Which of the following best describes liability insurance?

Insurance that covers damages you cause to others

Insurance that pays for your own injuries

Insurance that covers theft of your property

Insurance that pays for routine maintenance

If your car is damaged in an accident and you have collision coverage, what will your insurance most likely do?

Pay for the repairs to your car after you pay the deductible

Pay for your medical bills only

Pay for the other driver’s car repairs

Pay for your car’s routine maintenance

If you choose a higher deductible on your auto insurance policy, what is the likely effect on your premium?

The deductible does not affect the premium

Which of the following scenarios best illustrates the concept of risk transfer?

Buying insurance to cover potential losses

A family is considering whether to purchase flood insurance for their home. What factors should they analyze to make a strategic decision?

The cost of the insurance, the likelihood of flooding in their area, and the potential financial impact of a flood

The type of television they have

You are comparing two health insurance plans: Plan A has a lower premium but a higher deductible, while Plan B has a higher premium but a lower deductible. What should you consider when choosing between these plans?

Your expected medical expenses and ability to pay out-of-pocket costs

The color of the insurance card

The location of the insurance company

The number of advertisements you have seen

A business owner wants to minimize financial loss from potential lawsuits. Which combination of risk management strategies would be most effective?

Purchasing liability insurance and implementing safety protocols

If a person wants to reduce their auto insurance premium, which strategic actions could they take?

Increase their deductible, maintain a clean driving record, and shop around for better rates

Never compare insurance companies

Homeowners insurance covers property damage and liability for homeowners.

Homeowners insurance only covers natural disasters.

Homeowners insurance is only for renters.

Homeowners insurance does not cover personal belongings.

Renters insurance protects tenants' personal property and provides liability coverage.

Renters insurance is mandatory for all tenants.

Renters insurance only covers structural damage to the property.

Renters insurance does not provide any liability coverage.

What do higher deductibles do for insurance premiums?

Higher deductibles lower insurance premiums.

Higher deductibles increase insurance premiums.

What do lower deductibles do for insurance premiums?

Lower deductibles generally increase insurance premiums.

Lower deductibles decrease insurance premiums.

What is an insurance premium?

An insurance premium is the payment made for an insurance policy.

A refund from the insurance company

What is an insurance coverage limit?

The maximum amount an insurer will pay for a covered loss.

The deductible amount for a claim.

The total cost of an insurance policy.

The amount paid for premiums each year.

offers income protection in case of disability

provides coverage for life insurance

Insurability is the eligibility to obtain insurance coverage.

Insurability means the amount of coverage provided by an insurance policy.

Insurability is the process of filing an insurance claim.

Insurability refers to the cost of insurance premiums.

Unit 3: CFA 4 (Standard 7)

Authored by Cory McCracken

Social Studies

12th Grade

GA covered

Used 15+ times

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28 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the primary purpose of insurance?

To increase your income

To protect against financial loss

To avoid paying taxes

To guarantee investment returns

Tags

GA.SS.12.SSEPF7

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a deductible in an insurance policy?

The amount the insurer pays for a claim

The amount the policyholder pays out-of-pocket before insurance covers the rest

The total value of the policy

The interest earned on the policy

Tags

GA.SS.12.SSEPF7

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of insurance is specifically designed to cover medical expenses?

Auto insurance

Health insurance

Homeowners insurance

Life insurance

Tags

GA.SS.12.SSEPF7

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a premium refer to in the context of insurance?

The total amount paid out in claims

The regular payment made to keep an insurance policy active

The value of the insured item

The amount paid after a claim is approved

Tags

GA.SS.12.SSEPF7

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of risk management?

Ignoring potential hazards

Purchasing insurance for your car

Spending all your savings

Not wearing a seatbelt

Tags

GA.SS.12.SSEPF7

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which insurance type would most likely cover damage to your home from a fire?

Life insurance

Homeowners insurance

Health insurance

Auto insurance

Tags

GA.SS.12.SSEPF7

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you want to protect your family financially in the event of your death, which type of insurance should you consider?

Life insurance

Auto insurance

Health insurance

Renters insurance

Tags

GA.SS.12.SSEPF7

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Unit 3: CFA 4 (Standard 7)

Which of the following is the primary purpose of insurance?

What is a deductible in an insurance policy?

Which type of insurance is specifically designed to cover medical expenses?

What does a premium refer to in the context of insurance?

Which of the following is an example of risk management?

Which insurance type would most likely cover damage to your home from a fire?

If you want to protect your family financially in the event of your death, which type of insurance should you consider?

Which of the following best describes liability insurance?

If your car is damaged in an accident and you have collision coverage, what will your insurance most likely do?

A person decides to install a security system in their home. Which risk management strategy are they using?

Access all questions and much more by creating a free account

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Popular Resources on Wayground

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