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Insurance - Business Math
Test Description: Vocabulary and terms
Instructions: Answer all questions to get your test result.
1) Protection against loss
A
premium
B
policy
C
insurance
D
claim
2) Insurance that covers hospitalization and medical insurance
A
medical insurance
B
automobile insurance
C
life insurance
D
health insurance
3) The written contract between the insurance company and the insured
A
claim
B
policy
C
premium
D
carrier
4) Life insurance policy that is limited to a specific length of time
A
permanent
B
universal
C
variable
D
term
5) If your employer pays 25% of the cost of health care annually, how much would you pay yearly for health insurance if the plan costs $4,000 per year?
A
$3,000
B
$2,500
C
$4,000
D
$1,000
6) If a life insurance policy for $200,000 of coverage costs $3 per $1,000 of coverage, what is the annual premium for life insurance?$
A
$600,000
B
$600
C
$6,000
D
$3,000
7) The annual premium for health insurance is $2,000 for a single person. George's company pays $800 of the annual cost. What is the monthly premium that George pays?
A
$1,200
B
$2,800
C
$100
D
$800
8) The amount of insurance purchased is
A
principal
B
premium
C
face value
D
policy
9) If you have an accident, you need to file a _____ to request payment for loss in an insurance policy.
A
claim
B
report
C
W-2
D
policy
10) The annual premium for Bianca's health insurance is $3,600. There is an additional cost of $100 per month for family coverage. What is the monthly cost for Bianca and her family?
A
$300
B
$3,700
C
$308.33
D
$400
*select an answer for all questions
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