Insurance Quiz

What is the term for financial protection or reimbursement of losses from an insurer?

• Policy

• Coverage

• Insurance

• Deductible

What is a contract between an insurance company and the insured called?

• Premium

• Policy

• Claim

• Copay

What does the term "Coverage" refer to in an insurance policy?

• Money paid for an insurance policy

• Liability protection amount

• Out-of-pocket amount

• Extra time after premium due date

What is the money paid for an insurance policy known as?

• Premium

• Deductible

• Copay

• Claim

What is the term for extra time after the premium due date to make payment without lapse?

• Deductible

• Grace Period

• Out-of-Pocket Maximum

• Lifetime Limit

What is the out-of-pocket amount paid before insurance applies called?

• Claim

• Copay

• Deductible

• Premium

What is a formal request for compensation to an insurance company called?

• Policy

• Claim

• Coverage

• Beneficiaries

What is the payment made each time a medical service is received?

• Copay

• Premium

• Deductible

• Grace Period

What is the term for the most a policyholder spends on covered services in a year?

• Lifetime Limit

• Out-of-Pocket Maximum

• Deductible

• Premium

What type of insurance provides protection against injury or property damage claims?

• Collision Insurance

• Liability Insurance

• Comprehensive Insurance

• Renters Insurance