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Insurance Basics & Auto Insurance

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.
A contract between the insurance company and the insured that states the exact terms including what risks are covered is a(n)?
a)
premium
b)
policy
c)
agent
d)
deductible
2.
The money paid to an insurance company to purchase a policy.
a)
deductible
b)
copay
c)
premium
d)
co-insurance
3.
The out-of-pocket money paid by a policyholder before an insurance company will cover the remaining costs caused by a loss.
a)
premium
b)
copay
c)
deductible
d)
co-insurance
4.
John's father passed away. What type of insurance will provide his family with financial support?
a)
health
b)
life
c)
auto
d)
unemployment
5.
Anthony goes to the doctor and receives a prescription for medication to recover from the flu. What type of insurance can be used in this situation?
a)
health
b)
disability
c)
life
d)
unemployment 
6.
A financial product purchased by many people facing a similar risk to protect against the risk of loss.
a)
insurance
b)
deductible
c)
risk management
d)
premium
7.
A formal request to an insurance company asking for a payment when the policyholder has an accident, illness, or injury is called:
a)
a moral hazard
b)
a claim
c)
an insurance adjuster
d)
a policy review
8.
The chance of loss.
a)
risk
b)
insurance
c)
deductible
9.
Wearing a helmet while riding a bike is an example of:
a)
risk avoidance
b)
risk reduction
c)

risk assumption (ignore risk)

d)

risk shifting (transfer risk)

10.
Which of the following is NOT a risk management strategy?
a)
risk analysis
b)

risk assumption (ignore risk)

c)

risk shifting (transfer risk)

d)
risk reduction
11.
What type of insurance provides payment to OTHERS if the insured person accidentally causes harm to other people or their property.
a)
disability
b)
liability
c)
worker's compensation
d)
unemployment
12.
If you fall down in your house and sprain your ankle, what type of insurance might be used?
a)
life
b)
auto
c)
long term care
d)
homeowner's
13.
What type of insurance might you be able to use if there is a leaky pipe in your rented apartment and the water ruins your things?
a)
liability
b)
auto
c)
renters
d)
life
14.

What kind of coverage pays for damages to your car if you are at fault?

a)

Collision

b)

Comprehensive

c)

Under-insured Motorist

d)

Uninsured Motorist

15.

What kind of insurance pays for physical damages to your car from acts of nature such as fire?

a)

Property Damage

b)

Medical Payments

c)

Collision

d)

Comprehensive

16.

Which of the following is a way to lower your insurance premium?

a)

have a good driving record

b)

be involved in sports

c)

have a parent with you at all times

d)

buy a sports car

17.

Who should you call first if you get into an accident?

a)

The cops

b)

Your Parents

c)

The insurance company

d)

No one

18.
Of the four parts of auto insurance coverage, which part protects only the other person involved in an accident?
a)
Liability
b)
Comprehensive
c)
Collision
d)
Medical Payments/Bodily Injury
19.
Which of the following is a way to reduce the cost of your insurance premium?
a)
Good grades
b)
Number of miles you drive
c)
Where you live
d)
All answers are correct
20.

Who needs auto insurance?

a)

Nobody

b)

People that think they will get into an accident.

c)

All people who drive cars.

d)

People who can afford it.

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