WorksheetsUnit 8 Insurance
Total questions: 30
Worksheet time: 15mins
What is the term for a person who compiles and analyzes statistics to calculate risk and determine insurance rates and premiums?
Actuary
Broker
Underwriter
Auditor
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?
Catastrophic Health Insurance
Group Health Insurance
Short-term Health Insurance
Supplemental Health Insurance
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?
CHIP (Children's Health Insurance Program)
Medicare
Social Security
SNAP (Supplemental Nutrition Assistance Program)
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?
Claim
Premium
Policyholder
Deductible
What is the term for a percentage you pay each time you receive medical treatment, after you've paid your deductible?
Coinsurance
Premium
Copayment
Out-of-pocket maximum
What type of auto insurance protects you against costs to repair your own vehicle after a crash?
Collision Coverage
Liability Coverage
Comprehensive Coverage
Personal Injury Protection
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.?
Comprehensive Coverage
Liability Coverage
Collision Coverage
Personal Injury Protection
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?
Conditions of the Policy
Coverage Limits
Premium Schedule
Exclusions Section
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?
Copay
Premium
Deductible
Coinsurance
What is the maximum amount an insurance company will pay if you file a claim called?
Coverage Limit
Deductible
Premium
Claim Period
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?
Declaration Page
Exclusion Page
Endorsement Page
Coverage Sheet
Fill in the blank: The amount of money you agree to pay towards your losses before your insurance coverage will begin paying is called _________.
Deductible
Premium
Copayment
Coverage Limit
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 _________.
Disability Insurance
Life Insurance
Health Insurance
Auto Insurance
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 _________.
Homeowners Insurance
Auto Insurance
Health Insurance
Life Insurance
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 _________?
Insurance
Loan
Mortgage
Lease
Fill in the blank: An employee of an insurance company who sells insurance policies and provides customer service is called _________.
Insurance Agent
Underwriter
Actuary
Claims Adjuster
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 _________.
Insurance Fraud
Insurance Premium
Insurance Claim
Insurance Policy
Fill in the blank: A contract in which an individual or entity receives financial protection or reimbursement against losses is called _________.
Insurance Policy
Loan Agreement
Lease Contract
Partnership Deed
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:
Liability Coverage
Comprehensive Coverage
Collision Coverage
Personal Injury Protection
Insurance paid to named beneficiaries when the insured person dies is called:
Life Insurance
Health Insurance
Auto Insurance
Home Insurance
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:
Loss
Premium
Deductible
Policy
A federal and state assistance program that pays for health care services for people who cannot afford them is called:
Medicaid
Medicare
Social Security
Unemployment Insurance
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:
Out of Pocket Maximum
Deductible
Premium
Copayment
The specified amount of payment required periodically by an insurer to provide coverage under a plan for a defined period of time is called:
Premium
Deductible
Copayment
Claim
The chance of something happening or not happening within a certain number of occurrences is called:
Probability
Density
Velocity
Magnitude
An estimate of what premium you would pay for a certain insurance coverage plan is called:
Quote
Invoice
Receipt
Bill
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'?
Renters Insurance
Homeowners Insurance
Auto Insurance
Life Insurance
Which insurance term is defined as: 'A situation involving exposure to danger, harm, or loss'?
Risk
Premium
Policyholder
Deductible
Which insurance term is defined as: 'The spreading of financial risk evenly among a large number of contributors to the program'?
Risk Pooling
Underwriting
Deductible
Premium
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'?
Social Security
Medicare
Unemployment Insurance
Workers' Compensation
