Insurance: Question Preview (ID: 24784)


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True or false? Term life insurance has a cash value
a) True b) False c) d)
True or False? Reducing deductible amounts should reduce premium amounts.
a) True b) False c) d)
True or false? Insurance limits the amount of financial losses.
a) True b) False c) d)
True or False? Males under the age of 21 are normally charged less for automobile insurance that people over age 25.
a) True b) False c) d)
Insurance that only pays for damage you caused to another vehicle is called
a) collision. b) property damage liability. c) comprehensive. d) no fault.
A formal request made to an insurance company for payment of a loss is a(n)
a) policy. b) appraisal. c) request. d) claim.
James received his first medical bill of the year. It was a total of $1000. His health insurance policy has a $500 deductible and a 20% co-insurance. How much of the medical bill will James be responsible to pay?
a) $0, insurance will cover everything b) $500 c) $600 d) $700
Patty recently rented and moved into a new apartment with her friend Emma. Who is responsible for purchasing renter’s insurance?
a) the property manager b) Patty and Emma’s parents c) Patty and Emma d) Renter’s insurance is not necessary
A specific amount you pay for particular services regardless of the cost of those services is a
a) premium. b) capitation. c) copayment. d) benefit.
A plan in which you pay for health services as you receive them is called a
a) fee-for-service plan. b) preferred provider plan. c) prepaid plan. d) prescription drug plan.
It is recommended that life insurance be purchased when the:
a) individual reaches the age of 50. b) individual flies in an airplane. c) individual has dependents. d) individual gets their first job.
A special addition to an insurance policy that covers a specific loss not covered in the standard policy is a(n)
a) option. b) deductible. c) point. d) rider.
Tiffany was recently involved in a vehicle accident. In order to get her car fixed, her insurance company is requiring her to pay the first $500 of the repair bill because:
a) she will be reimbursed by the insurance company later. b) her policy's deductible is $500. c) she did not call her agent and report the accident quickly enough. d) the cost of the repairs is higher than her policy covers.
An insurance contract is known as a(n)
a) policy. b) invoice. c) lease. d) warranty.
A regular payment required to purchase insurance is known as a
a) bid. b) bond. c) benefit. d) premium.
True or false? Open enrollment means that during a specified time each year employees may sign up for the employee-sponsored health plan.
a) True b) False c) d)
Permanent life insurance provides a death benefit but no savings plan.
a) True b) False c) d)
Group insurance is less expensive to administer per person because of the large number of people in the plan.
a) True b) False c) d)
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