Insurance

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.9-10.5

CCSS.RI.9-10.3

CCSS.RI.8.5

Someone who receives money if an insured person dies

• claim
• beneficiary
• dependent
• employee benefits

Your house is destroyed by a tornado and you need to rebuild it.

• Homeowners Insurance
• Renters Insurance
• Life Insurance
• Liability Insurance

You fall off your bike and sprain your wrist.

• Disability Insurance
• Automobile Insurance
• Health Insurance
• Life Insurance

You have a $20 copay every time you go to the doctor. You have a $250 deductible, and a $1000 annual premium for health care. How much money do you have to pay out of pocket before insurance kicks in?

• $20
• $100
• $250
• $1000

Why is it important to have insurance?

• To protect others from your mistakes

• To protect your assets from claims by others

• Guard against financial loss that can not be predicted

• All of the above

What is the purpose of insurance?

• To prevent bad things from ever happening
• To help you get better when you are sick
• To manage risks by sharing them with other members of insurance companies
• To help you refinance your loabs

If you have a $500 deductible on your car insurance and you have a wreck that causes $4,000 in damage to your car, how much will the insurance company pay?

• $4,500

• $4,000

• $3,500

• $5,000

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

• Premium

• Deductible

You have a $2,000 loss. Your insurance company pays you $1,500 on the claim for the loss. The $500 the insurance did not pay is a result of your policy having a:

• Co-insurance clause
• Deductible
• Hazard clause
• Premium