Insurance Quiz

Which is the correct definition of insurance?

• Insurance is a type of investment for wealth accumulation.
• Insurance is a government program that provides free healthcare.
• Insurance is a contract that provides financial protection against losses.
• Insurance is a service that guarantees profit in business ventures.

Which of these is the main benefit of insurance?

• Financial protection against unforeseen events
• Tax deductions on all expenses
• Free healthcare services
• Guaranteed income for life

The mandatory payment that is made towards the cost of making an insurance claim is called the...

• deductible
• excess
• co-payment
• premium

Which of these is NOT a recognised type of insurance in the UK?

• alien insurance
• life insurance
• travel insurance
• pet insurance

What is the name of the regular payments which are made towards an insurance policy?

• Deductibles
• Co-payments
• Coverage limits
• Premiums

Why might someone be refused life insurance?

• Having a stable job
• Being a non-smoker
• Age under 30
• Pre-existing health conditions or high-risk activities.

Which of these countries has the highest cost of travel insurance when travelling from the UK?

• Canada
• Australia
• Germany
• USA

Which of these pets is the most costly to insure?

• Cats, especially Siamese breeds
• Hamsters, due to their small size
• Fish, as they require minimal care
• Dogs, particularly certain breeds like Rottweilers or Pit Bulls.

What could cause your insurance premiums to rise?

• Lower deductibles
• Improved credit score
• No claims bonus

• Increased claims, personal risk changes, insurer pricing adjustments, or regulatory changes.

Which of these is an example of insurance fraud?

• Reporting a lost dog to the insurance company.

• Claiming for a lost item that was never insured.
• Staging a car accident to claim insurance money.
• Filing a claim for a legitimate medical expense.