WorksheetsFinancial literacy - U1 -Revision module 6, 7 and 8
Total questions: 33
Worksheet time: 30mins
Which of these is a known comparison site for insurance? (3 answers)
Compare the moose
Go compare
Supermarket money
Uswitch
Compare the market
Other than the monthly cost, what else should we consider when looking at car insurance quotes? (3 answers)
Excess costs
Type of coverage
How nice the name of the company is
Companies reputation/review scores
The weather
How do insurance companies make money?
People crashing cars
Customers paying for insurance
Advertising
Which of the following is true about how insurance companies stay profitable?
All customers pay for coverage, none make claims
Some customers pay for coverage, some make claims
All customers pay for coverage, some make claims
Some customers pay for coverage, all make claims
All customers pay for coverage, all make claims
Which of the following insurance types is compulsory (must have) and which are optional (choose to have or not)
Car insurance 3rd party
Comprehensive car insurance
Pet insurance
Travel insurance
Life insurance
Match the following
Voluntary excess
Extra excess payments you opt to pay
Compulsory excess
Excess payment you must pay to claim
Premium
How much you pay for the insurance
Quote
The price offered to you by a company
Claim
Contacting the provider to use coverage
Match the following
Life insurance
Coverage in the end of you passing away
Whole-of-life assurance
Coverage regardless of when you die
Term assurance
Only covered up to a set date
In relation to insurance, what does the acronym IPT stand for?
Insurance paid tax
Insurance premium tax
Increased payment tax
Increased premium tax
What are the reasons for having insurance?
To cover financial costs if the worst happens
You legally have to have it
Everyone has it
It will pay for things you can't afford normally
What is the main risk of not getting insurance?
Being arrested for not having insurance
Can't travel abroad without it
Might not be able to afford costs if something bad happened
Third-party insurance is a legal requirement. It is cheaper than comprehensive insurance. Why is this?
It has a discount because you have to have it
It has limited coverage (only covers certain things)
It only covers you in the UK
Which of these is covered by:
Damage to your viehcle
Damage to the other persons vehicle
Theft of your vehicle
Fire damage to your vehicle
With regards to insurance, what does indemnity mean?
The cost of the insurance
An optional extra
The compensation you would receive for loss or damage
If you need car insurance where can you go or what can you do get it?
Ask your mum to sort it
Ask the salesperson for insurance
Look on a comparison website
Wait until you need it
Pair up the following
Intestacy
When you die without making a will
Inheritance
Money/asset given from a deceased person
Inheritance tax
Only payable if the value is high
If Bob and Sally have been in a relationship and living together for 12 years when Bob suddenly passes away. What happens to his belongings:
They get left to Sally
They go his next of kin (parents or children)
They go to the government
They go to auction to be sold
What is the primary role of insurance providers
To make you feel safe
To pay clients to avoid risk
To take on all risks for a fee
To accept specified risks from clients for an agreed price
Is pet insurance compulsory (you have to have it)
Yes
No
Depends on the pet
Can you insurance obscure items such as your fridge or telly?
Yes
No
Depends on the quality of the product
Who is a testator?
Someone who doesn't get insurance
Someone who dies without a will
Someone who gets given assets from a deceased person
The person who carries out the will
Which is a famous sayings to remember when determining risk of an investment?
Consider the risk vs reward
Have you got enough money
What if you lose money
In which of these cases are you sure you are not going to lose money?
Putting money in a savings account
Investing in stocks and shares
Gambling
Buying property
Why do some people invest money rather than putting into savings or spending it?
In the hope of generating a long term gain on the money, hoping to be greater than the interest from savings
Investments are guaranteed to bring back big rewards
You can't lose money when investing
Before taking any risk with money, you should think about:
The chance of winning versus the risk of losing
What you could buy with the rewards
Could you afford to lose the money you are risking
Think of all that money!
Why do people become addicted to gambling? (2 answers)
They get addicted to the dopamine rushes they get when winning
They enjoy losing money
They keep betting to try and win back money they have lost
It's a healthy lifestyle
What type of tactics do companies use to make slot machines addictive? (3 answers)
They make them smell good
They put bright lights on them
They sometimes have music and sound effects
They sometimes make them branded (like tv show themed)
What are the chances of winning the jackpot on the lottery?
1 in 1 billion
1 in 1 million
1 in 14million
1 in 45million
Match the following investing related words and descriptions
Shares
Owning part of a business
Dividends
Payments to shareholders
Portfolio
A collection of financial assets
Risk
The chances of you losing money
What are premium bonds?
Secret agents
Shares in a company
They are government backed similar to savings accounts but instead of interest, your bonds are used as entry tickets to raffle style draws
What is fraud?
A type of bank account
Lying or cheating for personal gain, usually financial
A type of insurance
Which of these are classic fraudster tactics? (4 answers)
Sending emails pretending to be a company/person requesting money or details
Phoning people pretending to be a company/person requesting money/details
Stealing debit cards to use
Stealing personal details to pretend to be someone else and apply for loans and buy things in their name
Playing computer games instead of doing work
What can you do if you think you are being targeted by fraudsters? (4 answers)
Hang up and check online if the phone number is genuine
Use security features on phones and devices
Never open suspicious emails/links
Never give bank details to people that contacted you (contact the company yourself so you know it is genuine)
Don't use a passcode on your phone, it slows you down
Which is a famous phrase to help avoid being a victim of fraud? (one answer)
"if it sounds too good to be true, it probably is"
"if in doubt, do it, then check it later"
"What harm can it do?"
"Don't use the internet, it's dangerous"
