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Insurance Test Review

Insurance Test Review. True/False Risk is part of our daily lives. True. True/False The principle of risk is based on uncertainty. True. What type of risk are you taking when you stay on your parent’s insurance while in college?. Risk Transfer.

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Insurance Test Review

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  1. Insurance Test Review

  2. True/FalseRisk is part of our daily lives

  3. True

  4. True/FalseThe principle of risk is based on uncertainty.

  5. True

  6. What type of risk are you taking when you stay on your parent’s insurance while in college?

  7. Risk Transfer

  8. If you take lessons before skiing down the slopes in Colorado on Spring Break, what kind of risk are you taking?

  9. Risk Reduction

  10. If you decide to go ski diving, what kind of risk are you taking?

  11. Risk Retention

  12. If you decide not to go ski diving, what type of risk are you taking?

  13. Risk Avoidance

  14. What is known as the payments you make for insurance coverage?

  15. Premiums

  16. What is the amount of out-of-pocket money you pay before your insurance begins to provide coverage?

  17. deductible

  18. What type of insurance protects you if someone is injured on your property?

  19. Liability Insurance

  20. What type of insurance provide coverage upon someone’s death, but only for a specified period of time?

  21. Term Life

  22. What type of insurance should you buy when you move into your dorm room or your apartment?

  23. Renter’s Insurance

  24. True/FalseInsurance is designed to transfer your risk to a third party.

  25. True

  26. What type of risk is the deductible on your insurance policy?

  27. Retained Risk

  28. True/FalseA low credit score will cause your insurance premiums to be raised.

  29. True

  30. What type of insurance covers your car if damaged by a storm?

  31. Comprehensive

  32. What type of insurance will repair your vehicle if you are in an accident?

  33. Collision

  34. What will affect your auto insurance premium?

  35. Your AgeYour FICO ScoreYour Driving Record

  36. Who needs long-term care insurance?

  37. A young healthy personA newly retired person still in good healthA middle-age person still in good health but concerned about coverage

  38. What is associated with a universal life insurance policy?

  39. Whole Life InsuranceFlexible Death BenefitsFlexible Premium Amounts

  40. What type of life insurance pays its benefits during the term of the policy?

  41. Term

  42. The concept of probability represents the idea of

  43. Chance

  44. True/FalseEveryone who drives has insurance.

  45. False

  46. If you do not go after your dream because of fear, what type of risk are you taking?

  47. Avoiding Risk

  48. If you have smoke detectors in your home, what type of risk are you taking?

  49. Reducing Risk

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