This professional analyzes statistics and uses them to calculate insurance risks and premiums.
Actuary
Claims Clerk
Underwriter
Agent
What is the average monthly renter's insurance premium cost in the U.S.?
$15/month
$150/month
$90/month
$40/month
The federal agency that oversees insurance companies is
Insurance companies are regulated on a state-by-state basis
The Department of Transportation
The Federal Trade Commission
The Consumers Union
Each of these factors impacts your insurance premium EXCEPT...
Deductible amount
Your credit score
Your income
The vehicle you are insuring
Each of the following things is TRUE about social security EXCEPT...
It replaces part of your income if you become disabled
It replaces the need for health and life insurance.
It replaces part of your income if you die leaving survivors
It replaces part of your income when you retire
A stone hits your windshield. Which type of coverage would likely cover this expense?
None
Liability
Comprehensive
Collision
What role does insurance play in financial planning?
It helps build and maintain one's credit score
It grows in value and appreciates over time
It helps cover day-to-day expenses
It guarantees that income and assets are protected
Which of the following would be covered under a renter's insurance policy?
Damage to the exterior of the property
Damage to a detached shed on the property
Your roommate's personal belongings in the rental unit
Medical bills of another person who is injured on property
Insurance is based on the concept of shared risk, or risk pooling.
False
True
Jennifer has an auto policy of $20,000/$40,000/$10,000. The $10,000 covers
Per occurrence bodily injury limit
Property damage per occurrence
Per person bodily injury
Total amount of insured coverage
Which type of insurance is likely to be the lowest priority for a single, working 24-year-old?
Life insurance
Disability insurance
Auto insurance
Health insurance
Under current law, until what age can a child stay on their parents' health insurance?
18
29
21
26
Which insurance coverage is required by law?
Disability insurance
Homeowners insurance
Auto insurance
Renters insurance
Your health insurance copay is
Amount paid out of pocket before your insurance coverage
Applied on an annual basis
A fixed amount of money you pay each time you use your plan
Paid by the insurer
What information is typically listed on an insurance policy?
Actual Cash Value of the property being insured
Your credit score
A list of your outstanding debts
The policy period
How can you obtain health insurance?
From an insurance agent or through the Health Insurance Marketplace
Signing up at your family doctor's office
Remaining on your parents' plan if you are under age 30
Through your bank or credit union
A policy is a contract between the
Consumer and the insurance agent
Policyholder and the injured person
Consumer and the insurance company
Driver and the government
The FDIC insured deposit limit is
$250,000
$300,000
$150,000
$200,000
Which of the following wouldn't save you money on your auto insurance premium?
Reduce or eliminate optional insurance on an older car
Bundle your insurance with other policies
Maintain a good credit history
Decrease your deductible
The out of pocket cost to the insured when a loss occurs is called...
Premium
Deductible