Which of the following terms describes the scope of protection provided under an insurance policy?

If an insurance policy covers individual losses up to $10,000 and has a deductible of $500, the insured will be paid how much in the event of a covered loss of $5,000?

If an insurance policy covers individual losses up to $10,000 and has a deductible of $500, the insured will be paid how much in the event of a covered loss of $5,000?

Which of the following individuals will purchase life insurance primarily for the death benefit?

Which of the following individuals will purchase life insurance primarily for the death benefit?

Automobile insurance with the split limits 200/300/400 will cover up to how much in bodily injury per person?

Automobile insurance with the split limits 100/250/150 will cover up to how much in bodily injury per person?

Comprehensive car insurance covers which of the following?

Comprehensive car insurance covers which of the following?

Comprehensive car insurance covers which of the following?

Renters' insurance covers which of the following?

Renters' insurance covers which of the following?

Individuals who purchase a house with a mortgage might be required to purchase which of the following?

Individuals who purchase a house with a mortgage might be required to purchase which of the following?

Which of the following is a qualifying life event for changing health insurance coverage?

Which of the following is a qualifying life event for changing health insurance coverage?

Using the 7/70 method, a person with an $80,000 annual income should purchase how much life insurance?

Using the 7/70 method, a person with an $100,000 annual income should purchase how much life insurance?

Which of the following types of insurance covers the insured if they are unable to work for an extended period of time due to an injury? 

Which of the following types of insurance covers the insured if they are unable to work for an extended period of time due to an injury? 

_____________ coverage does not cover the cost of the insured’s car repairs.

_____________ coverage does not cover the cost of the insured’s car repairs.

The_________ for a health insurance policy must be paid whether or not the insured has any healthcare costs.

The_________ for a health insurance policy must be paid whether or not the insured has any healthcare costs.

Life insurance that offers only death benefit protection and no cash value component with a specified period of coverage is called ________ life insurance.

Life insurance that offers only death benefit protection and no cash value component with a specified period of coverage is called ________ life insurance.

Extremely valuable personal property can be insured by purchasing which of the following types of insurance?

Extremely valuable personal property can be insured by purchasing which of the following types of insurance?

Susan's medical bill is $2,500 and her co-insurance is 80 percent/20 percent. She has already met her deductible. How much does Susan pay?

Susan's medical bill is $1,000 and her co-insurance is 80 percent/20 percent. She has already met her deductible. How much does Susan pay?

Which of the following determines the maximum amount the insured will have to pay for healthcare expenses in a given year?

Which of the following determines the maximum amount the insured will have to pay for healthcare expenses in a given year?

Umbrella policies cover the loss of small personal items, like umbrellas, due to a covered event.

Umbrella policies cover the loss of small personal items, like umbrellas, due to a covered event.

Which of the following is a benefit of insurance?

Which of the following is NOT a benefit of insurance?

You are responsible for an automobile accident. You have a 50/100/50 liability insurance policy with no deductible

• You have collision insurance with a deductible of $500. The other car was valued at $25,000 and requires $10,000 in repairs. Your car was valued at $20,000 and requires $5,000 in repairs. How much will your liability insurance pay for the accident?

You are responsible for an automobile accident. You have a 100/200/100 liability insurance policy with no deductible

• You have collision insurance with a deductible of $1,000. The other car was valued at $35,000 and requires $15,000 in repairs. Your car was valued at $20,000 and requires $7,000 in repairs. How much will your liability insurance pay for the accident?

You are responsible for an automobile accident. You have a 50/100/50 liability insurance policy with no deductible

• You have collision insurance with a deductible of $500. The other car was valued at $25,000 and requires $10,000 in repairs. Your car was valued at $20,000 and requires $5,000 in repairs. How much will your collision insurance pay for the accident?

You are responsible for an automobile accident. You have a 50/100/50 liability insurance policy with no deductible

• You have collision insurance with a deductible of $500. The other car was valued at $25,000 and requires $10,000 in repairs. Your car was valued at $20,000 and requires $5,000 in repairs. How much do you pay for the accident?

You are responsible for an automobile accident. You have a 100/200/100 liability insurance policy with no deductible

• You have collision insurance with a deductible of $1,000. The other car was valued at $35,000 and requires $15,000 in repairs. Your car was valued at $20,000 and requires $7,000 in repairs. How much will your collision insurance pay for the accident?

