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WorksheetsTest Review - Ch 25,26,27 - Insurance
Total questions: 53
Worksheet time: 20mins
Name
Class
Date
1.
Type your ACTUAL
First and Last Name to receive credit.
4 lines
2.
The insurance company where you have the inurance policy is called the
a)
insurant
b)
carrier
c)
insured
d)
policyholder
3.
The Affordable Care Act became fully effective in the year
a)
2008
b)
2012
c)
2014
d)
2015
4.
An example of a health insurance carrier that is widely used in Virginia....
a)
Discover
b)
Optimal Health
c)
Piedmont Community Health Plan
d)
VISA
5.
If you have valuable art or jewelry, you should purchase
a)
a personal property floater
b)
umbrella insurance
c)
health insurance
d)
all of the above
6.
If a homeowner lives in an area prone to flooding or earthquakes, they may want to purchase
a)
a personal property floater
b)
an endorsement
c)
health insurance
d)
all of the above
7.
Someone who receives the payout from a life insurance policy is called a
a)
Dependent
b)
Heir
c)
Head of Household
d)
Beneficiary
8.
A term life insurance policy lasts
a)
the policyholder's lifetime
b)
a set period of time such as 20 or 25 years
c)
until the policyholder reaches age 85
d)
until the policyholder is age 75
9.
The cash value of a whole life insurance policy comes from....
a)
premiums paid by the policyholder as well as interest earned on the premiums
b)
the policyholder's paychecks
c)
the policyholder's 401k
d)
the policyholder's social security checks
10.
When it comes to homeowner's insurance, you should insure your home at least ______ of the value.
a)
the same value
b)
double the value
c)
one-half the value
d)
three times the value
11.
Short-term disability typically lasts....
a)
1-3 months
b)
3-6 months
c)
24-36 months
d)
until you retire
12.
The policyholder can borrow against this type of policy
a)
Whole Life
b)
Term Life
c)
Both Term & Whole Life
d)
Neither
13.
This type of policy can build a cash value
a)
Whole Life
b)
Term Life
c)
Both Term & Whole Life
d)
Neither
14.
If you want to lower your premium for homeowner's, health, & auto insurance....
a)
pay a low deductible
b)
pay a high deductible
c)
don't pay a deductible
d)
make the deducitible and premium equal
15.
When YOU are legally at fault, ________ insurance covers the OTHER GUY if he or his auto sustains injuries and/or damages
a)
comprehensive
b)
underinsured
c)
collision
d)
liability
16.
This can cause your auto insurance to go up...
a)
speeding tickets
b)
illegal parking
c)
running a stop sign
d)
none of the above
17.
Virginia requires liability auto insurance.
a)
true
b)
false
18.
If you do not have liability auto insurance, you have to pay the uninsured motorist fee of _____ if you do.
a)
100
b)
300
c)
500
d)
1000
19.
If the policyholder outlives a _______, the policy expires.
a)
universal life policy
b)
variable life policy
c)
term life policy
d)
whole life policy
20.
A characteristic of UNMANAGED health care is
a)
a referral IS needed for a specialist
b)
you have LESS control over your health care
c)
more expensive than managed care
d)
cheaper than managed care
21.
The flat fee you may have to pay when you visit the doctor
a)
Deductible
b)
Copayment
c)
Extra Fees
d)
Premium
22.
When the economy is at the lowest level, it is called....
a)
a valley
b)
a crest
c)
a trough
d)
a peak
23.
Speculative Risk
a)
uninsurable
b)
deductible
c)
premium
d)
act of nature
24.
Tornado
a)
uninsurable
b)
act of nature
c)
premium
d)
deductible
25.
Swimming Pool
a)
act of nature
b)
payment for insurance
c)
attractive nuisance
d)
deductible
26.
Automobile Insurance where drivers receive reimbursement for their expenses from their own insurer, no matter who caused the accident.
a)
Collision
b)
Comprehensive
c)
Umbrella
d)
No-Fault
27.
Group Insurance
a)
obtained on your own
b)
obtained from your employer
c)
a nuisance
d)
Required
28.
With MANAGED Healthcare
a)
MORE expensive than managed care
b)
A Referral IS needed to see a specialist
c)
MORE control over your health care
d)
You can only see the doctor once a year
29.
Premium
a)
Deductible
b)
uninsurable risk
c)
uninsurable
d)
payment for insurance
30.
Economy reaches the top
a)
peak
b)
trough
c)
incline
d)
valley
31.
Receives insurance payout
a)
child
b)
spouse
c)
beneficiary
d)
heir
32.
Unmanaged care is also known as ....
a)
an integrated delivery health system
b)
a point of service care
c)
fee for service
d)
health maintenance organization
33.
Sells insurance
a)
Agent
b)
Adjuster
c)
Investigator
d)
Insured
34.
Deductible
a)
300
b)
varies
c)
1000
d)
must pay before insurance pays
35.
VA Uninsured Motorist Fee
a)
300
b)
500
c)
700
d)
1000
36.
A minor driving offense is called an infraction.
a)
true
b)
false
37.
If your auto policy is 100/200/25, the insurance company will pay up to $100,000 for each individual that is injured
a)
true
b)
false
38.
Showing a report card with good grades could reduce your auto premium.
a)
true
b)
false
39.
Comprehensive coverage covers damages to your car as a result of something other than a collision (ex. a tree falls on your car).
a)
true
b)
false
40.
Disability is the same as Worker's Compensation.
a)
true
b)
false
41.
Individual health insurance is obtained through your employer
a)
true
b)
false
42.
Whole Life is more expensive than Term Life.
a)
true
b)
false
43.
A term life policy will expire if you outlive the policy.
a)
true
b)
false
44.
Supplemental liability insurance provides additional protection from lawsuits when you are at fault and is called Umbrella Insurance.
a)
true
b)
false
45.
During a period of recession, unemployment rises.
a)
true
b)
false
46.
If you have a MANAGED healthcare policy, you may have to get a referral from your family doctor to see a specialist.
a)
true
b)
false
47.
Long-Term Disability Benefits can last until retirement age.
a)
true
b)
false
48.
If your auto policy is 100/200/25, the insurance company will pay up to $200,000 in property damage.
a)
true
b)
false
49.
The money you must pay the insurance company in order to have the insurance policy is called the deductible.
a)
true
b)
false
50.
You should insure your home for twice the amount of the replacement value.
a)
true
b)
false
51.
Term Life Insurance targets young families.
a)
true
b)
false
52.
Under Cobra Law, your employer does not contribute to your health insurance premium.
a)
true
b)
false
53.
MEDICAID is for the elderly.
a)
true
b)
false
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