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WorksheetsInsurance
Total questions: 20
Worksheet time: 10mins
Which type of insurance is typically not required by law but is highly recommended for homeowners?
Life insurance
Health insurance
Auto insurance
Flood insurance
What is the primary purpose of having life insurance?
To pay for routine medical check-ups
To cover daily living expenses
To insure against property damage
To provide financial support to beneficiaries after the policyholder's death
What is the primary benefit of having disability insurance?
To provide a savings account for future needs
To replace lost income if you are unable to work due to illness or injury
To cover funeral expenses
To pay for routine medical check-ups
The FDIC insured deposit limit is
$150,000
$200,000
$250,000
$300,000
What is the primary purpose of having liability insurance?
To protect against claims resulting from injuries and damage to people and property
To provide a savings account for future needs
To cover personal property damage
To pay for routine maintenance of your vehicle
Which of the following would be covered under a renter's insurance policy?
Damage to the exterior of the property
Medical bills of another person who is injured on the property
Your roommate's personal belongings in the rental unit
Damage to a detached shed on the property
The out of pocket cost to the insured when a loss occurs is called...
Premium
Deductible
What is a common reason for an increase in auto insurance premiums?
Purchasing a less expensive vehicle
Reducing your coverage limits
Adding a new driver to your policy
Improving your credit score
What is the average monthly renter's insurance premium cost in the U.S.?
$150/month
$90/month
$40/month
$15/month
What role does insurance play in financial planning?
It guarantees that income and assets are protected
It helps build and maintain one's credit score
It helps cover day-to-day expenses
It grows in value and appreciates over time
This professional analyzes statistics and uses them to calculate risks and premiums.
Agent
Actuary
Claims Clerk
Underwriter
Each of the following is TRUE about Social Security EXCEPT...
It replaces the need for health and life insurance
It replaces part of your income when you retire
It replaces part of your income if you become disabled
It replaces part of your income if you die leaving survivors
What is the primary purpose of life insurance?
To pay for medical expenses
To cover daily living expenses
To offer financial protection to beneficiaries after the policyholder's death
To provide a savings account for retirement
The federal agency that oversees insurance companies is
The Federal Trade Commission
The Department of Transportation
The Consumers Union
Insurance companies are regulated on a state-by-state basis
Which of the following wouldn't save you money on your auto insurance premium?
Decrease your deductible
Reduce or eliminate optional insurance on an older vehicle
Maintain a good credit history
Bundle your insurance with other policies
Your health insurance copay is
Amount paid out of pocket before your insurance coverage
Paid by the insurer
Applied on an annual basis
A fixed amount of money you pay each time you use your plan
True or False: Health insurance policies can have different coverage levels for in-network and out-of-network services.
False
True
Which insurance coverage is required by law?
Homeowners insurance
Auto insurance
Renters insurance
Disability insurance
Which type of insurance is likely to be the lowest priority for a single, working, 24-year-old?
Health insurance
Disability insurance
Life insurance
Auto insurance
True or False: Comprehensive auto insurance covers damage to your car from theft or natural disasters.
True
False
