WorksheetsInsurance Quiz
Total questions: 14
Worksheet time: 24mins
What is the primary purpose of insurance?
To invest money
To protect against financial loss
To borrow money
To save for retirement
Which type of insurance is legally required for car owners in many countries?
Life insurance
Health insurance
Auto insurance
Home insurance
What does a premium refer to in insurance terms?
The amount paid for coverage in case of an accident
The amount received after filing a claim
The amount paid periodically to keep an insurance policy active
The maximum amount covered by an insurance policy
What is a deductible in an insurance policy?
The amount the insurance company will deduct from any claim
The amount the policyholder must pay before the insurance company pays a claim
The maximum amount the policyholder can claim
The minimum amount the policyholder can claim
Which type of insurance provides coverage for medical expenses?
Auto insurance
Health insurance
Life insurance
Property insurance
What is the term used to describe the person or entity that receives the benefit from an insurance policy?
Policyholder
Beneficiary
Insurer
Agent
Which of the following is NOT typically covered by homeowners insurance?
Theft
Fire damage
Flood damage
Vandalism
What does liability insurance provide coverage for?
Damage to the policyholder's own property
The policyholder's life
Damage or injury to others for which the policyholder is responsible
Loss of income
In life insurance, what is the term used for the amount of money paid to the beneficiaries upon the policyholder's death?
Premium
Deductible
Death benefit
Dividend
11-18.
Answer the questions below after watching the video
What is a common issue faced by new insurance customers?
Unexpected price hikes
Immediate claim payouts
Unexpected discounts
Price decreases over time
Which company is mentioned as having poor claims satisfaction?
Kemper
USAA
Geico
AAA
Why might someone choose not to go with Geico or Progressive Direct?
Excessive coverage options
High-quality service
Too many discounts
Lack of personalized advice
What unique challenge does AAA present to customers?
Too many agent choices
Outdated business model
Modern technology
Low prices
What is a downside of choosing the cheapest insurance option?
Too much coverage
High-quality customer service
Immediate claim payouts
Potential billing issues
According to the JD Power study, which company had better performance?
Kemper
Nationwide
Liberty Mutual
Allstate
Why might Farmers not be a preferred choice according to the video?
High prices only
Quality of service due to commission cuts
Lack of online presence
Too many coverage options
What is a significant factor in dissatisfaction with insurance companies?
Too many discounts
Lack of personalized service
Excessive coverage options
Quick claim payouts
What is the purpose of reinsurance?
To provide insurance for high-risk individuals
To allow individuals to purchase insurance directly
To insure insurance companies against very large claims
To reduce the premium rates for policyholders
What is the main purpose of umbrella insurance?
To cover medical expenses exclusively
To provide additional coverage beyond existing limits and coverages of other policies
To insure only umbrellas and related personal property
To replace income in case of unemployment
What does 'term life insurance' specifically refer to?
A life insurance policy that covers the policyholder for a specified term or period
A life insurance policy with no expiration date
A life insurance policy that invests in the stock market
A life insurance policy that only covers accidental death
Which of the following best describes 'coinsurance' in a health insurance policy?
The amount the policyholder must pay for coverage before the insurance policy begins to pay
The fixed amount the policyholder pays for a covered healthcare service after the deductible has been paid
A percentage of the total cost that the policyholder must pay for a covered healthcare service
The maximum amount the policyholder will pay during a coverage period
