NGPF - Insurance

This professional analyzes statistics and uses them to calculate risks and premiums.

• Agent

• Actuary

• Claims Clerk

• Underwriter

The out of pocket cost to the insured when a loss occurs is called...

• Premium

• Deductible

Your health insurance copay is

• Amount paid out of pocket before your insurance coverage

• Paid by the insurer

• Applied on an annual basis

• A fixed amount of money you pay each time you use your plan

Which of the following wouldn't save you money on your auto insurance premium?

• Decrease your deductible

• Reduce or eliminate optional insurance on an older vehicle

• Maintain a good credit history

• Bundle your insurance with other policies

Under current law, until what age can a child stay on their parents' health insurance?

• 18

• 21

• 26

• 29

The federal agency that oversees insurance companies is

• The Federal Trade Commission

• The Department of Transportation

• The Consumers Union

• Insurance companies are regulated on a state-by-state basis

True or False: Insurance is based on the concept of shared risk, or risk pooling.

• True

• False

Jennifer has an auto policy of $20,000/$40,000/$10,000. The $10,000 covers

• Per person bodily injury

• Property damage per occurrence

• Per occurrence bodily injury limit

• Total amount of insured coverage

The FDIC insured deposit limit is

• $150,000

• $200,000

• $250,000

• $300,000

What role does insurance play in financial planning?

• It guarantees that income and assets are protected

• It helps build and maintain one's credit score

• It helps cover day-to-day expenses

• It grows in value and appreciates over time