What is an insurance premium?

Insurance Concepts Worksheet

Quiz
•
Mathematics
•
9th Grade
•
Hard
Jiyeon McGillicuddy
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Your monthly payment to your insurer, regardless of whether you use any services
A list of the procedures covered by your insurance carrier
An added cost you pay in order to receive higher-quality services
The amount you pay out-of-pocket for a specific procedure or service
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term refers to an arrangement where you are responsible for paying a percentage of covered medical expenses after your deductible is met?
Deductible limit
Premium
Out-of-network fees
Co-insurance
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is NOT considered an "out-of-pocket" expense?
Your monthly premium
A copay of $15 to fill a prescription
A $1000 deductible if you're in an auto accident
Excess bills from a car accident once you've gone over your maximum coverage limit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When setting your premium, your car insurance company may consider each of the following EXCEPT...
How many miles you drive per year
Your age
Your driving record
Your height
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Insurance companies make money by...
Refusing to pay out claims to policyholders
Collecting money from the government
Collecting more in premiums than they need to pay out each year
Keeping costs low with minimal advertising
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is TRUE about auto insurance premiums?
Auto insurance premiums are a fixed price across all insurance companies.
Auto insurance premiums can vary from company to company, therefore, it is important to comparison shop for the best price and coverage.
If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will decrease.
If you have an auto insurance policy and don't get into a car accident or file any claims for a year, you get your premiums back from the insurance company.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
$0
$200
$800
$1,000
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