WorksheetsInsurance 101: Protecting Your Future Quiz
Total questions: 15
Worksheet time: 9mins
What is insurance?
A contract between you and a bank to cover loans
A contract between you and the insurance company to cover unexpected events
A contract between you and a retailer for product warranties
A contract between you and a government agency for tax purposes
Which of the following can be insured?
(May choose more than one)
Car, Home, Life
Jewelry, Electronics, Furniture
Pets, Plants, Artwork
Clothing, Shoes, Accessories
What determines the cost of the insurance premium?
(May choose more than one)
Your age and gender
Your risk profile, including your credit worthiness
The number of claims you file
The type of car you drive
What is a deductible in insurance terms?
The monthly payment you make to an insurance company
The fee charged for late payments
The total amount covered by the insurance policy
The amount you must pay out of pocket before insurance kicks in
How can you save money on insurance?
Increase your premium
Bundle policies and increase your deductible
Decrease your deductible
Pay monthly instead of annually
What must you do first before insurance covers the rest of your expenses?
Pay your deductible in full
Pay your premium in full
Call your insurance company
Submit a claim form
What is a common mistake to avoid when choosing an insurance plan?
Reading the policy details
Getting the cheapest plan with sufficient coverage
Missing payment deadlines
Comparing plans and prices
What happens if you are in a life-threatening condition at a hospital?
You must pay upfront
Hospitals must stabilize you regardless of insurance status
You need to show proof of insurance
You will be transferred to another facility
What is free regardless of insurance status?
Dental check-ups
Prescription medications
Flu and COVID vaccines
Vision tests
If you make under $21,600 a year, what can you qualify for?
Private insurance
Medicare
Medicaid
Employer-sponsored insurance
The reason car insurance is so high for people 25 and under is because car accidents are the #1 cause of death in teenagers.
True
False
You do not need coverage for underinsured and uninsured motorists. That way, you cannot be covered if someone uninsured or underinsured hits you.
True
False
What is a key characteristic of term life insurance?
It costs a lot of money.
It is less expensive than whole life insurance.
It lasts for a limited amount of time.
It is hard to get.
What type of life insurance allows policyholders to borrow money from the policy?
(a)
What factors are typically considered in the premium calculation for term life insurance?
Dairy intake
Creditworthiness (credit score)
Lifestyle choice
Ability to pay
