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Insurance
Test Description: Insurance Review
Instructions: Answer all questions to get your test result.
1) An insurance contract is known as a(n)
A
policy.
B
invoice.
C
lease.
D
warranty.
2) A regular payment required to purchase insurance is known as a
A
premium.
B
bid.
C
bond.
D
benefit.
3) 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
the cost of the repairs is higher than her policy covers.
B
her policy's deductible is $500.
C
she did not call her agent and report the accident quickly enough.
D
she will be reimbursed by the insurance company later.
4) A special addition to an insurance policy that covers a specific loss not covered in the standard policy is a(n)
A
deductible.
B
rider.
C
option.
D
point.
5) It is recommended that life insurance be purchased when the:
A
individual reaches the age of 50.
B
individual has dependents.
C
individual flies in an airplane.
D
individual gets their first job.
6) A plan in which you pay for health services as you receive them is called a
A
prescription drug plan.
B
fee-for-service plan.
C
preferred provider plan.
D
prepaid plan.
7) A specific amount you pay for particular services regardless of the cost of those services is a
A
benefit.
B
capitation.
C
copayment.
D
premium.
8) Patty recently rented and moved into a new apartment with her friend Emma. Who is responsible for purchasing renter’s insurance?
A
Patty and Emma’s parents
B
the property manager
C
Renter’s insurance is not necessary
D
Patty and Emma
9) A formal request made to an insurance company for payment of a loss is a(n)
A
claim.
B
policy.
C
appraisal.
D
request.
10) 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
$500
B
$600
C
$0, insurance will cover everything
D
$700
11) Insurance that only pays for damage you caused to another vehicle is called
A
property damage liability.
B
no fault.
C
comprehensive.
D
collision.
12) True or False? Reducing deductible amounts should reduce premium amounts.
A
True
B
False
13) True or false? Insurance limits the amount of financial losses.
A
True
B
False
14) True or False? Males under the age of 21 are normally charged less for automobile insurance that people over age 25.
A
False
B
True
15) True or false? Term life insurance has a cash value
A
True
B
False
16) True or false? Open enrollment means that during a specified time each year employees may sign up for the employee-sponsored health plan.
A
False
B
True
17) Permanent life insurance provides a death benefit but no savings plan.
A
False
B
True
18) Group insurance is less expensive to administer per person because of the large number of people in the plan.
A
False
B
True
*select an answer for all questions
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