Insurance Test

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Most financial advisers will tell you that the average person should carry ____ times their annual income

10

a person is eligible to stay on their parent's health insurance plan until the age of

26

the minimum age to be eligible for funeral insurance is typically

50

At what is the first age you can start taking full social security benefits?

65

When you get into a wreck, what part of your auto insurance covers injury to someone in the other car?

Bodily Injury Liability

Four Mandatory Auto Insurance Coverages

Bodily Injury Liability 20/40 Property Damage Liability 5,000 Personal Injury Protection 8,000 Uninsured/Underinsured Motorist Protection 20/40

Difference between cash value and replacement cost

Cash value is what the item is worth now Replacement value is what it costs to buy the item new.

Damage caused by your pets is NOT covered under your homeowners liability protect

False

Flood and earthquake coverage are normally included as a part of standard home owners insurance policy

False

you always want the lowest possible deductible because it means you will pay less out of pocket in case of a loss

False

Which of the following could cause your premiums to increase?

Moving to a bigger city

What does workers compensation cover?

Personal injuries of employees Accident/Occupational Illness Arising out of course of employment

Which of the following is not a type of insurance

Pet

If your MP3 player is stolen from your apartment, what type of insurance would it be covered under?

Renter's

What is the best resource to check with to be sure an insurance company is legitimate and license to sell insurance in your state?

State dept

Which of the following does NOT affect your car insurance rate?

The type of job you have

A deductible is the first amount YOU will pay in the event of a claim

True

Term life is cheaper monthly than whole life insurance

True

Using your vehicle for weekly recreation and not for daily commute may lower your auto premium

True

You cannot be denied auto insurance in Massachusetts

True

a burglar broke into you home and stole your grandmothers old photo albums. Which is true

Your policy will not cover them

A formal request made by the insurance policy holder to the insurance company for payment or services covered by the insurance policy

claim

a set dollar amount you agree to pay each time you receive medical treatment, while the insurance company agrees to cover the rest

co-pay

the amount you must pay before the insurance company will pay

co-pay

Auto insurance that protects you against cost to repair your own vehicle after a crash

collision

an insurance policy that provides complete protection

comprehensive

the risks covered and amount of money paid for the loss

coverage

reimburses you for unexpected losses or damages caused by a specific set of hazards to a specific thing for a fee which is a fraction of the potential payout

deductible

Disability insurance protects your

income

licensed representative who handles the purchase of insurance between the customer and the insurance company

insurance agent

an act on the part of either the buyer or the seller of an insurance contract in an attempt to gain money illegally

insurance fraud

what is not a reason to buy life insurance

invest in the stock market

death, injury, or damage that is the basis for a claim

loss

a contract you have with an insurance company

policy

the person to whom an insurance policy is issued

policy holder

a payment made monthly, twice a year, or yearly for an insurance policy

premium

chance or possibility of injury, damage, or loss

risk

You are in a car accident and the damages will cost $800. If you have a $200 deductible how much does your insurance pay?

you pay 200, they pay 600


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