Insurance(Commerce ) Questions and Answers

Question 1. A(n) ____________ is a predetermined flat fee you pay for health care services
  1.    co-insurance
  2.    whole life
  3.    co-payment
  4.    term
Explanation:-
Answer: Option C. -> co-payment
Question 2. Most experts in personal finance say that everyone should have life insurance no matter what age you are
  1.    TRUE
  2.    FALSE
Explanation:-
Answer: Option B. -> FALSE
Question 3. After your knee surgery, you are unable to work for 3 months and you need help paying expenses while you're out of work
  1.    Disability Insurance
  2.    Health Insurance
  3.    Life Insurance
  4.    Automobile Insurance
Explanation:-
Answer: Option A. -> Disability Insurance
Question 4. _______________ requires you to pay either a set amount or a certain percent of medical expenses
  1.    co-insurance
  2.    co-payment
  3.    life term
  4.    term life
Explanation:-
Answer: Option A. -> co-insurance
Question 5. An unexpected death of a family member occurs and results in funeral expenses
  1.    Long-term care Insurance
  2.    Disability Insurance
  3.    Life Insurance
  4.    Liability Insurance
Explanation:-
Answer: Option C. -> Life Insurance
Question 6. Your house is destroyed by a tornado and you need to rebuild it
  1.    Homeowners Insurance
  2.    Renters Insurance
  3.    Life Insurance
  4.    Liability Insurance
Explanation:-
Answer: Option A. -> Homeowners Insurance
Question 7. When you shop for life insurance, you should consider only the cost or premium you will pay
  1.    TRUE
  2.    FALSE
Explanation:-
Answer: Option B. -> FALSE
Question 8. What is the main purpose of insurance?
  1.    to follow the law
  2.    to get weathly
  3.    For investment purposes
  4.    To reduce risk
Explanation:-
Answer: Option D. -> To reduce risk
Question 9. This type of insurance should pay if you severely burn your finger on a toaster and need to go to the hospital
  1.    Life
  2.    Health
  3.    Product
  4.    Homeowners
Explanation:-
Answer: Option B. -> Health
Question 10. _____________ ___________ __________ is a prepaid health plan in which care providers contract with (or are) employees of the org
  1.    preferred provider organization
  2.    health maintenance organization
  3.    life insurance
  4.    non-life insurance
Explanation:-
Answer: Option B. -> health maintenance organization
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