(Two), Disability insurance and medical insurance. Detailed Answers: 1. Average superferd Apr 01 03 705 plays 4. Take the Quiz: Insurance Terminology. eZine Articles.com. Tends to follow the vehicle. Almost everyone has it, but not enough people understand it. What coverage reimburses a car's owner if the car is stolen? Almost everyone has it, but not enough people understand it. Collision insurance. 2. Cost of repairs, how much you drive in a year, driving record. Every vehicle needs to be on each of its drivers’ policies. After taking the insurance quiz from the National Association of Insurance Commissioners, find out the answers below. Here is a small quiz about your policy and what to do in case an accident occurs. Your coverage should be for 65% of your income. Insurance DRAFT. A foreign insurer is incorporated where? Allows an applicant to seek insurance for any other living entity. Insurance DRAFT. The time period in which premiums will be paid, C. 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Adequate Insurance Company agreed, but only on the condition that it receive a portion of the premium the client has paid to Shield Insurance Ltd. Ill give you some basic insurance related terms and concepts as they relate to insurance in the United States. More. What is a stock company? The chance of loss from some type of danger, Written contract detailing what an insurance company will cover, how much it will pay, how much you will pay, The maximum amount the insurance company will pay if you file a claim, The rights and responsibilities of the insured and the insurance company, A request for payment to recover financial loss from damages, Two most important types of insurance you need at a young age. Delete Quiz. stephen_lee178. B) reinsurance. A philosophical curiosity to be debated by academics. Match. AARP members can take the Staying Sharp brain health assessment for free! It is also useful to know that almost anything can be insured. It looks like your browser needs an update. Here are the secrets to pass your life & health insurance, property & casualty insurance and Series 6 license exam. 140. What will effect the cost of automobile insurance? Not meeting long-term financial goals, not having a vehicle for transportation, poor credit rating, not being able to stick with your budget, Which general types of insurance is often provided by employers? LaTonya purchases a house from John. Tags: Save. This quiz is incomplete! A relationship must exist between the applicant and the insured. Take this quiz and see how much you know about the basics of insurance. Learn insurance with free interactive flashcards. As of Dec 10 20. How much do you have to pay if you go to the doctor and the visit is $150? (hint: choose 3 correct answers) To spread this risk, Shield Insurance Ltd. contacted Adequate Insurance Company to request that it cover a portion of the risk. 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I'll give you some basic insurance related terms and concepts as they relate to insurance in the United States. The Federal Deposit Insurance Corporation (FDIC) now insures each depositor, for each ownership category, up to $250,000. 880 times. Start studying Life insurance - practice test questions. The agency also identifies, monitors, and addresses risks to the insured deposits. About This Quiz & Worksheet. Members save … What are the types of authority? The United States is one of the few countries where health insurance is provided by private companies rather than through a national policy. After this payment, the insurance company covered the rest of the costs. All questions will be multiple choice. Preview this quiz on Quizizz. Learn vocabulary, terms, and more with flashcards, games, and other study tools. The amount paid for insurance is the . The law of large numbers, risk pooling and insurable interest. Start studying Insurance quiz. The surviving beneficiary will continue receiving 2/3 of the b…, Which of the following statements is not true of a Combination…. Learn vocabulary, terms, and more with flashcards, games, and other study tools. You must be logged in to leave a comment. The chief officer of the Dep. Average score for this quiz is 6 / 10. Wh…, exchanging an existing policy for a new policy, The transaction is considered replacement, it has the highest amount of insurance protection, a reinstated policy provides immediate coverage for an illness, If the Primary beneficiary dies BEFORE insured, Normally, a guardian is required to be appointed in the Benefi…, The early years are charged more than what is needed, temporary protection that lasts only for a specified period of…, premiums remain the same thoughout the life of the policy, level premium, as do all policies, but the face amount increas…, A. If you were in a car accident, what is needed when you file a claim? To ensure the best experience, please update your browser. Which of the following covers a carrier for liability for loss…, Which of the following risks is eligible for coverage under a…, Which of the following would be considered causes for flood co…, A producer didn't realize that he had committed an act in viol…, Upon the insured's death during the term of policy, policy owner controls where the investment will go and selects…, 20-pay life accumlate faster than striaght life, Notice Regarding Replacement of Life Insurance or Annuity". To play this quiz, please finish editing it. Oh no! If you don’t understand all the parts, you might not know what your current policy covers. Get Started. Members save on eye exams and eyewear at participating locations. 65% average accuracy. Accidental injury is an unforeseen and unintentional bodily…, Pays periodic benefits when an insured cannot work because of…, Covers the cost of medical treatments, physician's fees, hospi…, The party making application, offering himself/herself or anot…, A document that provides information for underwriting purposes…, A person's age at any point or time (age at policy issue, rene…, The date when insurance coverage begins (may also be known as…, Accepting late premiums after grace period, 12:01am standard time at the location of the insured's property. PLAY. 3 years ago. Difficulty: Average. Upon the death of the insured, the contract is des…, Policyowners are entitled to receive dividends, Broad term used to describe policies that cover loss of income…, 1. Key Concepts: Terms in this set (9) Liability insurance. Premium, deductible, liability, collision, comprehension. The insurance company covered the rest of the cost of the visit.When Maria's mother went to the hospital, her family was responsible for paying the first $1,000 of the bill. Edit. The correct answers are in … This is a quiz for your Insurance mastery. "An agreement between two or more parties enforceable by law" is defined as what? Insurance is a type of risk management mainly used to deter against the risk of a contingent or uncertain loss. -Disability insurance is not necessary if you have a good health insurance policy. Insurance companies allow policy holders to combine all vehicles and drivers on one policy, often resulting in cheaper premiums for the owner. Insurance Terminology 25 questions Tough, 25 Qns, MisterE76, Nov 16 01. You have reached your deductible of $2000, but you have not reached your maximum out-of-pocket limit of $4000 and your co-insurance begins. This quiz and corresponding worksheet will gauge your knowledge of the basics of health insurance and health care. 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Ca…, 40 year old wants to retire at 70; wants level premiums, perma…, Owner controls where the investments will go and selects the a…, Enables and individual to leave the group and continue his or…. -After college, short-term disability should be covered by your emergency fund of three to six monthsʹ worth of expenses, staying out of debt, and having a money plan. One should have the knowledge of risk and how to mitigate or cover the risk is very important for well-being and lack of these knowledge can invite financial troubles in your personal life. What do you pay out-of-pocket on an automobile or property insurance claim? Test taking strategies proven to prepare licensees for the insurance license exam. Preview this quiz on Quizizz. 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