You are responsible for an automobile accident. You have a 100/200/100 liability insurance policy with no deductible

• You have collision insurance with a deductible of $1,000. The other car was valued at $35,000 and requires $15,000 in repairs. Your car was valued at $20,000 and requires $7,000 in repairs. How much will you pay for the accident?

Umbrella policies supplement policy holder’s personal liability coverage.

Dental and Vision is not included in a basic health insurance plan.

Umbrella policies cover the loss of small personal items, like umbrellas, due to a covered event.

If an insurance policy has a $500 deductible, then the insurance company will pay a maximum of $500 for any claim.

If a premium is not paid, an insurance policy will continue to cover any losses.

An insurance company will pay for a loss as covered in an insurance policy if the insured submits a

The portion of a loss that the insured pays before the insurance company pays for a loss is called the

The first step in buying insurance should be to

Which of the following is a cost of insurance?

Deductibles are a cost of insurance.

Life insurance can be used for financial planning over and above its death benefit.

________ insurance is used for financial planning for protection against loss of life of a wage earner.

The car owner is responsible for damage to another car when their friend is driving the car.

Accidents and tickets will decrease a person’s ability to buy automobile insurance.

Automobile liability insurance covers both bodily injury and property damage.

__________ coverage does not cover the cost of the insured’s car repairs.

How much the insurance company will pay in the event of an accident is called

___________ insurance coverage covers the cost of the insured’s car repairs from a car accident, regardless of who caused the accident.

Automobile insurance can cover which of the following types of losses?

Virginia requires car owners to carry automobile liability insurance.

All individuals should carry the same amount of insurance coverage to protect themselves from risk.

A car is considered _________ if the costs of repair exceed the value of the car.

You should always file an insurance claim if someone was injured at the scene of an accident.

Homeowners' insurance covers which of the following?

Homeowners' insurance generally covers which of the following?

A homeowner who fails to take proper care resulting in an injury to a visitor is negligent.

Loss of use coverage pays for the cost of living elsewhere when a house covered by homeowners' insurance is damaged by a covered event.

A higher amount will be paid for an insurance claim when the coverage is for

Damage from _____________ is not covered by homeowners' insurance.

Homeowners' insurance coverage can include which of the following?

Which of the following might result in a higher homeowners' insurance premium?

A lower deductible will reduce the premium for homeowners' insurance.

Homeowners' insurance is required for property purchased with a mortgage.

The amount of coverage and size of the deductible affect the premium of a homeowners' insurance policy.

Individuals with personal property insurance should keep an inventory of their valuable possessions.

When sicker people buy more insurance than healthier people, it is known as...

Which of the following types of health insurance plans provides the most flexibility in selecting a doctor?

Which of the following determines the maximum amount the insured will have to pay for healthcare expenses in a given year?

HMOs (Health Maintenance Organizations) have lower costs but less flexibility than other types of health insurance plans.

Health insurance can be denied to an individual based on preexisting conditions.

LTD insurance provides income replacement for lost wages resulting from an accident or injury.

A 90-day elimination period for Long Term Disability insurance raises the cost of the policy.

A child can stay on their parent's health insurance policy until they are ____ years old.

Which of the following increases the need for a person to purchase life insurance?

A person is childless and married to someone who is healthy and able to continue working. Which of the following methods should this person use as a guideline for determining the amount of life insurance they should carry?

Term life insurance has an indefinite time limit.

Permanent life insurance is an excellent way to invest for retirement.

The beneficiary of a life insurance policy is the one who pays the premium.

Other investments generally earn a higher return than permanent life insurance.

An insurance company can’t require a medical examination as a condition of selling an insurance policy.

Using the single-parent method, a person with an 8-year-old child should purchase how much life insurance?

Beneficiaries of life insurance policies need to know how to file a claim if the insured dies.

_____________ life insurance is a hybrid life insurance policy that combines elements of term life insurance with an investment savings option.

Life insurance that offers both death benefit protection and a cash value component with no specified period of coverage is called ___________ life insurance.

What does COBRA stand for?

Medicare is a federally funded health insurance program that is offered to low income individuals/families.

Which of the following is NOT an example of homeowners insurance?