FA Unit 10 Test

FA Unit 10 Test

12th Grade

27 Qs

quiz-placeholder

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FA Unit 10 Test

FA Unit 10 Test

Assessment

Quiz

Mathematics

12th Grade

Medium

Created by

Nathan Totten

Used 10+ times

FREE Resource

27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The purpose of insurance is to...


Build wealth

Transfer risk

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Why do insurance companies need a large pool of people paying insurance premiums?

So that insurance company employees will get more bonuses included in their next paycheck

To cover the costs for the emergencies of the few who need it

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What role does math play in the insurance industry?

They use statistics to find out how likely a client will need to use the insurance

They use calculus to find out how likely a client will need to use the insurance

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is a premium?

The amount of money you pay per month to have insurance

The amount of money you pay out-of-pocket if you have an accident

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is a deductible?

The amount of money you pay per month to have insurance

The amount of money you pay out-of-pocket if you have an accident

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is an insurance limit?

The maximum amount of money the insurance company will pay you to cover an accident

The amount of money you pay out-of-pocket if you have an accident

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is the benefit of a high deductible?

You will have a lower monthly insurance payment

You will have lower out-of-pocket expenses if you get in an accident

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