Insurance Test Review

Front

What is an insurance premium?

Back

Your monthly payment to your insurer, regardless of whether you use any services.

Front

Which term refers to the percentage of covered medical expenses you are responsible for paying after your deductible is met?

Back

Co-insurance

Front

Insurance companies make money by...

Back

Collecting more in premiums than they need to pay out each year

Front

Which of the following statements is TRUE about auto insurance premiums? Options: 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 back from the insurance company, If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will decrease, Auto insurance premiums are a fixed price across all insurance companies, If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will increase

Back

If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will increase

Front

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?

Back

Comprehensive

Front

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. How much will Frank need to pay out-of-pocket?

Back

$1,000

Front

Each of these is considered an "out-of-pocket" expense EXCEPT… Your monthly premium, A copay of $15 to fill a prescription, A $1000 deductible if you're in an auto accident, Excess bills from a car accident once you've gone over your maximum coverage limit

Back

Your monthly premium

Front

Medicaid generally provides insurance for which of the following groups of people? The elderly or disabled, Individuals in low-income households, Anyone who wants to buy coverage from the Marketplace, Employees who have a government position

Back

Individuals in low-income households

Front

Your employer offers an employer-sponsored health insurance plan. Which of the following statements is TRUE? Options: You can only see doctors who are also employees of the same company, Your health insurance premiums will be paid directly from your paycheck, pre-tax, Your employer cannot fire you if you get sick or injured because you have employer-sponsored health care, You can remain on that health insurance plan even if you switch jobs

Back

Your health insurance premiums will be paid directly from your paycheck, pre-tax

Front

What type of auto insurance are you required to carry in almost every state (49 out of 50)?

Back

Insurance if you cause injury to another person