Economics: Personal Finance: Insurance

The out of pocket cost to the insured when a loss occurs is called...

• Premium

• Deductible

A policy is a contract between the

• Policyholder and the injured person

• Driver and the government

• Consumer and the insurance company

• Consumer and the insurance agent

Under current law, until what age can a child stay on their parents' health insurance?

• 18

• 21

• 26

• 29

Your health insurance copay is

• Amount paid out of pocket before your insurance coverage

• Paid by the insurer

• Applied on an annual basis

• A fixed amount of money you pay each time you use your plan

Which of the following would be covered under a renter's insurance policy?

• Damage to the exterior of the property

• Medical bills of another person who is injured on the property

• Your roommate's personal belongings in the rental unit

• Damage to a detached shed on the property

True or False: Insurance is based on the concept of shared risk, or risk pooling.

• True

• False

The amount paid for insurance is the

• closing cost
• premium
• deductible
• assessed value

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Insurance that protects your family against financial loss due to your death is

• coinsurance
• disability insurance
• life insurance
• comprehensive insurance

The type of insurance that provides protection against financial loss from medical bills is called

• health insurance
• coinsurance
• life insurance
• premium

Tags

CCSS.7.RP.A.3

The person named in a life insurance policy to receive the death benefit is called the

• policy holder
• beneficiary
• recipient
• insurance agent