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Unit 7: Insurance

Total questions: 71

Worksheet time: 1hrs 20mins

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

a)

coverage

b)

dues

c)

deductible

d)

policy

5.

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

a)

coverage

b)

dues

c)

deductible

d)

policy

6.

John is driving down the road and a deer runs into the road. He misses the deer but instead hits a small tree on the side of the road. What type of insurance would be used?

a)

Automobile

b)

Life

c)

Homeowners

d)

Health

e)

Disability

7.

Joey’s father is in a car accident and unfortunately does not make it. His family depends on the father financially. What type of insurance would be used?

a)

Automobile

b)

Life

c)

Homeowners

d)

Health

e)

Disability

8.

Mary was getting ready for work and was rushing. She was straightening her hair and realized what time it was. She ran out of the house, forgot to turn the straightener off and her house caught fire. What type of insurance would be used?

a)

Automobile

b)

Life

c)

Homeowners

d)

Health

e)

Disability

9.
The amount you pay for an insurance policy.
a)
Rider
b)
Premium
c)
Deductible
d)
Co-Pay
10.
The amount of money you have to pay out of your own pocket before the insurance pays is called the _____________
a)
Premium
b)
Estimate
c)
Deductible
d)
Co-Pay
11.

Who needs auto insurance?

a)

Nobody

b)

People that think they will get into an accident.

c)

All people who drive cars.

d)

People who can afford it.

12.

A formal request made by the insurance policyholder to the insurance company for payment or services covered by the insurance policy.

a)

Claim

b)

Accident

c)

Premium

d)

Coverage

13.
Insurance to protect your personal items in your rented apartment or rented house.
a)
homeowners
b)
renters
c)
property
d)
liability
14.

Someone breaks into the apartment you rent and steals your television.

a)

Health Insurance

b)

Disability Insurance

c)

Life Insurance

d)

Automobile Insurance (Liability or Property)

e)

Renters Insurance (Liability or Property)

15.

You invite people to the apartment you rent and a guest trips over a pair of snow boots and breaks a finger.

a)

Health Insurance

b)

Disability Insurance

c)

Life Insurance

d)

Automobile Insurance (Liability or Property)

e)

Renters Insurance (Liability or Property)

16.

An unexpected death of a family member results in funeral expenses.

a)

Health Insurance

b)

Disability Insurance

c)

Life Insurance

d)

Automobile Insurance (Liability or Property)

e)

Renters Insurance (Liability or Property)

17.

While driving a car, you cause an accident that injures someone else.

a)

Health Insurance

b)

Disability Insurance

c)

Life Insurance

d)

Automobile Insurance (Liability or Property)

e)

Renters Insurance (Liability or Property)

18.

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

a)

Product

b)

Health

c)

Homeowners

d)

Life

19.

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

a)

coverage

b)

dues

c)

deductible

d)

policy

20.

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

a)

Liability

b)

Collision

c)

Comprehensive

d)

Deductible

21.

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

22.

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

23.
Provides payments for both liability and property insurance on a vehicle
a)
disability insurance
b)
automobile insurance
c)
coverage
d)
deductible
24.
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
25.

What type of insurance is mandatory for everyone to carry?

a)

Collision insurance

b)

Liability insurance

c)

Uninsured motorist coverage

d)

Comprehensive insurance

26.

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

27.

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

28.

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

29.

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

30.

Car insurance covers everything except

a)

repairs and maintenance 

b)

property damage

c)

damage from collisions

d)

injuries sustained

31.

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

a)

True

b)

False

32.

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

a)

True

b)

False

33.

Which of the following types of insurance policies is most suitable for someone looking to cover their medical expenses in case of an illness or accident?

a)

Life Insurance

b)

Health Insurance

c)

Auto Insurance

d)

Homeowners Insurance

34.

Consider a scenario where an individual is evaluating different life insurance policies. What strategic factors should they consider to ensure they choose the best policy for their needs?

a)

The policy with the lowest premium

b)

The policy with the highest coverage amount

c)

The policy that balances premium cost, coverage amount, and additional benefits

d)

The policy recommended by a friend

35.

