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Insurance Unit Vocab

Total questions: 22

Worksheet time: 12mins

Name
Class
Date
1.
The amount paid for insurance is the
a)
closing cost
b)
premium
c)
deductible
d)
assessed value
2.

The out of pocket cost to the insured when a loss occurs is called...

a)

Premium

b)

Deductible

3.
Insurance that protects your family against financial loss due to your death is
a)
coinsurance
b)
disability insurance
c)
life insurance
d)
comprehensive insurance
4.
The type of insurance that provides protection against financial loss from medical bills is called
a)
health insurance
b)
coinsurance
c)
life insurance
d)
premium
5.
The type of insurance that covers damage or loss to a vehicle from fire, theft, vandalism, or hail is called
a)
term life insurance
b)
bodily insurance
c)
comprehensive
d)
collision
6.
This type of insurance pays the fees of other doctors who see you in or out of the hospital.
a)
hospitalization insurance
b)
disability insurance
c)
medical insurance
d)
life insurance
7.
If you can not work due to a health condition or injury, this type of insurance will pay you a portion of the income you lose.
a)
disability
b)
health
c)
premium
d)
hospitalization
8.
A formal request to an insurance company asking for a payment when the policyholder has an acciden, illness or injury
a)
emergency savings
b)
coverage
c)
claim
d)
employee benefits
9.

This type of insurance should pay for damages if a tree that goes through your roof.

a)

Product

b)

Health

c)

Homeowners

d)

Life

10.

This is the minimum required by law, only repairs the vehicle you hit, not your own

a)

Liability

b)

Collision

c)

Comprehensive

d)

Deductible

11.

What does renters insurance cover?

a)

The damage to the property

b)

Earthquakes

c)

Personal items the tenant owns

d)

If a burglar breaks in and he/she is injured as a result

12.
Someone who receives money if an insured person dies
a)
claim
b)
beneficiary
c)
dependent
d)
employee benefits
13.
Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
a)
employee benefits
b)
co-insurance
c)
deductible
d)
coverage
14.
Someone who relies on someone else for income and care
a)
beneficiary
b)
claim
c)
deductible
d)
dependent
15.

A licensed representative who handles the purchase of insurance between the customer and the insurance company.

a)

Business Agent

b)

Insurance Agent

c)

Free Agent

d)

Bond Agent

16.

Death, injury, or damage that could result in an insurance claim.

a)

Term

b)

Loss

c)

Deductible

d)

Premium

17.

A contract of insurance

a)

Policy

b)

Premium

c)

Deductible

d)

Claim

18.

The person to whom an insurance policy is issued.

a)

Agent

b)

Salesman

c)

Broker

d)

Policyholder

19.

Automobile, home, and renters are types of

a)

Property Insurance

b)

Adjustable Insurance

c)

Premium Insurance

d)

Life Insurance

20.
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)

21.

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

22.

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

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