Insurance: Section 1
Quiz by Dyanna Armony
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10 questions
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- Q1An amount you must pay before you begin receiving benefits from your insurance company.ClaimDeductiblePremiumLiability30s
- Q2An amount you pay monthly, quarterly, semi-annually or annually to purchase insurance.PremiumPolicyClaimDeductible30s
- Q3The higher the deductible you have, the higher the premium.TrueFalse30s
- Q4What does the role insurance have on your financial plan?Too expensive.Prevents catastrophes.Builds wealth.Transfers risk.30s
- Q5Why is it important to understand that insurance is a financial product?Because it is not worth the expense.Because you must be an informed and wise consumer.Because it will save you money.So you won't buy it.30s
- Q6The most common reason for bankruptcy is when people do not have this kind of insurance?Long-term careHome OwnersAutoHealth30s
- Q7The most cost effective insurance to buy as a young person is what kind of insurance?AutoRentersAccidentLIfe30s
- Q8A terrible disaster.BlockbusterWindfallSet backCatastrophe30s
- Q9You have a $250 deductible, and increase it to $500. This decreased your premium by $25. How long will it take to recoup your savings?5 years1 year10 years25 years30s
- Q10Often used as a symbol to represent the purpose of insurance.CloudHeartUmbrellaLightning Bolt30s