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WorksheetsUnit 4 Insurance and Identity Theft
Total questions: 75
Worksheet time: 42mins
What is the main purpose of insurance?
to follow the law
to get weathly
For investment purposes
To reduce risk
This is what you have to pay before the insurance company will pay anything
coverage
dues
deductible
policy
What is an insurance premium?
Your monthly payment to your insurer, regardless of whether you use any services
A list of the procedures covered by your insurance carrier
An added cost you pay in order to receive higher-quality services
The amount you pay out-of-pocket for a specific procedure or service
When setting your premium, your car insurance company may consider each of the following EXCEPT...
How many miles you drive per year
Your age
Your driving record
Your height
This is the minimum required by law, only repairs the vehicle you hit, not your own
Liability
Collision
Comprehensive
Deductible
Insurance companies make money by...
Refusing to pay out claims to policyholders
Collecting money from the government
Collecting more in premiums than they need to pay out each year
Keeping costs low with minimal advertising
Which of the following statements is TRUE about auto insurance premiums?
If you have an auto insurance policy and don't get into a car accident or file any claims for a year, you get your premiums back from the insurance company
If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will decrease
Auto insurance premiums are a fixed price across all insurance companies
If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will increase
Your renter's insurance policy costs $20/month and has a $1,000 deductible. A thief breaks into your apartment and steals your $800 TV set. How much would your insurance company pay?
$0
$200
$800
$1,000
rerre
Someone broke into Sam’s car by smashing the passenger window. Which type of auto insurance coverage will help cover the cost to get the window replaced?
Bodily injury liability
Property liability
Collision
Comprehensive
cc
You cause an accident and injure the other driver. The case goes to trial and there is a verdict to compensate the injured person with $58,000. You have a $75,000 coverage limit per person for Bodily Injury. How much will the insurance company pay?
$0
$17,000
$58,000
$75,000
Frank has an auto policy with a coverage limit of $30,000 and a deductible of $1,000. He gets into an accident and the damages to his car total $6,200. Fortunately, he has collision coverage. How much will Frank need to pay out-of-pocket?
$0
$1,000
$6,200
$30,000
What type of auto insurance are you required to carry in almost every state (49 out of 50)?
Insurance if you damage your own property
Insurance if you cause injury to another person
Insurance in case you get into an accident with someone who does not have insurance
Insurance if you cause injury to yourself
In general, how do insurance companies decide how much to charge an individual for their monthly premiums?
The company assesses the individual's risk factors and assigns higher premiums to higher risk individuals
The company looks at the individual's tax filings from the previous year to assess overall wealth and ability to pay
The company charges the same premium for every individual eligible for coverage
The company increases or decreases premium rates based on the stock market
Finn moves from a rented apartment into his very first house. What should he expect regarding the cost of homeowners insurance compared to renters insurance?
He will not need homeowners insurance, because owning a home is less risky than renting
His homeowners insurance will be LESS expensive than his renters insurance was
His homeowners insurance will be the same cost as his renters insurance was
His homeowners insurance will be MORE expensive than his renters insurance was
What factor does NOT affect the cost of your auto insurance premium?
Your driving record
The make and model of your car
Your credit score
The color of your car
John has a health insurance policy with a deductible of $500. He falls ill and the total medical bill comes to $700. How much will John need to pay out-of-pocket?
$0
$200
$500
$700
The BBB stands for which?
The Boss' Bureau on Business
The Business' Bureau of Business
The Better Business Bureau
None of the above
What are the consequences for businesses that violate consumer protection laws?
Increased customer loyalty and trust
Fines, legal action, damage to reputation, and loss of customer trust
Positive impact on brand reputation
Financial rewards and incentives
How does consumer protection contribute to a fair and competitive marketplace?
By ensuring that consumers are treated fairly and have access to accurate information.
By allowing businesses to deceive consumers with false advertising
By limiting consumer choices and options
By ignoring consumer complaints and concerns
What are the responsibilities of businesses in ensuring consumer protection?
Selling unsafe and unreliable products
Providing inaccurate information and unfair pricing
Ensuring safe and reliable products, accurate information, fair pricing, and addressing consumer complaints and concerns.
Ignoring consumer complaints and concerns
The Truth in Lending Act requires that a borrower be informed of the total finance charge.
