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Insurance -Chapter 8 Assessment

Total questions: 22

Worksheet time: 11mins

Name
Class
Date
1.

Which of the following is a type of insurance that provides coverage for medical expenses?

a)

Life Insurance

b)

Health Insurance

c)

Auto Insurance

d)

Homeowners Insurance

2.

What type of insurance is specifically designed to protect against loss from theft or damage to a vehicle?

a)

Disability Insurance

b)

Travel Insurance

c)

Auto Insurance

d)

Renters Insurance

3.

Which risk management strategy involves transferring the risk to another party?

a)

Avoidance

b)

Retention

c)

Transfer

d)

Reduction

4.

What is the primary purpose of risk management in personal finance?

a)

To eliminate all risks

b)

To minimize financial loss

c)

To increase investment returns

d)

To avoid paying taxes

5.

Which type of policy coverage pays for damages to your car in an accident you cause?

a)

Liability Coverage

b)

Collision Coverage

c)

Comprehensive Coverage

d)

Uninsured Motorist Coverage

6.

What does liability insurance typically cover?

a)

Damage to your own property

b)

Injuries to others and damage to their property

c)

Theft of your personal belongings

d)

Natural disasters

7.

Which of the following is a strategy to reduce risk?

a)

Ignoring potential risks

b)

Implementing safety measures

c)

Increasing deductible amounts

d)

Canceling all insurance policies

8.

What type of insurance policy would cover the cost of repairing your home after a fire?

a)

Health Insurance

b)

Auto Insurance

c)

Homeowners Insurance

d)

Life Insurance

9.

Which of the following is an example of risk retention?

a)

Buying insurance

b)

Setting aside savings for emergencies

c)

Avoiding risky activities

d)

Installing a security system

10.

Insurance that covers car accidents

a)

Life Insurance

b)

Disability Insurance

c)

Auto Insurance

d)

Health Insurance

e)

Property Insurance

11.

You live in an apartment, owned by a landlord, and would like to have your personal belongings insured

a)

Homeowners Policy

b)

Renter's Insurance Policy

c)

Liability Insurance

12.

What type of insurance specifically covers damage to a person's home and belongings in case of disasters or theft?

a)

Auto Insurance

b)

Health Insurance

c)

Homeowner's Insurance

d)

Life Insurance

13.

______________________ is a process of measuring risk and finding ways to minimize loss.

a)
Loss evaluation
b)
Risk assessment
c)
Insurance planning
d)
Risk management
14.

A person who has purchased insurance is called a _______________.

a)
underwriter
b)
agent
c)
beneficiary
d)
policyholder
15.

A special insurance policy to cover things like jewelry, boats, and artwork.

a)

Umbrella policy

b)
Homeowners insurance
c)
Health insurance
d)
Auto insurance
16.

What is a deductible?

a)
A deductible is a type of insurance policy that covers all expenses without limits.
b)
A deductible is the out-of-pocket amount a policyholder must pay before insurance coverage kicks in.
c)
A deductible is the total amount an insurance policy costs annually.
d)
A deductible is the maximum amount an insurance company will pay for a claim.
17.

An inpatient is :

a)
A patient admitted to a hospital for treatment.
b)
A person who has been discharged from the hospital.
c)
A visitor in a hospital room.
d)
A patient receiving outpatient care.
18.

What is coinsurance?

a)
Coinsurance is the maximum limit on out-of-pocket expenses.
b)
Coinsurance is the percentage of costs that the insured pays after the deductible is met.
c)
Coinsurance is the total amount paid before any coverage starts.
d)
Coinsurance is a flat fee paid for each service.
19.

What is a beneficiary?

a)
A beneficiary is someone who pays taxes on inherited wealth.
b)
A beneficiary is a legal term for a type of investment account.
c)
A beneficiary is a person who manages financial assets for others.
d)

A beneficiary is someone who receives benefits or assets from an insurance policy.

20.

What is whole life insurance?

a)
Whole life insurance is a temporary policy that expires after a set number of years.
b)
Whole life insurance only covers accidental death and has no cash value.
c)
Whole life insurance is a permanent life insurance policy that provides lifelong coverage and includes a cash value component.
d)
Whole life insurance is a type of term insurance that lasts for a specific period.
21.

What is term life insurance?

a)
A policy that covers only accidents
b)
A type of insurance that lasts for a lifetime
c)
A savings plan that accumulates cash value
d)
Term life insurance is a policy that provides coverage for a specified period, paying a death benefit if the insured dies within that term.
22.

What is group life insurance?

a)
A policy that only covers individuals with pre-existing conditions.
b)
An insurance plan that provides coverage for pets.
c)
A type of insurance that is only available for individuals without dependents.
d)
Group life insurance is a policy that covers multiple individuals under one contract, usually provided by employers or organizations.

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