Insurance 2020
What is the average monthly renter's insurance premium cost in the U.S?
$15/month
The FDIC insured deposit limit is
$250,000
Under current law, until what age can a child stay on their parents' health insurance?
26
Your health insurance copay is
A fixed amount of money you pay each time you use your plan
This professional analyzes statistics and uses them to calculate insurance risks and premiums
Actuary
What insurance coverage is required by law?
Auto insurance, FDIC
How can you obtain health insurance?
Buying directly from an insurance agent Shopping on the Health Insurance Marketplace
A stone hits your windshield. Which type of coverage would likely cover this expense?
Comprehensive
A policy is a contract between the
Consumer and the insurance company
Which of the following wouldn't save you money on your auto insurance premium?
Decrease your deductible
The out of pocket cost to the insured when a loss occurs is called
Deductible
What factors impact the cost of your auto insurance premium?
Deductible amount The vehicle you are insuring Your credit score
Which type of insurance is most appropriate for a single, working 24-year-old?
Health insurance Disability insurance Auto insurance
The federal agency that oversees insurance companies is
Insurance companies are regulated on a state-by-state basis
What role does insurance play in financial planning?
It guarantees that income and assets are protected
Which of the following is TRUE about Social Security?
It replaces part of your income when you retire, it replaces part of your income if you become disabled, it replaces part of your income if you die leaving survivors
Which of the following would be covered under a renter's insurance policy?
Medical bills of another person who is injured on property
What information is typically listed on an insurance policy?
Name of person or property being insured, deductible amounts, the policy period
Jennifer has an auto policy of $20,000/$40,000/$10,000. The $10,000 covers
Property damage per occurrence
Insurance is based on the concept of shared risk, or risk pooling.
True