True
False
The Truth in Lending Act requires that borrowers be informed of the:
amount financed
cost of auto insurance
features of an extended warranty
reasons a person has been denied credit
This law was designed to eliminate abusive collection practices.
Equal Credit Opportunity Act
Fair Credit Billing Act
Fair Credit Reporting Act
Fair Debt Collection Practices Act
Consumer Credit Protection Act
Which of the following is not one of the primary purposes of the Fair Credit Reporting Act (FCRA)?
Privacy of consumer data
Assess risk for taking new loans
Ensure fair lending practices
Provide consumer protection rights
The Fair Credit Reporting Act (FCRA) regulates which of the following activities to protect consumer's rights?
How long a credit reporting agency can keep records
How creditors can evaluate an applicant's creditworthiness
How lenders can use consumer information to rate performance
How retailers must disclose their privacy policies
The Fair Credit Reporting Act (FCRA) requires retailers to:
Notify consumers about changes in their credit report
Provide customers with free annual credit report
Notify consumers of deceptive practices
Provide customers with free copies of their credit report
The Fair Credit Reporting Act (FCRA) requires retailers to:
Report identity theft to the FTC
Obtain consumer consent before sharing information
Provide consumers with the ability to dispute errors
Provide consumers with a fraud alert
A crooked businessman sold his stocks before the price dropped because he had access to information before anyone else did. By selling his stocks it made the price drop even further, leaving you with huge losses.
SEC - Securities and Exchange Commission
SSA - Social Security Administration
FLSA - Fair Labor and Standards Act
Nike makes a commercial saying that wearing their shoes makes you more intelligent. They have no evidence to support this statement. What government agency would you contact about his issue.
Consumer Products Safety Commission (CPSC)
Food and Drug Administration (FDA)
Federal Trade Commission (FTC)
Federal Communications Commission (FCC)
Who insures credit union deposits?
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration (NCUA)
Federal Reserve
U.S. Treasury
Which not-for-profit organization is authorized by Congress and ensures that banks, lenders, and other financial companies treat customers fairly?
Department of Commerce
General Services Administration (GSA)
Consumer Product Banking Commission CPBC)
Consumer Financial Protection Bureau (CFPB)
Which agency protects investors; maintains fair, orderly, and efficient markets; and monitors corporate takeovers.
Internal Revenue Service (IRS)
Securities and Exchange Commission (SEC)
Financial Protection Bureau (FPB)
Financial Industry Regulatory Authority (FINRA)
Which agency insures accounts at commercial banks and has the power to take over failed commercial banks?
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration (NCUA)
Securities Investor Protection Corporation (SIPC)
Securities and Exchange Commission (SEC)
The main goal of dumpster diving is to
obtain information to impersonate
gain access to personal information
learn as much about a victim before an attack
All of the above
What is a common consequence of a data breach for businesses?
Enhanced cybersecurity measures
Reputation boost
Financial loss and legal penalties
Increased customer trust
What is Data Breach?
Data breach is a term used in agriculture
Data breach is any security incident that results in unauthorized access to confidential information
A data breach is a security incident where sensitive, protected, or confidential data is accessed or disclosed without authorization.
Data breach is a type of software update
How data breach happen?
Data breaches can happen due to various reasons such as weak passwords, phishing attacks, malware, unpatched software, insider threats, and third-party breaches.
Data breaches occur only due to hardware failures
Data breaches can be caused by an outside attacker who target an organization or several organizations for specific types of data, or by people within organization
Data breaches are always a result of physical theft of data storage devices
How can employee training programs help in preventing security breaches?
Employee training programs can help prevent security breaches by educating employees on best practices for data protection and increasing their awareness and knowledge of security risks.
Preventing security breaches is solely the responsibility of the IT department
Employee training programs have no impact on preventing security breaches
Security breaches can only be prevented by investing in expensive security software
What is your Digital Footprint?
Textual content, images, and multimedia that the creator must have the right to use
All of the information online about a person posted either by that person or other, intentionally or unintentionally
A program that detects, prevents, and takes action to disarm or remove malicious software
Software that has malicious intent.
Pretending to be somebody else in order to gain something(like money) is called:
Identity theft
Hacking
Digital asset
Malware
Check off ALL the ways to protect yourself from scams:
Never provide your social security number.
