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EverFi Module 7: Insurance Flashcards | StudBud
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EverFi Module 7: Insurance
EverFi Module 7: Insurance
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Review for EverFi Insurance module summative review.
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
Insurance companies make money by...
keeping costs low with minimal advertising.
refusing to pay out claims to policyholders.
collecting money from the government.
collecting more in premiums than they need to pay out each year.
2
Why should you purchase insurance?
To get a warranty on a household item.
To avoid committing a crime.
To purchase monthly premiums.
To prevent financial burden in the case of an accident, theft, or event.
3
Which of the following is
not
an advantage of having health insurance?
Health insurance allows some procedures to be covered by a low-cost co-pay.
People with health insurance can skip lines in emergency rooms.
Health insurance protects you financially from medical emergencies.
Health insurance lowers your risk of acquiring medical debt.
4
Medicaid generally provides insurance for which of the following groups of people?
Anyone who wants to buy coverage from the Marketplace
Individuals in low-income households
The elderly or disabled
Employees who have a government position
5
How can insurance protect you from financial loss?
Insurance can offer low co-insurance policies.
Insurance can offer easy monthly payment options for premiums
Can cover you or your property in case of an accident, theft, or event.
Insurance can offer warranties on household items.
6
Wearing a seat belt, not texting when driving, and driving carefully are all examples of...
insurance policies.
deductibles.
risk management strategies.
warranties.
7
If you have a car accident, your ___ may increase because you will be considered riskier for insurance companies to cove
claims adjustment
deductible
car loan payment
insurance premium
8
When is it ok
not
to have health insurance?
If you are young and healthy.
If you are a student under the age of 26.
You do not have a full time job.
You should always have health insurance.
9
An insurance deductible is...
the monthly premium on an insurance policy.
the amount you owe before insurance will cover the rest of the bill.
the contract fee applied to the monthly premium.
a commission paid to the agency for the purchase of a policy.
10
What does liability insurance not cover in the event of an accident?
Injury to yourself
Damage to someone else’s property
Damage to someone else’s car
Injury to the other driver
11
Buying a home security system is an example of protecting your home against________.
insurance
risk
warranties
deductibles
12
Which is not an example of a risk management strategy?
Buying a new car
Wearing a seat belt while driving
Wearing a helmet while biking
Wearing reflective clothing while biking at night
13
Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident is called..
liability insurance.
comprehensive insurance
uninsured motorist insurance.
collision insurance
14
Insurance that covers damage to your car from an accident is called...
uninsured motorist insurance.
comprehensive insurance.
liability insurance
collision insurance.
15
When setting your premium, your car insurance company may consider each of the following
EXCEPT
...
your height.
how many miles you drive per year.
your age.
your driving record.
16
What type of auto insurance are you required to carry in almost every state (49 out of 50)?
In case you get into an accident with someone who does not have insurance
Insurance if you cause injury to yourself
Insurance if you cause injury to another person
Insurance if you damage your own property
17
A deductible is paid by...
the insurance company.
the policyholder.
the claims adjuster.
the government.
18
What term refers to the % of covered medical expenses you are responsible for paying after your deductible is met?
Deductible limit
Co-insurance
Premium
Out-of network fees
19
What is a risk management strategy you could use to protect your home?
Wearing a seat belt while driving or riding in a car
Purchasing reflective clothing to wear while biking at night
Buying a home security system
Installing front porch cameras to monitor your home
20
What is something bought to limit the loss of money or value in case of an injury to them or their property is known as
warranty
insurance.
risk management.
liability.
21
What is a consequence of
not
having health insurance?
You can only see doctors in your home state.
You must pay all costs for health care and medical emergencies.
You will get a lower standard of care from doctors
You’re not allowed to go to a hospital.
22
What is an insurance premium?
Monthly payment to your insurer, regardless of whether you use any services
The amount you pay out-of-pocket for a specific procedure or service
An added cost you pay in order to receive higher-quality services
A list of the procedures covered by your insurance carrier
23
What can insurance protect you from? Select more than one response!
Theft
Shag carpet
Financial loss
Contract fees
