Insurance Review

What is the main purpose of insurance?

• to follow the law

• to get weathly

• For investment purposes

• To reduce risk

This is what you have to pay before the insurance company will pay anything

• coverage

• dues

• deductible

• policy

Tags

CCSS.6.RP.A.3B

What is an insurance premium?

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

• 1. A list of the procedures covered by your insurance carrier

• An added cost you pay in order to receive higher-quality services

• The amount you pay out-of-pocket for a specific procedure or service

Tags

CCSS.7.RP.A.3

2. When setting your premium, your car insurance company may consider each of the following EXCEPT...

• 1. How many miles you drive per year

• Your age

• Your driving record

• Your height

Tags

CCSS.7.RP.A.3

This is the minimum required by law, only repairs the vehicle you hit, not your own

• Liability

• Collision

• Comprehensive

• Deductible

Tags

CCSS.6.RP.A.3B

Which of the following is a way to reduce the cost of your insurance premium?

• Good grades
• Number of miles you drive
• Where you live
• All answers are correct

Tags

CCSS.7.RP.A.3

4. Insurance companies make money by...

• 1. Refusing to pay out claims to policyholders

• 1. Collecting money from the government

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

• 1. Keeping costs low with minimal advertising

Tags

CCSS.7.RP.A.3

5. Which of the following statements is TRUE about auto insurance premiums?

• 1. 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

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

• 1. Auto insurance premiums are a fixed price across all insurance companies

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

Tags

CCSS.3.OA.D.9

6. Your renter's insurance policy costs $20/month and has a $1,000 deductible. A thief breaks into your apartment and steals your $800 TV set. How much would your insurance company pay?

• 1. $0

• 1. $200

• 1. $800

• 1. $1,000

Tags

CCSS.7.RP.A.3

7. 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?

• 1. Bodily injury liability

• 1. Property liability

• 1. Collision

• 1. Comprehensive