Insurance / Risk Management Quiz

15 Questions | By Michael113 | Updated: Mar 21, 2022 | Attempts: 558

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Questions and Answers

1.

Define what Insurance is....
2.

Which of the following is NOT an identified type of insurance?
- A.
  
  Property
- B.
  
  Auto mobile
- C.
  
  Education
- D.
  
  Health
3.

Homeowner's Insurance covers all EXCEPT?
- A.
  
  Theft and Vandalism coverage
- B.
  
  Party coverage
- C.
  
  Hurricane coverage
- D.
  
  Liability coverage
4.

It is better to need and not have insurance !
- A.
  
  True
- B.
  
  False
5.

To drive a vehicle in the state of Virginia, you MUST have of which of the following types of insurance?
- A.
  
  Comprehensive
- B.
  
  Collision
- C.
  
  Uninsured Motorist
- D.
  
  Liability
6.

If your claim for an accident is $400,000 and your insurance policy is worth $250,000 you are what is called_______________________
7.

For automobile insurance...you pay all EXCEPT which of the following
- A.
  
  State inspection cost
- B.
  
  Deductible cost
- C.
  
  Premium cost
- D.
  
  Extended cost
8.

Your finance history (credit report) can impact the rate or amount you pay for automobile insurance?
- A.
  
  True
- B.
  
  False
9.

Health Insurance will pay for _______________ expenses
10.

Which of the following is NOT a form of long-term insurance?
- A.
  
  Disability
- B.
  
  Automobile
- C.
  
  Life
- D.
  
  Workers' Compesation
11.

The main purpose of Disability Insurance is to______________
12.

Life Insurance policies can be temporary or permanent?
- A.
  
  True
- B.
  
  False
13.

What type of value would an insurer pay if your property becomes damaged, lost or stolen?
- A.
  
  New value
- B.
  
  Premium value
- C.
  
  Reimbursement value
- D.
  
  Replacement value
14.

What is NOT found within an insurance document?
- A.
  
  Declaration page
- B.
  
  Conditions page
- C.
  
  Payment page
- D.
  
  Endorsement page
15.

My car has been vandalized (thief stole or damaged car) OR my home was damaged by a storm OR a family member was in the hosptial for surgery; before the insurance comapany will pay the bill I must submit a ________