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Understanding Insurance Concepts

Total questions: 60

Worksheet time: 2hrs 37mins

Name
Class
Date
1.

The total cost of buying insurance, usually per year

a)

Premium

b)

coverage

c)

deductible

d)

policy

2.

What is the main purpose of insurance?

a)

to follow the law

b)

to get weathly

c)

For investment purposes

d)

To reduce risk

3.

This type of insurance should pay if you severely burn your finger on a toaster and need to go to the hospital

a)

Life

b)

Health

c)

Product

d)

Homeowners

4.

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

a)

Product

b)

Health

c)

Homeowners

d)

Life

5.

This is what you have to pay before the insurance company will pay anything

a)

coverage

b)

dues

c)

deductible

d)

policy

6.

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

a)

Liability

b)

Collision

c)

Comprehensive

d)

Deductible

7.

This covers the damage to your car and the other persons, regardless of who is at fault

a)

Comprehensive

b)

Liability

c)

Homeowners

d)

Health

8.

What factors impact the cost of your auto insurance premium?

a)

Deductible amount

b)

The vehicle you are insuring

c)

Your credit score

d)

Your income

9.
Provides payments for both liability and property insurance on a vehicle
a)
disability insurance
b)
automobile insurance
c)
coverage
d)
deductible
10.
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
11.

What type of insurance is mandatory for everyone to carry?

a)

Collision insurance

b)

Liability insurance

c)

Uninsured motorist coverage

d)

Comprehensive insurance

12.

Which type of insurance covers your vehicle in the event of an accident, even if you're at fault?

a)

Comprehensive insurance

b)

Uninsured motorist coverage

c)

Liability insurance

d)

Collision insurance

13.

Which insurance helps with medical bills and other expenses like lost income, child care, or funeral costs?

a)

Uninsured motorist coverage

b)

Medical Payments Coverage

c)

Personal injury protection coverage

d)

Liability insurance

14.

What type of insurance covers accident-related medical bills for you and your passengers, supplementing other insurance coverage by paying any deductibles and co-pays?

a)

Medical Payments Coverage

b)

Liability insurance

c)

Uninsured motorist coverage

d)

Personal injury protection coverage

15.

What type of insurance protects you if you're harmed by a driver who doesn't have enough insurance to cover all of your losses?

a)

Uninsured motorist coverage

b)

Collision insurance

c)

Comprehensive insurance

d)

Liability insurance

16.

Car insurance covers everything except

a)

repairs and maintenance 

b)

property damage

c)

damage from collisions

d)

injuries sustained

17.

What does Comprehensive insurance cover?

a)

Bodily Injuries

b)

Damages to your car

c)

Vandalism

d)

Lost wages

18.

What is a claim?

a)

its a report to an insurance company on damage to your car

b)

its how much money you owe to the insurance company every year

c)

the amount of money you owe out of pocket to an insurance company

d)

its how much you're covered up to

19.

There are two types of insurance claims.

a)

Deductible and Premium

b)

Health Emergency and Hospital Stay

c)

Collision and Comprehensive

d)

Total Loss and Loss of Vehicle

20.

What does the term "premium" mean?

a)

what options are available for tow service

b)

how much do you pay for insurance

c)

how much do you pay out of pocket if an accident occurs

d)

how much damage is covered by your insurance

21.

It is your choice whether you buy car insurance or not.

a)

True

b)

False

22.

A deductible is how much your insurance company pays for repairs after an accident.

a)

True

b)

False

23.

If you live in a rural area you typically have a lower insurance rate.

a)

True

b)

False

24.

You can get a discount on your insurance for having good grades!

a)

True

b)

False

25.

What are things a person can insure?

a)

cars & trucks

b)

a house or rental unit

c)

a vacation

d)

a cell phone

e)

all of these

26.

What is a deductible?

a)

 A written contract between the insured and the insurer. 

b)

The amount a policy will cost a person.

c)

The amont you must pay before the insurance company will pay for your damages.

d)

Exposure to danger, harm, or loss.

27.

What is an insurance premium?

a)

responsibility for others' losses in an accident you caused

b)

The cost of insurance coverage

c)

The amount you have to pay before the insurance will pay a claim.

d)

A chance that one takes

28.

What is a 'policyholder'?

a)

A person that holds policies at the insurance company.

b)

A chance that a person takes

c)

An insurance company.

d)

The person or company that purchases an insurance policy.

29.

What is a risk?

a)

a person who sells insurance

b)

the cost of insurance coverage

c)

a chance that one takes

d)

a child or spouse who is dependent on another's income

30.

What is a claim?

a)

required, compulsory

b)

the cost of insurance

c)

a chance that one takes

d)

a request for payment by an insured person to an insurer to cover losses

31.

