Insurance CO-OP Test

Question 1

Assuming the same amount of coverage and deductibles, which of the drivers is likely to pay the LEAST for auto insurance

Accepted Answer

Monica, a married 40 yr old who drives a 7 yr old van 4K miles every year

Question 2

Which of the following would not be considered personal property?

Accepted Answer

an outdoor patio

Question 3

The need for life insurance normally declines as children become independent and other savings and investments grow

Accepted Answer

True

Question 4

Life Insurance is required by the state of Illinois

Accepted Answer

False

Question 5

Health Insurance protects survivors against the financial loss associated with death

Accepted Answer

False

Question 6

Your auto insurance premium will dramatically decrease at what age?

Accepted Answer

25

Question 7

Automobile insurance is usually cheaper for which person

Accepted Answer

50 year old

Question 8

It's illegal for an insurance to charge one individual higher premiums for auto insurance than another person is charged

Accepted Answer

False

Question 9

A renters policy does not protect the actual dwelling, it covers only property and personal liability risks

Accepted Answer

True

Question 10

Natural disasters happen in some places more than others, so coverage for that peril is more expensive in those places

Accepted Answer

True

Question 11

Which insurance does not include liability coverage?

Accepted Answer

life

Question 12

The bank requires you to have property insurance if you have a mortgage with them on your house

Accepted Answer

True

Question 13

Insurance that protects a car owner against financial loss resulting from a wreck or rollover is called...

Accepted Answer

collision coverage

Question 14

Your bank requires you to have at least this coverage if you get a loan from them to pay for you car

Accepted Answer

full coverage

Question 15

Property insurance is required by the following entities

Accepted Answer

bank/lender

Question 16

Auto Insurance deductables can be raised or lowered at your request

Accepted Answer

True

Question 17

You can insure a 1-year old child with life insurance

Accepted Answer

True

Question 18

If you don't collect from your property insurance, they give you a rebate at the end of the year

Accepted Answer

False

Question 19

Earthquake coverage is only necessary on the west coast, where they are prominent

Accepted Answer

False

Question 20

Uninsured motorist protection covers the insured person only if the uninsured motorist is at fault

Accepted Answer

True

Question 21

Automobile insurance is very inexpensive, so you should always buy as much coverage as possible

Accepted Answer

False

Question 22

The special form of homeowners insurance that restores your situation to its prior state is sometimes referred to as an

Accepted Answer

replacement policy

Question 23

Property permanently attached to land, such as a house or garage, is called real property

Accepted Answer

True

Question 24

This type of health insurance provides protection against the high costs of serious illnesses or injuries

Accepted Answer

major medical insurance

Question 25

Everyone is eligible for some type of group health insurance

Accepted Answer

False

Question 26

Your dog is not covered under your liability coverage of your property insurance

Accepted Answer

False

Question 27

Which of the following does NOT need to be recorded on an inventory of personal property?

Accepted Answer

an estimate of how often you used each item

Question 28

Property insurance premiums increase as the value of your home increases

Accepted Answer

True

Question 29

What is generally the most expensive insurance coverage per month?

Accepted Answer

Health

Question 30

All health insurance plans are created equal

Accepted Answer

False

Question 31

Life insurance that has an investment feature is called whole life or variable insurance

Accepted Answer

True

Question 32

Term Life insurance premiums are cheaper the earlier you buy the policy

Accepted Answer

True

Question 33

No trespassing signs are useless and don't protect you against liability

Accepted Answer

False

Question 34

A dependent is...

Accepted Answer

a person who must rely on another for financial support

Question 35

Your auto liability insurance covers your dog if it bites another person

Accepted Answer

False

Question 36

Your beneficiary list should have no more than this many people

Accepted Answer

no limit

Question 37

The most important factor that influences homeowners' insurance premiums is...

Accepted Answer

estimated danger of loss based on the insurance company's past experiences

Question 38

Uninsured motorist get a $50 ticket if they are caught by the police

Accepted Answer

False

Question 39

If your car is keyed or vandalized, this portion of your auto insurance covers the claim

Accepted Answer

comprehensive

Question 40

Which of the following types of life insurance does NOT have a cash value? It's like renting an apartment.

Accepted Answer

Term life

Question 41

A dependent has an insurable interest in life of another person, that means they...

Accepted Answer

recieve some kind of financial benefit from that person's continued life

Question 42

What insurance replaces your income if you are hurt/sick and can not work?

Accepted Answer

disability insurance

Question 43

What type of life insurance are we going to purchase?

Accepted Answer

term life insurance

Question 44

The contract that you should keep in your fire proof safe is called...

Accepted Answer

policy

Question 45

All states have some type of financial responsibility law to protect the public from financial loss caused by drivers

Accepted Answer

True

Question 46

Her 10 yr couch was destroyed in a fire. Her insurance paid the cost of buying a new couch. This shows she had bought

Accepted Answer

Replacement insurance

Question 47

Statistically, who is more likely to have an auto accident

Accepted Answer

men

Question 48

Bodily injury liability auto insurance covers all of the following EXCEPT...

Accepted Answer

the policyholder

Question 49

The state government requires you to have at least this coverage to license you car.

Accepted Answer

liability

Question 50

Property insurance can be paid monthly with your house payment

Accepted Answer

True

Insurance CO-OP Test

Questions 50

Insurance CO-OP Test

Questions 50