An insurance company uses a specific formula to calculate premiums based on risk factors. If the risk factor increases, what is the strategic implication for the premium calculation?

a)

The premium decreases

b)

The premium remains the same

c)

The premium increases

d)

The premium is unaffected by risk factors

36.
Insurance that will pay someone you have chosen in the event you die.
a)
long-term care
b)
life
c)
risk
d)
broad collision
37.
Insurance to protect your personal items in your rented apartment or rented house.
a)
homeowners
b)
renters
c)
property
d)
liability
38.
Insurance to protect your personal home.
a)
comprehensive 
b)
renter's
c)
property damage
d)
homeowner’s 
39.

The person to whom an insurance policy is issued.

a)

Agent

b)

Salesman

c)

Broker

d)

Policyholder

40.

______________ insurance provides financial protection against overwhelming medical expenses

a)

Health

b)

Car

c)

Comprehensive

d)

Medical

41.

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

a)

co-insurance

b)

whole life

c)

co-payment

d)

term

42.

Short term disability is coverage for someone who is out of work for a short period of time

a)

True

b)

False

43.

A computer technician is in an accident on his way home from work and breaks both wrists.


Which of his insurance plans will provide him with income while he is out of work recovering for six weeks?

a)

Short-term Disability Insurance

b)

Long-term Disability Insurance

c)

Workers' Compensation

d)

Health Insurance

44.

What is the main purpose of disability insurance?

a)

To provide replacement income if you have an accident or illness and can't work

b)

To cover your medical expenses if you have a accident or illness and can't work

c)

To provide your family with income when you retire

d)

To provide replacement income and cover all of your medical expenses if you have an accident or illness and can't work

45.

An unexpected death of a family member results in funeral expenses.

a)

Life

b)

Disability

c)

Health

d)

Long-Term Care

e)

Property: Homeowners

46.

The house you own is destroyed by a tornado and you need to rebuild.

a)

Life

b)

Disability

c)

Health

d)

Liability: Automobile

e)

Property: Homeowners

47.

You are unable to work for one year and need income to pay for living expenses.

a)

Life

b)

Disability

c)

Health

d)

Liability: Automobile

e)

Property: Homeowners

48.

You get food poisoning and visit the hospital emergency room.

a)

Life

b)

Disability

c)

Health

d)

Long-Term Care

e)

Property: Homeowners

49.

There is a fire in the apartment you rent and you need to replace all of your clothes and furniture due to smoke damage.

a)

Life

b)

Disability

c)

Health

d)

Liability: Homeowners

e)

Property: Renters

50.

Which type of health insurance provides income replacement if an individual experiences a long-term illness or injury?

a)

Vision Care Insurance

b)

Basic Health Insurance

c)

Major Medical Insurance

d)

Long-Term Disability Insurance

51.

What is the purpose of health insurance?

a)

To prevent diseases

b)

To limit access to medical treatment

c)

To protect against financial risks

d)

To increase medical costs

52.

Match the following

a)

Deductible

1.

Amount of money you're responsible for BEFORE insurance pays

b)

HMO

2.

Health Maintenance

Organization

c)

PPO

3.

Preferred provider Organization

53.

Which is the correct type of insurance that would be used: David’s mother is killed in an automobile accident. What type of insurance would provide his family financial support to cover the paid and unpaid work his mother performed?

a)

Property and liability

b)

Health

c)

Life

d)

Disability

e)

Workers’ compensation

54.

Which is the correct type of insurance that would be used: Sally is not feeling well so her mother takes her to the doctor. The doctor tells her she has strep throat, gives her medication, and sends her home to recover. What type of insurance would be used in this case?

a)

Property and liability

b)

Health

c)

Life

d)

Disability

e)

Workers’ compensation

55.
What is the difference between Medicaid and Medicare?
a)
Medicare is health insurance for people with low incomes, Medicaid is for people who are over 65.
b)
Medicare is funded by taxes, but Medicaid is a private insurance option.
c)
Medicaid is health insurance for people with low incomes, Medicare is for people who are over 65.
d)
Medicaid is free health insurance for children.
56.

True or False: Medicaid, Medicare and CHIP plans are low or no-cost health insurance options for people who qualify.

a)

True

b)

False

57.
Which of the following is a benefit of having an employer-sponsored health insurance plan?
a)
Your employer cannot fire you if you get sick.
b)
Out-of-pocket maximums are set at zero.
c)
Health insurance premiums are paid with pre-tax dollars and automatically deducted from your paycheck
d)
Employer-provided plans have no deductible.
58.

