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- 1. Multiple Choice
Which type of insurance is likely to be the lowest priority for a single, working, 24-year-old?
Health insurance
Disability insurance
Life insurance
Auto insurance
- 2. Multiple Choice
The federal agency that oversees insurance companies is
The Federal Trade Commission
The Department of Transportation
The Consumers Union
Insurance companies are regulated on a state-by-state basis
- 3. Multiple Choice
What role does insurance play in financial planning?
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
- 4. Multiple Choice
The out of pocket cost to the insured when a loss occurs is called...
Premium
Deductible
- 5. Multiple Choice
This professional analyzes statistics and uses them to calculate risks and premiums.
Agent
Actuary
Claims Clerk
Underwriter
- 6. Multiple Choice
A stone hits your windshield. Which type of coverage would likely cover this expense?
Collision
Liability
Comprehensive
None
- 7. Multiple Choice
Each of these factors impacts your insurance premium EXCEPT...
Deductible amount
The vehicle you are insuring
Your credit score
Your income
- 8. Multiple Choice
Which of the following wouldn't save you money on your auto insurance premium?
Decrease your deductible
Reduce or eliminate optional insurance on an older vehicle
Maintain a good credit history
Bundle your insurance with other policies
- 9. Multiple Choice
Jennifer has an auto policy of $20,000/$40,000/$10,000. The $10,000 covers
Per person bodily injury
Property damage per occurrence
Per occurrence bodily injury limit
Total amount of insured coverage
- 10. Multiple Choice
A policy is a contract between the
Policyholder and the injured person
Driver and the government
Consumer and the insurance company
Consumer and the insurance agent
- 11. Multiple Choice
Under current law, until what age can a child stay on their parents' health insurance?
18
21
26
29
- 12. Multiple Choice
Your health insurance copay is
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
- 13. Multiple Choice
How can you obtain health insurance?
From an insurance agent or through the Health Insurance Marketplace
Through your bank or credit union
Signing up at your family doctor's office
Remaining on your parents' plan if you are under age 30
- 14. Multiple Choice
Which of the following would be covered under a renter's insurance policy?
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
- 15. Multiple Choice
The FDIC insured deposit limit is
$150,000
$200,000
$250,000
$300,000
- 16. Multiple Choice
What information is typically listed on an insurance policy?
Your credit score
Actual Cash Value of the property being insured
A list of your outstanding debts
The policy period
- 17. Multiple Choice
True or False: Insurance is based on the concept of shared risk, or risk pooling.
True
False
- 18. Multiple Choice
Each of the following is TRUE about Social Security EXCEPT...
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
- 19. Multiple Choice
What is the average monthly renter's insurance premium cost in the U.S.?
$150/month
$90/month
$40/month
$15/month
- 20. Multiple Choice
Which insurance coverage is required by law?
Homeowners insurance
Auto insurance
Renters insurance
Disability insurance
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