Intro to Insurance
Authored by Margaret Steiner
Social Studies
9th - 12th Grade
Used 3+ times
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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The purpose of insurance is to…
build wealth
transfer risk
manage assets
build relationships
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important for insurance companies to have a large risk pool of people paying premiums?
If a large pool of people pay premiums, insurance company employees will get more bonuses included in their next paycheck
The premium payments of all the insured clients will cover the costs for the emergencies of the few who need it
The more people that pay premiums, the less likely each insured client will experience an emergency
A large pool of people paying premiums yields insurance companies to have a larger social media following
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What role does math play in the insurance industry?
Insurance companies use statistics to find how likely a client will need to use the insurance so they can set premiums in order to have the highest chance of making a profit
Insurance companies use algebra and geometry to calculate the distance from clients' major emergencies to nearest hospitals
Insurance companies use statistics to hypothesize how likely clients are to switch over to competitive companies
Insurance companies use calculus to find out how likely a client will need to use the insurance so they can set premiums in order to have the highest chance of making a profit
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The amount of money you're charged for your insurance policy.
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
If you file an insurance claim for a covered loss, your deductible is the amount you'll pay out of pocket before your insurance benefits kicks in.
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
A coverage_____ is the maximum amount your insurance policy will reimburse you for a covered loss.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following determine your Life Insurance Premium?
Where you live
Hobbies
Credit Score/History
Driving Record
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