)

Insurance agent, insurance policy

d)

Insurance company, insurance agent

2.

If you rent your house, you’ll need to get homeowner’s insurance.

a)

True

b)

False

3.

Which type of insurance gives you extra coverage once your primary insurance limit is met.

a)

Disability Insurance

b)

COBRA

c)

Umbrella Insurance

d)

Long Term Care Insurance

4.

Which term below represents the total amount of money you would have to pay with insurance.

a)

Out-Of-Pocket

b)

Claim

c)

Deductible

d)

Premium

5.

If you are impacted by an illness or injury and cannot work, this insurance will help cover your income.

a)

Long Term Care Insurance

b)

Disability Insurance

c)

Health Insurance

d)

Life Insurance

6.

Which type of insurance is made mandatory by law in most US states?

a)

Health Insurance

b)

Life Insurance

c)

Renter’s Insurance

d)

Car Insurance

7.

Homeowner’s insurance covers 3 categories of claims.

a)

True

b)

False

8.

A similarity of short term and long-term disability insurance is that they both…

a)

Cover 60-70% of your salary

b)

Last 1 year

c)

Pay out after 2 weeks confirmation

d)

Cost 1-3% of your yearly income

9.

If you find yourself being older with illnesses and realize you don’t have a life insurance policy, which type of life insurance will you be able to get?

a)

Guaranteed Life

b)

Variable Life

c)

Whole Life

d)

Term Life

10.

Henry was in a car accident. Repairs to his car will cost $3,000. On his policy, the deductible is $800. How much is Henry responsible for paying towards the car repair.

a)

None he has car insurance

b)

$3,000

c)

$800

d)

$2,200

11.

Once you are married, it is assumed that your spouse will be on your insurance policy.

a)

True

b)

False

12.

If you’re looking to pay for a lower premium on an insurance policy, what can you do?

a)

Shop for a higher deductible

b)

Shop for a higher policy limit

c)

Shop for a lower deductible

d)

Shop for a lower claim

13.

Experts recommend that if your employer offers this type of life insurance you should take it, but it’s not enough coverage on his own.

a)

Universal Life

b)

Term Life

c)

Guaranteed Life

d)

Group Life

14.

A legal document that states your wishes regarding the distribution of your property & children is known as a(n)…

a)

Will

b)

Insurance

c)

Beneficiary

d)

Executor

15.

Sarah is considering looking into long-term care insurance but doesn’t know when she needs to buy that coverage. What can you tell her is the appropriate age to start looking for coverage?

a)

60-70 years old

b)

50-60 years old

c)

40-50 years old

d)

30-40 years old

16.

How much coverage do most homeowner’s insurance policies give you for the items inside your house?

a)

70-90%

b)

60-80%

c)

50-70%

d)

40-60%

17.

If you have a long-term disability insurance policy and need to use it, how long could it be before your first payout comes?

a)

2-4 weeks

b)

1-2 months

c)

2-4 months

d)

3-6 months

18.

Frank is 18 years old and wants to know when the best time he should get life insurance is. What will you tell him?

a)

The younger you are the better.

b)

Once someone else is depending on his income.

c)

As soon as you get your first job.

d)

Wait until you’re between the ages of 50 – 60 years old.

19.

Fran has had a lot of health issues this year. Her policy has a $1,000 deductible and a $2,000 out of pocket amount that Fran has already met. The most recent hospital visit costs $3,000. How much of that is Fran required to pay?

a)

$0

b)

$1,000

c)

$2,000

d)

$3,000

20.

hat does the personal property protection provide coverage for in a renter’s insurance policy?

a)

Protection if an injury occurs

b)

Coverage for a hotel if you are displaced because of damage

c)

Protection for the building structure in a fire

d)

Coverage for your items in a theft

21.

The difference between Universal and Variable life insurance is that…

a)

Variable allows you to pick your investments while universal does not.

b)

Variable is risky while universal is not.

c)

Universal allows you to pick your investments while variable does not.

d)

Universal has a fixed premium while variable does not.

22.

Which of the following is not something that long-term care insurance will reimburse you for?

a)

Home Care

b)

Assisted Living

c)

Nursing Home

d)

Hospital Care

23.

This type of life insurance lasts for a specific period of time.

a)

Whole Life

b)

Universal Life

c)

Term Life

d)

Permanent Life

24.

Homeowners' liability coverage protects you from harm caused by your pets.

a)

True

b)

False

25.

If you have this type of coverage for your car insurance policy, it will only cover the damage you cause in an accident, not the damage to your own vehicle.

a)

Comprehensive

b)

Liability

c)

Full Coverage

d)

GAP

26.

To make sure you are getting a good deal on your insurance policy you should…

a)

Shop around

b)

Ask friends & family

c)

Meet Agents

d)

All of these.

27.

If you have actual cost value coverage you what will you get money for?

a)

The money it will take to buy the item new today

b)

The money for what your item was worth today

28.

Your age can impact your car insurance premium.

a)

True

b)

False

29.

Jeremy took a health insurance plan from his job. He didn’t take any extra supplemental coverage though. After having a tooth ache, Jeremey went to the dentist. Who will have to pay for that dentist visit?

a)

The health insurance company

b)

His employer

c)

Dental Insurance

d)

Jeremy from his savings

30.

If you are low income and cannot afford health insurance, this is a government option for you to have coverage.

a)

COBRA

b)

Medicaid

c)

Medicare

d)

None of these

31.

If you have health insurance you do not need disability insurance as well.

a)

True

b)

False

32.

Which of the following is NOT one of the things renter’s insurance provides you with coverage for?

a)

Personal Property

b)

Income Replacement

c)

Liability Additional

d)

Living Expenses

33.

What is the relationship between disability insurance & your job/activities?

a)

The riskier your job/activities, the higher your cost of disability insurance will be.

b)

If you don’t have a risky job you don’t need disability insurance.

c)

The riskier your job/activities, the lower your cost of disability insurance will be.

d)

There is no relationship between the two items.

34.

As you’re paying for insurance and using your coverage, which cost is met and finished first?

a)

Premium

b)

Out of Pocket

c)

Deductible

d)

Claim

35.

If an employer offers you a health insurance policy, you have to take it.

a)

True

b)

False