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Insurance Review
Test Description: Insurance
Instructions: Answer all questions to get your test result.
1) What is an insurance premium?
A
An added cost you pay in order to receive higher-quality services
B
Your monthly payment to your insurer, regardless of whether you use any services
C
The amount you pay out-of-pocket for a specific procedure or service
D
A list of the procedures covered by your insurance carrier
2) Which term refers to an arrangement where you are responsible for paying a percentage of covered medical expenses after your deductible is met?
A
Out-of-network fees
B
Co-insurance
C
Deductible limit
D
Premium
3) Which of these is NOT considered an out-of-pocket expense?
A
A $1000 deductible if you're in an auto accident
B
Excess bills from a car accident once you've gone over your maximum coverage limit
C
Your monthly premium
D
A copay of $15 to fill a prescription
4) Which of these factors will have the LEAST impact on how much you pay for auto insurance?
A
Your driving record
B
How many miles you drive per year
C
Whether you were born in the US
D
Your age
5) Insurance companies make money by...
A
Refusing to pay out claims to policyholders
B
Collecting money from the government
C
Collecting more in premiums than they need to pay out each year
D
Keeping costs low with minimal advertising
6) Which of the following statements is TRUE about auto insurance premiums?
A
If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will decrease.
B
If you have an auto insurance policy and don't get into a car accident or file any claims for a year, you get your premiums b
C
Your auto insurance premium is a fixed price; it will never change.
D
Auto insurance premiums can vary from company to company, therefore, it is important to comparison shop for the best price an
7) Your renter's insurance policy costs $20/month and has a $1,000 deductible. A thief breaks into your apartment and steals your $800 TV set. How much would your insurance company owe you?
A
$0
B
$800
C
$1000
D
$200
8) Which automobile policy do you believe will have the highest premium (all other factors being equal)?
A
Auto policy with $1,000 deductible
B
Auto policy with $2,500 deductible
C
Auto policy with $500 deductible
D
Auto policy with $250 deductible
9) While parked on the street overnight, the passenger window in Sam's car was knocked out by someone trying to break in. Which type of auto insurance coverage will help cover the cost to get the window replaced?
A
Collision
B
None. Typically this type of damage isn’t covered in an auto policy.
C
Liability
D
Comprehensive
10) Since doctors only accept specific health insurance plans, what should you do prior to selecting your own health insurance plan?
A
Find an out-of-network doctor for a plan you’re interested in
B
Check the list of doctors “in the network”
C
Decrease your co-pay amount
D
Increase your premium amount to upgrade your coverage to include any and all doctors
*select an answer for all questions
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