Chp 14 Risk Management and Home and Auto Insurance Lesson
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Other
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9th - 12th Grade
•
Medium
Carly Jorgensen
Used 8+ times
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36 Slides • 16 Questions
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Chp 14 Risk Management and Home and Auto Insurance Lesson
By Carly Jorgensen
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Multiple Choice
Which of the following best represents an example of a speculative risk, which is a risk that may result in either financial loss or financial gain.
texting while driving
buying stock in a company
a tornado touching down
disability of a family member
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Multiple Choice
Process of measuring risk and finding ways to minimize or manage loss.
insurance
financial services
risk management
avoidance
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Multiple Choice
What are the four common methods of risk management?
avoid, reduce, transfer, assume
identify, assess, avoid, transfer
transfer, reduce, identify, analyze
avoid, assess, assume, analyze
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Multiple Choice
What is the main purpose of insurance?
To eliminate having to pay for anything in the event of an accident.
To provide protection against specific types of financial losses.
To guarantee 100% reimbursement in the event of a loss.
To allow people to do whatever they want without being held accountable.
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Multiple Choice
The amount the insured is responsible for paying when a claim is made is the ___________________.
claim
depreciation
deductible
policy
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Multiple Choice
An amount the insured pays for an insurance policy, usually monthly.
Deductible
Premium
Claim
Coverage
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Multiple Choice
An insurance _________ is a legally binding contract between an insurance company and the person who buys the policy, commonly called the "policyholder", who also is often the person insured.
Liability
Claim
Premium
Policy
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Multiple Choice
Which of the following is true regarding insurance?
The type and amount of insurance needed varies depending on the person buying it.
Generally, automobile insurance is included when homeowners insurance is purchased.
Having insurance guarantees 100% reimbursement in all accidental situations.
The price of an insurance policy is the only factor to consider when purchasing
insurance.
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Multiple Choice
Homeowners insurance provides what two basic types of coverage?
uninsured protection and umbrella coverage
umbrella coverage and property protection
property protection and liability protection
liability protection and underinsured coverage
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Multiple Choice
Insures the policyholder against financial loss due to damage to or loss of a dwelling and personal property and possessions.
property insurance
automobile insurance
bodily injury liability insurance
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Multiple Choice
If you live in a rented apartment, what form of insurance would cover your belongings?
Homeowner's insurance
Renter's insurance
Life Insurance
Health Insurance
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Multiple Choice
Automobile insurance covers passenger vehicles and protects the beneficiary against the financial aspects of a ____________.
traffic accident
liability risk
illness or injury
home
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Multiple Choice
Coverage that protects the person who is responsible for an auto accident that results in the injury or death of others.
automobile insurance
bodily injury liability insurance
property damage liability insurance
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Multiple Choice
Which of the following does not impact how much you pay for auto insurance?
your job
your personal information
your vehicle
your driving record
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Multiple Choice
If your deductible is $500 and you had an accident that will cost $2,130 to repair your vehicle, how much will you pay for the repairs?
$2,130
$500
$1000
$1,630
Chp 14 Risk Management and Home and Auto Insurance Lesson
By Carly Jorgensen
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