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Unit 8 Insurance

Total questions: 30

Worksheet time: 15mins

Name
Class
Date
1.

What is the term for a person who compiles and analyzes statistics to calculate risk and determine insurance rates and premiums?

a)

Actuary

b)

Broker

c)

Underwriter

d)

Auditor

2.

What type of health insurance provides protection against the high cost of treating severe or lengthy illness or disabilities and usually has a high deductible and lower premiums?

a)

Catastrophic Health Insurance

b)

Group Health Insurance

c)

Short-term Health Insurance

d)

Supplemental Health Insurance

3.

What is the name of the program that provides low-cost health coverage to children in families who earn too much money to qualify for Medicaid?

a)

CHIP (Children's Health Insurance Program)

b)

Medicare

c)

Social Security

d)

SNAP (Supplemental Nutrition Assistance Program)

4.

What is a formal request from the customer to an insurance company asking for a payment based on the terms of the insurance policy called?

a)

Claim

b)

Premium

c)

Policyholder

d)

Deductible

5.

What is the term for a percentage you pay each time you receive medical treatment, after you've paid your deductible?

a)

Coinsurance

b)

Premium

c)

Copayment

d)

Out-of-pocket maximum

6.

What type of auto insurance protects you against costs to repair your own vehicle after a crash?

a)

Collision Coverage

b)

Liability Coverage

c)

Comprehensive Coverage

d)

Personal Injury Protection

7.

What type of auto insurance protects you against costs to repair or replace your vehicle after events out of your control such as weather, vandalism, theft, etc.?

a)

Comprehensive Coverage

b)

Liability Coverage

c)

Collision Coverage

d)

Personal Injury Protection

8.

What is the portion of a car insurance policy that spells out the details for how to make a claim, what information you must have, how much time you have, and how to cancel your policy called?

a)

Conditions of the Policy

b)

Coverage Limits

c)

Premium Schedule

d)

Exclusions Section

9.

What is a fixed dollar amount that you agree to pay each time you receive medical treatment, such as a doctor's visit or prescription, called?

a)

Copay

b)

Premium

c)

Deductible

d)

Coinsurance

10.

What is the maximum amount an insurance company will pay if you file a claim called?

a)

Coverage Limit

b)

Deductible

c)

Premium

d)

Claim Period

11.

What is the page of a car insurance policy which includes a summary description of the insurance coverage provided and gives the maximum dollar limit the insurer will pay for a claim under each coverage called?

a)

Declaration Page

b)

Exclusion Page

c)

Endorsement Page

d)

Coverage Sheet

12.

Fill in the blank: The amount of money you agree to pay towards your losses before your insurance coverage will begin paying is called _________.

a)

Deductible

b)

Premium

c)

Copayment

d)

Coverage Limit

13.

Fill in the blank: A type of insurance paid to an individual if they are injured and unable to work for a specified length of time is called _________.

a)

Disability Insurance

b)

Life Insurance

c)

Health Insurance

d)

Auto Insurance

14.

Fill in the blank: A form of property insurance, available to property owners, that covers losses to the physical structure as well as to their personal property and protects the insured person from liability claims is called _________.

a)

Homeowners Insurance

b)

Auto Insurance

c)

Health Insurance

d)

Life Insurance

15.

Fill in the blank: An agreement where you make regular payments to a company and the company promises to pay you money if you suffer a specified injury, illness, loss, etc. is called _________?

a)

Insurance

b)

Loan

c)

Mortgage

d)

Lease

16.

Fill in the blank: An employee of an insurance company who sells insurance policies and provides customer service is called _________.

a)

Insurance Agent

b)

Underwriter

c)

Actuary

d)

Claims Adjuster

17.

Fill in the blank: An act on the part of either the buyer or seller of an insurance contract in an attempt to gain money illegally is called _________.

a)

Insurance Fraud

b)

Insurance Premium

c)

Insurance Claim

d)

Insurance Policy

18.

Fill in the blank: A contract in which an individual or entity receives financial protection or reimbursement against losses is called _________.

a)

Insurance Policy

b)

Loan Agreement

c)

Lease Contract

d)

Partnership Deed

19.

Auto insurance that protects you against medical costs for the bodily injury of others and damages to the property of others if you are at fault in an accident is called:

a)

Liability Coverage

b)

Comprehensive Coverage

c)

Collision Coverage

d)

Personal Injury Protection

20.

Insurance paid to named beneficiaries when the insured person dies is called:

a)

Life Insurance

b)

Health Insurance

c)

Auto Insurance

d)

Home Insurance

21.

When someone with insurance endures a negative outcome, such as injury or theft, and expects payment from the insurance company to compensate them, this is called:

a)

Loss

b)

Premium

c)

Deductible

d)

Policy

22.

A federal and state assistance program that pays for health care services for people who cannot afford them is called:

a)

Medicaid

b)

Medicare

c)

Social Security

d)

Unemployment Insurance

23.

The maximum amount of money you will have to spend on health care in a year, after which the insurance company agrees to cover all costs, is called:

a)

Out of Pocket Maximum

b)

Deductible

c)

Premium

d)

Copayment

24.

The specified amount of payment required periodically by an insurer to provide coverage under a plan for a defined period of time is called:

a)

Premium

b)

Deductible

c)

Copayment

d)

Claim

25.

The chance of something happening or not happening within a certain number of occurrences is called:

a)

Probability

b)

Density

c)

Velocity

d)

Magnitude

26.

An estimate of what premium you would pay for a certain insurance coverage plan is called:

a)

Quote

b)

Invoice

c)

Receipt

d)

Bill

27.

Which insurance term is defined as: 'A form of property insurance, available to renters, that covers losses to their personal property and protects the insured person from liability claims'?

a)

Renters Insurance

b)

Homeowners Insurance

c)

Auto Insurance

d)

Life Insurance

28.

Which insurance term is defined as: 'A situation involving exposure to danger, harm, or loss'?

a)

Risk

b)

Premium

c)

Policyholder

d)

Deductible

29.

Which insurance term is defined as: 'The spreading of financial risk evenly among a large number of contributors to the program'?

a)

Risk Pooling

b)

Underwriting

c)

Deductible

d)

Premium

30.

Which insurance term is defined as: 'A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals'?

a)

Social Security

b)

Medicare

c)

Unemployment Insurance

d)

Workers' Compensation