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Risk Management and Insurance Review Spring 26

Total questions: 25

Worksheet time: 13mins

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.
Clare's father is in a car accident and cannot work. What type of insurance replaces her father's earnings?
a)
health
b)
life
c)
disability
d)
unemployment
7.
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
8.
When a policyholder is required to pay a fixed percentage of the loss after the deductible has been paid. This is an example of:
a)
paying a copay
b)
paying coinsurance
c)
paying a premium
d)
risk avoidance
9.
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
10.
Someone who receives money if an insured person dies is known as:
a)
a policyholder
b)
an agent
c)
a claim owner
d)
a beneficiary
11.
Someone who relies on someone else for money and care is:
a)
an income provider
b)
a beneficiary
c)
a dependant
d)
a liability
12.
The chance of loss.
a)
risk
b)
insurance
c)
deductible
13.
Wearing a helmet while riding a bike is an example of:
a)
risk avoidance
b)
risk reduction
c)
risk assumption
d)
risk shifting
14.
A person who owns a policy is known as:
a)
an agent
b)
a beneficiary
c)
a dependent
d)
a policy holder
15.
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
16.

If you fall down in your house and sprain your ankle, what type of insurance might be used? (2 answers)

a)
life
b)

Health

c)
long term care
d)
homeowner's
17.
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
18.

You are in a car accident in which you are at fault. The other person requires medical treatment and car repairs as a result. What type of insurance do you need?

a)

Auto insurance (with liability included)

b)

long term care insurance

c)

health insurance

d)

emergency insurance

19.

The technique of assessing, minimizing, and preventing

accidental loss to a business, as through the use of insurance, safety measures, etc.

a)

accidental loss insurance

b)

business management

c)

risk management

d)

auto insurance

20.

Insurance can help you:

a)

minimize monthly expenses

b)

protect against unexpected accidents

c)

reduce the chances o fgetting into an accident

d)

cover all out of pocket costs

21.

In case of a future emergency, what standard is widely recommended ?

a)

Make sure you have two credit cards.

b)

Apply for a loan from your bank or credit union.

c)

Have at least 6 months worth of work income saved in a emergency savings account.

d)

None of the above

22.

Financial risks can be caused by _______.

a)

Accidents

b)

Disability

c)

Lawsuits

d)

Any of the above

23.

Liability insurance would cover a situation where another person sued you.

a)

True

b)

False

24.

What form of insurance would pay for the costs of assisted living?

a)

Disability insurance

b)

Long-term care insurance

c)

Homeowner's insurance

d)

Health insurance

25.

What is the process of anticipating possible problems and putting plans in place to cope with certain risks if they become real?

a)

Risk adjustment

b)

Risk management

c)

Risk tolerance

d)

Risk abatement

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