Have an account?
Skip to Content
Build your own quiz
Suggestions for you
25 questions
Show Answers
See Preview
- 1. Multiple ChoiceA contract between the insurance company and the insured that states the exact terms including what risks are covered is a(n)?premiumpolicyagentdeductible
- 2. Multiple ChoiceThe money paid to an insurance company to purchase a policy.deductiblecopaypremiumco-insurance
- 3. Multiple ChoiceThe larger the number of units, the greater the chance of receiving expected results.Principle of pooled risksMoral hazard principlePrinciple of transferred risksLaw of large numbers.
- 4. Multiple ChoiceJohn's father passed away. What type of insurance will provide his family with financial support?healthlifeautounemployment
- 5. Multiple ChoiceAnthony goes to the doctor and receives a prescription for medication to recover from the flu. What type of insurance can be used in this situation?healthdisabilitylifeunemployment
- 6. Multiple ChoiceClare's father is in a car accident and cannot work. What type of insurance replaces her father's earnings?healthlifedisabilityunemployment
- 7. Multiple ChoiceNot locking your car in a high crime area hoping it will be stolen is an example of:beneficiary designationin-kind policiesmoral hazardthe best way to get your car replaced
- 8. Multiple ChoiceA financial product purchased by many people facing a similar risk to protect against the risk of loss.insurancedeductiblerisk managementpremium
- 9. Multiple ChoiceWhen a policyholder is required to pay a fixed percentage of the loss after the deductible has been paid. This is an example of:paying a copaypaying coinsurancepaying a premiumrisk avoidance
- 10. Multiple ChoiceA formal request to an insurance company asking for a payment when the policyholder has an accident, illness, or injury is called:a moral hazarda claiman insurance adjustera policy review
- 11. Multiple ChoiceSomeone who receives money if an insured person dies is known as:a policyholderan agenta claim ownera beneficiary
- 12. Multiple ChoiceSomeone who relies on someone else for money and care is:an income providera beneficiarya dependanta liability
- 13. Multiple ChoiceThe chance of loss.riskinsurancedeductible
- 14. Multiple ChoiceWearing a helmet while riding a bike is an example of:risk avoidancerisk reductionrisk assumptionrisk shifting
- 15. Multiple ChoiceA person who owns a policy is known as:an agenta beneficiarya dependenta policy holder
- 16. Multiple ChoiceWhat type of insurance provides payment to OTHERS if the insured person accidentally causes harm to other people or their property.disabilityliabilityworker's compensationunemployment
- 17. Multiple ChoiceIf you fall down in your house and sprain your ankle, what type of insurance might be used?lifeautolong term carehomeowner's
- 18. Multiple ChoiceWhat type of insurance might you be able to use if there is a leaky pipe in your rented apartment and the water ruins your things?liabilityautorenterslife
- 19. Multiple ChoiceYou have surgery and are unable to work for several months. What type of insurance might provide income because you are unable to work?healthdisabilityautohomeowners
- 20. Multiple Choice
Michael works for Omega Company. All employees at Omega are offered health insurance through XYZ Insurance. Omega pays the cost of Michael’s major medical health insurance. Michael pays $200 per month for coverage on his wife and children through a payroll deduction. What type of health insurance does Michael have?
group
Individual
personal
private
- 21. Multiple Choice
an amount to be paid for an insurance policy.
Assigned Risk pool
Managed care health insurance
Annual Deductible
Premium
- 22. Multiple Choice
formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.
Claim
assigned risk pool
Managed care health insurance
premium
- 23. Multiple Choice
life insurance that pays a benefit in the event of the death of the insured during a specified term.
Renter's insurance
Term life insurance
Universal variable life insurance
Whole life insurance
- 24. Multiple Choice
The out of pocket cost to the insured when a loss occurs is called...
Premium
Deductible
- 25. 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
- Answer choicesTagsAnswer choicesTags