Your other personal information should stay personal
Let everybody know your information when asked for
Check off all the ways you can make a stronger password:
Make it longer than 8 characters
Use mixed sets of characters
Keep it easy to spell
Use only capitals or lowercase
How can you ensure your password stays safe?
Never change your password
Never tell anyone your password
Use the same password for all accounts.
Use common words and phrases in your password
When throwing away papers that have your personal or medical information on them you should do what to them first?
read
copy
shred
share
What is it called when scammers swipe your credit card?
Vishing
Swimmimg
Skimming
What are fraudulent investment operations which involve paying abnormally high returns to investors out of the money paid by other investors?
Ponzi schemes
Elevator schemes
Pyramid schemes
4-1-9 frauds
Why do people fall for Ponzi schemes?
Because they are looking for a quick and easy way to get rich
Because they are promised high returns on their investment and are often convinced by the charismatic personality of the scheme's promoter.
Because they are not aware of the risks involved in such schemes
Because they are greedy and willing to take a chance on anything that promises high returns
What happens when new investors stop joining a Ponzi scheme?
The Ponzi scheme continues to grow.
The Ponzi scheme collapses.
The Ponzi scheme becomes more stable.
The Ponzi scheme becomes more profitable.
What is the legal consequence for running a Ponzi scheme?
A monetary fine
A written apology
Community service
Criminal charges and potential imprisonment
What is market manipulation?
A legitimate strategy used by traders to maximize profits.
An illegal activity aimed at artificially inflating or deflating the price of a security or otherwise influencing the behavior of the market.
A government intervention to stabilize financial markets
A technique used by regulators to curb excessive market volatility.
What are some common examples of market manipulation tactics?
Open market operations by central banks.
Transparent trading and ethical practices.
Pump and dump schemes, insider trading, and spoofing.
Promotional activities by companies.
Pump and dump schemes involve:
Promoting a stock to attract more investors.
Distributing free financial education materials to the public.
Selling off a security after artificially inflating its price.
Providing liquidity to the market during periods of high volatility.
How can you avoid falling victim to a "pump and dump" scam?
Invest in stocks based on unsolicited tips.
Research and verify the legitimacy of investment opportunities.
Follow investment advice from unknown sources.
Invest in stocks that are heavily promoted online.
What is an "advance fee" scam?
A scam where you are asked to pay a fee upfront for a promised large sum of money.
A legitimate investment requiring an initial deposit.
A method of identity theft involving credit card skimming.
A type of phishing attack targeting bank accounts.
The Truth in Lending Act (TILA) requires lenders to provide a _________
Truth in lending disclosure
Credit score report
Loan amortization schedule
Property appraisal form
Which of the following is not one of the primary purposes of the Fair Credit Reporting Act (FCRA)?
Privacy of consumer data
Assess risk for taking new loans
Ensure fair lending practices
Provide consumer protection rights
hich statement best describes the main purpose of the Dodd-Frank Act?
To reduce government regulation of banks and increase lending flexibility
To strengthen financial oversight and prevent another major financial crisis
To replace the Federal Reserve with a new central banking system
To eliminate consumer protections and streamline Wall Street operations
Which statement best describes the main purpose of the Fair Housing Act?
To regulate mortgage interest rates set by federal banks
To provide government-funded housing for low-income families
To provide government-funded housing for low-income families
To prevent discrimination in selling, renting, or financing housing
What is the primary purpose of the Fair Debt Collection Practices Act?
To allow debt collectors to charge higher fees for overdue accounts
To require all debts to be paid within 30 days of notification
To protect consumers from abusive or unfair debt collection practices
To give creditors the right to repossess property without notice
acceptable standards of behavior; politeness
inclusive
etiquette
group norms
roles
What is Resilience in the workplace?
Keeping calm and controlling emotions.
Getting angry and yelling at a customer.
Quitting as soon as something goes wrong.
The ability to speak publicly
What is Self Management?
The ability to manage others.
The ability to train your dog.
Being disciplined and on time.
The ability to climb a mountain.
What is a crucial skill for being successful now and in the future?
Time management
Procrastination
Daydreaming
Multitasking
Having professional character, spirit, or methods.
Accountability
Appearance
Professionalism
Punctuality
When one is able to be relied on as honest or truthful.
Accountability
Trustworthy
Professionalism
Punctuality
