Insurance
2 years ago
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20 QuestionsShow answers
  • Question 1
    30 seconds
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    Q.

    Which types of insurance are most appropriate for a single, working, 24-year-old? (hint: choose 3 correct answers)

    answer choices

    Health insurance

    Disability insurance

    Life insurance

    Auto insurance

  • Question 2
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    Q.

    The federal agency that oversees insurance companies is

    answer choices

    The Federal Trade Commission

    The Department of Transportation

    The Consumers Union

    Insurance companies are regulated on a state-by-state basis

  • Question 3
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    Q.

    What role does insurance play in financial planning?

    answer choices

    It guarantees that income and assets are protected

    It helps build and maintain one's credit score

    It helps cover day-to-day expenses

    It grows in value and appreciates over time

  • Question 4
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    Q.

    The out of pocket cost to the insured when a loss occurs is called...

    answer choices

    Premium

    Deductible

  • Question 5
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    Q.

    This professional analyzes statistics and uses them to calculate risks and premiums.

    answer choices

    Agent

    Actuary

    Claims Clerk

    Underwriter

  • Question 6
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    Q.

    A stone hits your windshield. Which type of coverage would likely cover this expense?

    answer choices

    Collision

    Liability

    Comprehensive

    None

  • Question 7
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    Q.

    What factors impact the cost of your auto insurance premium? (hint: choose 3 correct answers)

    answer choices

    Deductible amount

    The vehicle you are insuring

    Your credit score

    Your income

  • Question 8
    20 seconds
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    Q.

    Which of the following wouldn't save you money on your auto insurance premium?

    answer choices

    Decrease your deductible

    Reduce or eliminate optional insurance on an older vehicle

    Maintain a good credit history

    Bundle your insurance with other policies

  • Question 9
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    Q.

    Jennifer has an auto policy of $20,000/$40,000/$10,000. The $10,000 covers

    answer choices

    Per person bodily injury

    Property damage per occurrence

    Per occurrence bodily injury limit

    Total amount of insured coverage

  • Question 10
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    Q.

    A policy is a contract between the

    answer choices

    Policyholder and the injured person

    Driver and the government

    Consumer and the insurance company

    Consumer and the insurance agent

  • Question 11
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    Q.

    Under current law, until what age can a child stay on their parents' health insurance?

    answer choices

    18

    21

    26

    29

  • Question 12
    20 seconds
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    Q.

    Your health insurance copay is

    answer choices

    Amount paid out of pocket before your insurance coverage

    Paid by the insurer

    Applied on an annual basis

    A fixed amount of money you pay each time you use your plan

  • Question 13
    30 seconds
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    Q.

    How can you obtain health insurance? (hint: choose 2 correct answers)

    answer choices

    Buying directly from an insurance agent

    Shopping on the Health Insurance Marketplace

    Signing up at your family doctor's office

    Remaining on your parents' plan if you are under age 30

  • Question 14
    20 seconds
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    Q.

    Which of the following would be covered under a renter's insurance policy?

    answer choices

    Damage to the exterior of the property

    Medical bills of another person who is injured on the property

    Your roommate's personal belongings in the rental unit

    Damage to a detached shed on the property

  • Question 15
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    Q.

    The FDIC insured deposit limit is

    answer choices

    $150,000

    $200,000

    $250,000

    $300,000

  • Question 16
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    Q.

    What information is typically listed on an insurance policy? (hint: choose 3 correct answers)

    answer choices

    Name of person or property being insured

    Actual Cash Value of the property being insured

    Deductible amounts

    The policy period

  • Question 17
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    Q.

    True or False: Insurance is based on the concept of shared risk, or risk pooling.

    answer choices

    True

    False

  • Question 18
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    Q.

    Which is TRUE about Social Security? (hint: choose 3 correct answers)

    answer choices

    It replaces the need for health and life insurance

    It replaces part of your income when you retire

    It replaces part of your income if you become disabled

    It replaces part of your income if you die leaving survivors

  • Question 19
    20 seconds
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    Q.

    What is the average monthly renter's insurance premium cost in the U.S.?

    answer choices

    $150/month

    $90/month

    $40/month

    $15/month

  • Question 20
    30 seconds
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    Q.

    Which insurance coverage is required by law? (hint: choose 2 correct answers)

    answer choices

    Homeowners insurance

    Auto insurance

    FDIC

    Disability insurance

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