
EPF Exit Ticket Home Insurance
Quiz by Pa'Trice Day Owens
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10 questions
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- Q1Insurance is frequently described as a method of "sharing the risk" because the:Risk of loss is shared with the governmentRisk of loss is shared with the insurance company sales personInsured shares the risk of loss with all the other policy holdersnsured can share the risk by spreading the cost over a number of years30s
- Q2Legal Financial responsibility to others isRiskLiabilityNegligenceCredit30s
- Q3Flood and Earthquake are standard (regular) features of homeowner's insurance.TrueFalse30s
- Q4A person buys an expensive flat screen, plasma, theater-like television. The person has homeowner?s insurance. Why would it be appropriate to add a personal property floater to that insurance?To reduce the premium on the homeowner?s insurance.To cover the cost of replacement should the television get damaged or stolen.To show the insurance company a good faith investment has been made.To protect the person who owns the television from liability for damages.30s
- Q5If your insurance policy has a low premium, then usually the deductible will be low.FalseTrue30s
- Q6In insurance, anything that may possibly cause a loss is known as aHazardRiskPerilLiability60s
- Q7The method by which an insurance company payment is based on the full cost of repairing or replacing an item.Personal Property FloaterActual Cash ValueNegligenceReplacement value60s
- Q8A person buys a homeowner's insurance policy with a $250 deductible, which means the person willhave to pay the first $250 which will be deducted from the claim settlement paid by the insurance company.have to pay a quarterly premium of $250.not be responsible for the first $250 of the claimed damages.only receive payment from the insurance company of $250 for any single article damaged.60s
- Q9Installing fire extinguishers, smoke detectors or security systems in your home is an example ofRisk ShiftingRisk ReductionRisk AssumptionRisk Avoidance60s
- Q10Renters insurance does not include coverage forpersonal propertypersonal liabilityadditional living expensesthe building30s