Be sure to have completed the lessons for the Unit required for this Test.
Be sure to have completed the lessons for the Unit required for this Test.
What is an insurance premium?
Which term refers to the percentage of covered medical expenses you are responsible for paying after your deductible is met?
When setting your premium, your car insurance company may consider each of the following EXCEPT...
Insurance companies make money by...
Which of the following statements is TRUE about auto insurance premiums?
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 pay?
Someone broke into Sam’s car by smashing the passenger window. Which type of auto insurance coverage will help cover the cost to get the window replaced?
Why would someone choose to get long term disability insurance even if they already have health insurance?
You cause an accident and injure the other driver. The case goes to trial and there is a verdict to compensate the injured person with $58,000. You have a $75,000 coverage limit per person for Bodily Injury. How much will the insurance company pay?
Frank has an auto policy with a coverage limit of $30,000 and a deductible of $1,000. He gets into an accident and the damages to his car total $6,200. Fortunately, he has collision coverage. How much will Frank need to pay out-of-pocket?
Each of these is considered an "out-of-pocket" expense EXCEPT…
Medicaid generally provides insurance for which of the following groups of people?
Your employer offers an employer-sponsored health insurance plan. Which of the following statements is TRUE?
Which person will probably have the MOST expensive health insurance premiums?
What type of auto insurance are you required to carry in almost every state (49 out of 50)?
Bruce has just graduated from college and decides that instead of paying for insurance, he'll work on building up his emergency fund. This way, if something goes wrong, he can just pay for it using cash. Why is this a risky idea?
Your parents tell you that on your 22nd birthday, they would like for you to get your own health insurance. You are very healthy, are not taking any prescription medicines, and generally only see your doctor for your annual physical. What type of health insurance is likely to be best for you?
Insurance companies operate by charging individuals different prices for coverage depending on their risk levels. Then, they collect everyone's monthly premiums together and use the money to make payments when people file a claim (for example, someone is in an auto accident or needs to see a doctor). This concept is known as…
What does the actuarial value of a plan represent?
In general, how do insurance companies decide how much to charge an individual for their monthly premiums?
What is the primary source of funding for Social Security?
Your friend Drucella borrowed your car for the weekend while hers was in the shop. She violated a "No Right on Red" signal and collided with another car. What is the likely consequence since Drucella was at fault?
Which of the following statements about choosing between an employer-sponsored healthcare plan and an individual healthcare plan is TRUE?
Finn moves from a rented apartment into his very first house. What should he expect regarding the cost of homeowners insurance compared to renters insurance?
If your car is broken into, and you need to replace the windows, what type of coverage must you have for the insurance company to cover the repair costs?