If you drive an expensive car a lot of miles each month, your premiums will likely be…

a)
Lower than expected compared to another driver with the same driving record but a cheaper car
b)
The same as for another driving with the same record but a cheaper car
c)
Higher than expected, compared to another driver with the same driving record but a cheaper car
d)
Unchanged, because all drivers pay the same premium based on federal law
59.

If you get into a couple of accidents this year, what will happen to your insurance premium when it's time to renew your policy?

a)

Your premium will go down

b)

Your premium will go up

c)

Your premium will remain the same

d)

Your premium will be set by the government, since you are a high-risk driver

60.

Which of the following affects how much you will be charged for auto insurance?

a)
The make and model of your vehicle
b)
Your driving history
c)

All of the above

d)
Your age
61.
What is the relationship between insurance premiums and deductibles?
a)
Higher deductible plans charge higher monthly premiums
b)
Lower deductible plans charge lower monthly premiums
c)
Higher deductible plans charge lower monthly premiums
d)
There is no relationship between premiums and deductibles
62.
The coverage under renters insurance will cover the costs of the following items EXCEPT:
a)
Your personal belongings
b)
The damage to the building
c)
Hotel you have to stay at until your apartment can be repaired
d)

Medical expenses for a guest who is injured in your rental

63.
Why would someone want to have renters insurance if their building owner has insurance?
a)
The building owner's insurance only covers liability. Renters insurance will cover damage to the exterior and structure of the building.
b)

The building owner's insurance only covers the building structure. Renters insurance covers your personal property and your liability if you cause damage or someone gets hurt in your home.

c)
There is no need to get renters insurance if the building owner already has an insurance policy
d)
By law, you must have two types of insurance: landlord insurance and renters insurance
64.
Joe has a gold health insurance plan that will pay for 90% his medical bills if he is injured or sick. Because he has such a great health insurance, he does not need to purchase long term disability coverage.
a)
True - his health insurance has him covered
b)
False - his health insurance will not cover his income if he can't work
65.
Julian purchased accident and illness pet insurance for his cat, Henry. Two months after buying the policy, Henry ate something nasty and had to have his stomach pumped. The bill came to $500 and Julian's deductible is $1000. How much will Julian pay for the bill and how much will insurance pay?
a)
Julian will pay $1000 and the insurance will pay $500
b)
Julian will pay $0 and the insurance will pay $500
c)
Julian will pay $500 and the insurance will pay $0
d)
The insurance will deduct the two months of premiums Julian has already paid, then calculate the remaining balance he owes.
66.

When do people typically consider buying a life insurance policy?

a)
Immediately after high school
b)
When they get married or have children or enter a stage in their life when other people rely on them financially
c)
After they turn 65
d)
If they live in a state that legally requires them to purchase life insurance
67.

You have an auto insurance policy with liability coverage and a $500 deductible. You rear-end another vehicle and cause $1500 worth of damage to the other person's car. How much will you pay and how much will your insurance company pay?

a)

You will pay $1000 and your insurance will pay $500

b)

You will pay $0 and your insurance will pay $1500

c)

You will pay $500 and your insurance will pay $1000

d)

You will pay $1500 and your insurance will pay $0

68.

Hillary's apartment was broken into, and thief stole $2000 worth of goods. Luckily, Hillary has a renters insurance with a $500 deductible. How much will Hillary have to pay out of pocket before her insurance covers the rest?

a)

$500

b)

$2000

c)

$1500

d)

$0

69.

Your cousin was involved in an auto accident that caused significant injury to the other driver. The case went to court, and the other driver was awarded $63,000 in compensation for medical bills. Your cousin has a coverage limit of $100,000 on his policy. How much will the insurance company pay to the injured person?

a)

$100,000

b)

$63,000

c)

$37,000

d)

$0

70.

You have a renter's policy that costs $50 dollars a month and a $1000 deductible. A thief breaks into your apartment that YOU left unlocked by mistake, and they steal you $700 dollars television. How much would your insurance company pay?

a)

$0

b)

$200

c)

$800

d)

$1000

71.

Susan has an insurance policy of $200 a month. In July she causes an accident and receives a bill with a total cost of $8000. Her deductible is $2000, and her coverage limit is $15,000. How much TOTAL money will Susan have to pay in the month of July?

a)

$1500

b)

$2000

c)

$2200

d)

$2500

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