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Insurance and Financial Protection — Quiz Answers

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1
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Who most needs life insurance?

A
Parent with dependents
B
Retiree
C
Single adult
D
Student
2
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What is coinsurance?

A
Full coverage
B
Shared cost percentage
C
Premium
D
Deductible
3

What is a beneficiary?

A
Employer
B
Person receiving benefits
C
Policyholder
D
Insurer
5

Why might a low premium plan result in higher total costs?

A
It eliminates coverage
B
It reduces financial risk
C
It removes deductibles
D
It increases out-of-pocket expenses
6

Which insurance replaces income if you cannot work?

A
Property insurance
B
Health insurance
C
Disability insurance
D
Life insurance
7

What is a deductible?

A
Cost before insurance pays
B
Total bill
C
Insurance payout
D
Monthly payment
8

Which factors increase out-of-pocket healthcare costs? Select two.

A
Higher deductible
B
Employer contribution
C
Higher coinsurance
D
Preventive care coverage
9

How does a high deductible affect financial responsibility?

A
Increases upfront costs
B
Reduces cost immediately
C
Eliminates payments
D
Guarantees coverage
10

What is a premium?

A
Payment after a claim
B
Total medical cost
C
Regular cost for coverage
D
Insurance payout

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