Insurance example #29281

4 September 2023
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38 test answers

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question
Health insurance is optional.
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FALSE
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In order to decide if you should raise your deductible, you should find out how long it will take to break even.
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TRUE
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Which of these options is NOT a type of insurance?
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Education
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Which of the following should be covered by renter's insurance?
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A flood occurs and damages all your furniture
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The purpose of insurance is to transfer ____________________.
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Risk
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You can keep car insurance rates low by:
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Not filing claims for smaller repairs, instead pay cash
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You might consider dropping liability on your insurance coverage.
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FALSE
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One way to keep your car insurance rate low is to __________ your deductible.
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Raise
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Taking a driver's education course can save you money on car insurance.
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TRUE
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If your plan coverage includes an extended replacement cost, you need to update your plan at least once per year.
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TRUE
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If you're renting a house or apartment, you only need renter's insurance for the first few months.
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FALSE
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_______________ policies are a really good buy because they add extra protection to your home and automobile insurance.
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Umbrella
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Homeowner's coverage should include ________________ replacement cost.
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Guaranteed
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To save money on your health insurance, you need to ____________ your deductible.
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Increase
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If you have a fully funded emergency fund, you might consider increasing your stop-loss.
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TRUE
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Nearly 60% of workers in the US have health insurance through their employers.
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TRUE
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What does having 80/20 coverage mean?
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After a deductible has been paid, insurance pays 80% and you pay 20%
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It's a good idea to decrease your maximum pay.
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FALSE
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Long-term care insurance covers nursing homes, assisted living, and sometimes in-home care.
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TRUE
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Moving assets into your name so that the government will pay for your aging parent's care is a _________ ______________.
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Federal Crime
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If you are over 45 years old, you should get long-term care insurance.
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FALSE
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What is the most expensive time of your life?
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The last 6 months
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When considering disability plans, look for a plan that covers ____________ of your income.
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65%
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You have a 1 in 3 chance of becoming disabled for 6 months or more at some point in your life.
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TRUE
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___________ insurance is designed to replace income that is lost due to short-term or long-term disability.
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Disability
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It is cheaper to buy long-term disability insurance from the open market than from your employer.
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FALSE
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Where can your identity be stolen?
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All of the above.
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Identity theft is the fastest growing white-collar crime today.
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TRUE
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When buying identity theft protection, make sure it includes ___________ services.
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Restoration
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When shopping for insurance, use a(n) __________________ agent who shops a bunch of different companies to find the best rate for you.
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Independent
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Life insurance is designed to pay off all your debt at the time of your death.
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FALSE
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Which of the following plans include a savings plan as a part of the insurance?
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All of the above.
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__________ life insurance is for a specific time period and is the cheapest way to buy life insurance.
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Term
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Life insurance is a permanent need.
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FALSE
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Pre-paid burial policies are a great purchase for any adult.
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FALSE
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There are scams and gimmicks in the insurance world.
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TRUE
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Insurance companies often use your ______________ to convince you to buy.
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Emotions
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If you don't understand it, don't buy it.
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TRUE