Insurance Review '25

Question 1

Renters insurance premiums cost ___________ homeowners insurance premiums.

Accepted Answer

less than

Question 2

Your auto insurance premium can be impacted by your age, mileage, and driving history.

Accepted Answer

True

Question 3

Which of the following wouldn't save you money on your auto insurance premium?

Accepted Answer

Decrease your deductible

Question 4

A standard renters insurance policy would cover each of the following EXCEPT…

Accepted Answer

A new window when a baseball breaks the original one

Question 5

Your monthly payment for your insurance policy is called a ______

Accepted Answer

Premium

Question 6

The out of pocket cost to the insured when a loss occurs is called...

Accepted Answer

Deductible

Question 7

New Jersey leads the nation in _______

Accepted Answer

Uninsured Drivers on the Road

Question 8

Which insurance coverage is required by law?

Accepted Answer

Auto insurance

Question 9

Each of these factors impacts your insurance premium EXCEPT...

Accepted Answer

Your income

Question 10

What role does insurance play in financial planning?

Accepted Answer

It guarantees that income and assets are protected

Question 11

Insurance companies make money by...

Accepted Answer

Collecting more in premiums than they need to pay out each year

Question 12

Personal injury protection will pay for the other driver’s medical bills if you are in an accident.

Accepted Answer

False

Question 13

Your health insurance copay is

Accepted Answer

A fixed amount of money you pay each time you use your plan

Question 14

Premiums generally cost more if your car is more valuable.

Accepted Answer

True

Question 15

If your car is damaged in an accident, ______ helps cover the repair costs

Accepted Answer

Collision

Question 16

When you get a mortgage to buy a house, banks often require you to get ___ to protect against events like fire or theft.

Accepted Answer

Homeowners Insurance

Question 17

A policy is a contract between the

Accepted Answer

Consumer and the insurance company

Question 18

The FDIC insured deposit limit is

Accepted Answer

$250,000

Question 19

When setting your premium, your car insurance company may consider each of the following EXCEPT...

Accepted Answer

Your height

Question 20

Which of the following would be covered under a renter's insurance policy?

Accepted Answer

Medical bills of another person who is injured on property

Question 21

Insurance is based on the concept of shared risk, or risk pooling.

Accepted Answer

True

Question 22

If you choose a plan with a lower monthly premium, you are likely to have a ____________ deductible.

Accepted Answer

Higher

Question 23

A stone hits your windshield. Which type of auto insurance coverage would likely cover this expense?

Accepted Answer

Comprehensive

Question 24

What is the average monthly renter&#x27;s insurance premium cost in the U.S.?

Accepted Answer

$15/month

Question 25

Under current law, until what age can a child stay on their parents&#x27; health insurance?

Accepted Answer

26

Insurance Review '25

Questions 25

Insurance Review '25

Questions 25