The person, group, or organization whose life or property is covered by an insurance policy. 

a)

insured

b)

premium

c)

credit union

d)

insurer

32.

A company that writes insurance policies. (ex: GEICO, State Farm, etc..)

a)

Better Business Bureau

b)

insured

c)

FICO

d)

insurer

33.

Which DOES NOT affect the cost of car insurance?

a)

age

b)

driving history

c)

where a person lives

d)

a person's job

e)

amount of miles you drive

34.

___________________ are fees paid to a school in order to attend and receive instruction.

a)

Scholarships

b)

Loans

c)

Tuition

d)

Tutoring

35.
All of the following are reasonable methods to limit student debt and pay for college EXCEPT
a)
Apply for a grant
b)
Gambling
c)
Work-study programs
d)
Scholarships
36.
True of false: federal student aid can be used for tuition, books, supplies, and room and board.
a)
True
b)
False
37.
Which application must be filled out if students want to be eligible for federal aid?
a)
College
b)
FAFSA
c)
FASSA
d)
Employment
38.
Does scholarship money have to be repaid?
a)
Yes
b)
No
c)
Sometimes
39.
True of false: students should pick the scholarship they want carefully since they can only apply for one.
a)
True
b)
False
40.
True or false: some scholarships require students to maintain a certain GPA.
a)
True
b)
False
41.

You entered your painting in a contest and won $750 to pay for your college expenses.

a)

scholarship

b)

grant

c)

work study

d)

loan

42.

You were a high school athlete. The university is paying your tuition while you play on the college team.

a)

scholarship

b)

grant

c)

work study

d)

loan

43.

You were raised by a single parent. Your family income qualified you to receive a need-based award from the US government.

a)

scholarship

b)

grant

c)

work study

d)

loan

44.

Your other financial aid did not cover all of your college costs, so you borrowed money from a private lender.

a)

scholarship

b)

grant

c)

work study

d)

loan

45.

Your other financial aid did not cover all of your college costs, so you borrowed money from a private lender.

a)

scholarship

b)

grant

c)

work study

d)

loan

46.
Which of the following includes the knowledge, skills, education and talent people bring to work?
a)
financial capital
b)
natural capital
c)
human capital
d)
natural resources
47.

______________ insurance provides financial protection against overwhelming medical expenses

a)

Health

b)

Car

c)

Comprehensive

d)

Medical

48.

__________ ___________ __________ is a group of selected health care providers who offer comprehensive services at preset reimbursement levels

a)

health maintenance organization

b)

co-payment

c)

preferred provider organization

d)

co-insurance

49.

_____________ ___________ __________ is a prepaid health plan in which care providers contract with (or are) employees of the org. to provide you with services

a)

preferred provider organization

b)

health maintenance organization

c)

life insurance

d)

non-life insurance

50.

_______________ requires you to pay either a set amount or a certain percent of medical expenses

a)

co-insurance

b)

co-payment

c)

life term

d)

term life

51.

A(n) ____________ is a predetermined flat fee you pay for health care services

a)

co-insurance

b)

whole life

c)

co-payment

d)

term

52.

__________ insurance is financial protection for a family in case the main source of income dies

a)

life

b)

term

c)

medical

d)

health

53.

_______ ________ insurance is for a specified term, such as 5 years, or to a specified age

a)

universal life

b)

term life

c)

cash value

d)

whole life

54.

The __________ is the person who receives money from a life insurance policy if the insured dies

a)

beneficiary

b)

life

c)

deductible

d)

health

55.

_______ _________ insurance also known as permanent life insurance, offers financial protection for your entire life

a)

term life

b)

whole life

c)

universal life

d)

life

56.

_______ _______ is the amount of money you will receive if you cancel your whole life insurance policy

a)

deductible

b)

medical

c)

term life

d)

cash value

57.

_________ _________ insurance is a combination of a life insurance policy & a savings acct; it covers the insured for his or her lifetime and any amt the insured pays over the minimum premium goes into an investment acct that earns interest

a)

traditional plan

b)

whole life

c)

term life

d)

universal life

58.

What is a key consideration when comparing health insurance plans?

a)

Out-of-pocket costs

b)

Color of the insurance card

c)

Number of advertisements

d)

Brand popularity

59.

What does a health insurance 'network' refer to?

a)

The geographical area covered by the plan

b)

The medical providers and facilities contracted with to provide care

c)

The internet infrastructure of the insurance company

d)

A group of policyholders

60.
HMO
a)
Health Maintenance Organization
b)
Health Managed Organization
c)
Health Maintained Operation
d)
Health Managed Operation

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