#1
Which of the following is a type of insurance that covers damage to property, such as homes or cars?
Life insurance
Health insurance
Property insurance
Travel insurance
#2
What does 'premium' refer to in an insurance policy?
The amount paid by the insured party to the insurer for coverage
The amount paid by the insurer to the insured party in case of a claim
The percentage of coverage provided by the policy
The duration of the policy
#3
Which of the following is a characteristic of a term life insurance policy?
Provides coverage for a specific period of time
Builds cash value over time
Covers the insured for their entire life
Requires a medical examination for approval
#4
What is 'coinsurance' in health insurance?
The portion of the medical bill the insured party must pay
The amount the insurer pays for preventive care
The percentage of medical expenses covered by the insurer
The maximum amount the insured party has to pay in a year
#5
What is 'policyholder' in the context of insurance?
The person or entity that owns the insurance policy
The insurance agent who sells the policy
The beneficiary of the insurance policy
The government agency that regulates insurance
#6
Which of the following is NOT a type of property insurance?
Homeowners insurance
Renters insurance
Automobile insurance
Liability insurance
#7
Which of the following is NOT a common type of life insurance?
Term life insurance
Whole life insurance
Universal life insurance
Property insurance
#8
In insurance terms, what does 'deductible' refer to?
The portion of the claim that the insured party must pay before the insurer covers the rest
The portion of the claim paid by the insurer
The total amount of coverage provided by the policy
The duration of the policy
#9
Which of the following is NOT a factor that typically affects insurance premiums?
Age
Gender
Occupation
Religion
#10
What is 'exclusion' in an insurance policy?
A condition that voids the entire policy
A specific risk or condition not covered by the policy
The process of adding coverage to the policy
The process of updating beneficiary information
#11
What does 'endorsement' mean in insurance?
The act of terminating an insurance policy
The process of renewing an insurance policy
A written amendment to an insurance policy that adds or removes coverage
The legal process of resolving insurance disputes
#12
Which of the following is NOT typically covered by a standard homeowners insurance policy?
Fire damage
Flood damage
Theft
Personal liability
#13
What is 'underwriting' in the context of insurance?
The process of assessing risk and determining premiums
The process of filing a claim with the insurer
The process of renewing an insurance policy
The process of cancelling an insurance policy
#14
What is 'reinsurance' in the insurance industry?
When an insurer denies a claim
When an insured party cancels their policy
When an insurer transfers some of its risk to another insurer
When an insurer increases premiums
#15
What is 'cash surrender value' in life insurance?
The amount paid by the insured party to the insurer for coverage
The amount paid by the insurer to the insured party in case of a claim
The amount of cash value that the insured party can receive upon cancellation of the policy
The amount of coverage provided by the policy
#16
What is 'annuitization' in retirement planning?
The process of converting a lump sum into a series of payments
The process of investing in stocks and bonds
The process of withdrawing retirement funds early
The process of rolling over retirement accounts
#17
What is 'catastrophic coverage' in health insurance?
Coverage for minor medical expenses
Coverage for expenses related to natural disasters
Coverage for serious medical expenses after a certain threshold is met
Coverage for preventive care