#1
Which type of insurance typically covers damage to your own vehicle in a car accident?
Liability insurance
Collision insurance
Comprehensive insurance
Medical payments insurance
#2
Which of the following is a characteristic of term life insurance?
Builds cash value over time
Covers the insured for a specific period of time
Provides coverage until the insured's death
Offers investment opportunities
#3
Which of the following is a benefit of whole life insurance over term life insurance?
Lower premiums
Coverage for a specific period of time
Builds cash value over time
Flexibility to adjust coverage amount
#4
Which type of insurance typically covers damage to your home's structure caused by a fire?
Flood insurance
Liability insurance
Homeowners insurance
Earthquake insurance
#5
Which of the following is not typically covered under a standard renters insurance policy?
Personal property damage
Liability protection
Flood damage
Loss of use coverage
#6
What does COBRA stand for in the context of health insurance?
Consolidated Omnibus Budget Reconciliation Act
Comprehensive Offerings for Benefits Reimbursement Act
Costly Overhead Billing Regulation Act
Certified Options for Benefits Reimbursement Application
#7
Which of the following is not typically covered under a standard homeowners insurance policy?
Fire damage
Flood damage
Theft
Liability protection
#8
What does the acronym HMO stand for in health insurance?
Healthcare Maintenance Organization
Health Management Organization
Hospital Medical Organization
Home Medical Operations
#9
What is 'underwriting' in insurance?
The process of determining the cost of insurance premiums
The investigation and evaluation of the risk associated with insuring a person or property
The legal document that outlines the terms and conditions of the insurance policy
The process of filing a claim with the insurance company
#10
What is 'premium' in the context of insurance?
The maximum amount the insurance company will pay for a claim
The process of determining the cost of insurance coverage
The amount of money an individual or business pays for an insurance policy
The document outlining the terms and conditions of the insurance policy
#11
In life insurance, what does 'cash value' refer to?
The amount of money you receive if you cancel your policy early
The amount your beneficiaries receive upon your death
The portion of your premium that goes into an investment account
The total amount of coverage you have
#12
What is the purpose of a deductible in insurance?
To limit the amount of coverage provided by the insurance policy
To ensure the insured party pays a portion of the covered expenses
To determine the premium amount
To exclude certain types of damages from coverage
#13
Which type of insurance typically covers damage to someone else's property caused by you or your vehicle?
Collision insurance
Comprehensive insurance
Liability insurance
Medical payments insurance
#14
What is 'exclusion' in insurance policies?
A specific event or circumstance not covered by the insurance policy
A discount provided to policyholders for good behavior
The maximum amount the insurance company will pay for a claim
The process of including additional coverage in the policy
#15
In property insurance, what does 'actual cash value' refer to?
The cost to replace damaged property with new property of similar kind and quality
The original purchase price of the property
The depreciated value of the property at the time of loss
The market value of the property at the time of loss