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Insurance
Test Description: Review for WISE test
Instructions: Answer all questions to get your test result.
1) A woman has just received a very expensive piece of jewelry. The woman has homeowner's insurance. Which statement would it be most appropriate for her to make to her insurance agent?
A
I think I should get speculative risk insurance.
B
I think I need a personal property floater.
C
I realize that if this jewelry is stolen it will be considered vicarious liability.
D
I will deduct the cost of the jewelry from my premium.
2) A person buys a flat screen, plasma, theater-like television. The person has homeowner's insurance. Why would it be appropriate to add a personal property floater to that insurance?
A
To protect the person who owns the television from liability for damages
B
To show the insurance company a good faith investment has been made
C
To reduce the premium on the homeowner's insurance
D
To cover the cost of replacement should the television get damaged or stolen
3) For the past five years, a person has had a $20,000 whole life insurance policy that has a cash value clause. The person decides to surrender the policy. At the time of surrender, the person will receive
A
a caluclated amount on money which includes the premiums paid as well as the interest on that money
B
one-fifth of the $20,000 face value
C
$20,000 less than the premiums paid
D
a calculated amount on money that must be converted to a term life insurnace policy
4) A person buys a homeowner's insurance policy with a $250 deductible, which means the person will
A
not be responsible for the first $250 of the claimed damages
B
have to pay a quarterly premium of $250
C
only receive payment from the insurance company of $250 for any single article damaged
D
have to pay the first $250 which will be deducted from the claim settlement paid by the insurance company
5) Which of the following insurance covers vehicles?
A
Life
B
Automobile
C
Mortgage
D
Racing
6) Neil will be traveling by air in Southeast Asia for a six-week vacation. Which step will not provide protection during the trip?
A
Take his passport
B
Buy flight insurance
C
Buy medical insurance that covers him when he travels internationally
D
Buy baggage claim insurance
7) Sally took out a $50,000 life insurance policy. The $50,000 amount of coverage is called the
A
death benefit or face value
B
annuity value
C
cash value
D
premium value
8) You have a $2,000 loss. Your insurance company pays you $1,500 on the claim for the loss. The $500 the insurance did not pay is a result of your policy having a
A
hazard clause
B
premium
C
deductible
D
co-insurance clause
9) When Jesse needs health care, she must first go to her primary care physician who coordinates her care and decides Jesse should see a specialist. Jesse pays $10 as the co-pay when she sees a primary care doctor. She has which type of health insurance
A
Fee-for-service health plan
B
comprehensive health plan
C
managed care health plan
D
medicaid health plan
10) Generally, the higher the deductible on an insurance policy, the
A
lower the premium
B
greater the premium
C
less frequently the premium has to be paid
D
more frequently the premiuim has to be paid
*select an answer for all questions
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