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True/False
 

1. Most natural disasters have not caused catastrophic amounts of property loss in the United States and other parts of the world.
 
2. Homeowner’s insurance covers the cost of living elsewhere while your home is being repaired from a fire.
 
3. The special form of homeowner’s insurance includes all risks such as loss or damage from floods or earthquakes.
 

4. In the event of an accident, bodily injury liability coverage protects both individuals in the driver’s car and people in the other cars for medical expenses.
 
5. A higher deductible will reduce the amount paid for collision and comprehensive physical damage coverage.
 
Multiple Choices
 

1. Legal responsibility for the financial cost of another person’s losses or injuries is called
a. negligence
b. liability
c. property damage liability
d. comprehensive coverage
 

2. Renter’s property insurance would include coverage for
a. personal belongings
b. structures attached to the main building
c. damages cased by a flood
d. business-related property
 

3. Coverage that pays for the current replacement cost of a stolen or damaged item is called
A) replacement value coverage
B) endorsement coverage
C) umbrella coverage
D) actual cash value coverage
 

4. Losses caused by damage to your car by another person who is a fault in the accident are covered by
A) collision coverage
B) comprehensive physical damage
C) property damage liability
D) assigned risk coverage
 

5. Driver classification includes information on a person’s ____________ and is used to set auto insurance rates.
A) type of automobile
B) place of residence
C) driving habits
D) credit rating
 

6. Driver classification includes information on a person’s ____________ and is used to set auto insurance rates.
A) type of automobile
B) place of residence
C) driving habits
D) credit rating

 
True/False
 

1. Homeowner’s insurance covers all losses to your personal property such as furniture, clothing and other items no matter how large a loss you incur.
A) True
B) False
 

2. Under the replacement value method of setting claims for personal property under a homeowner’s insurance policy, you would receive the full cost of repairing or replacing an item.
A) True
B) False
 
Multiple Choice
 

1. The ______________ is the contract that an individual purchases when they join a risk sharing group.
A) Insurer
B) Policy
C) Premium
D) Coverage
E) Insured
 
2. Randy Johnson just paid his premium on his homeowners’ insurance policy. This policy protects him from losses or damage to his house and other structures on his property. Which of the risk managment strategies is Randy following?
A) Risk Avoidance
B) Risk Reduction
C) Risk Assumption
D) Risk Shifting
E) None of the above
 

3. Donna Barest is comparing rates at GEICO, USAA and Prudential for automobile insurance. Which step in developing her personal insurance plan is she completing?
A) Setting Insurance Goals
B) Developing an Insurance Plan
C) Putting the Plan into Action
D) Reviewing the Results of the Plan
E) None of the above
 

3. Sharon Stone just had a fire destroy her home. The fire marshal has condemned her home and will not allow anyone to live in it until it has been rebuilt. She and her family move into a local motel until it can be rebuilt. Which part of her homeowner’s policy would cover this expense?
A) Building and Other Structure
B) Additional Living Expenses
C) Personal Property
D) Personal Liability and Related Coverage
E) Specialized Coverage
 

4. Emily Dickenson is injured in an accident when she is driving her car. She spends 5 days in the hospital and incurs $50,000 in medical expenses as a result. Which part of Emily’s automobile insurance policy would cover this cost?
A) Bodily injury liability
B) Medical payments coverage
C) Property damage liability
D) Collision
E) Comprehensive physical damage
 

5. If your bodily injury liability is 150/500/50, this means?
A) That the amount that will be paid for the injuries of any one person in an accident is $50,000. The maximum amount that will be paid for all injuries in an accident is $150,000 and the amount that will be paid for property damage to others is $500,000.
B) That the amount that will be paid for the injuries of any one person in an accident is $150,000. The maximum amount that will be paid for all injuries in an accident is $50,000 and the amount that will be paid for property damage to others is $500,000.
C) That the amount that will be paid for the injuries of any one person in an accident is $150,000. The maximum amount that will be paid for all injuries in an accident is $500,000 and the amount that will be paid for property damage to others is $50,000.
D) That the amount that will be paid for the injuries of any one person in an accident is $150,000. The maximum amount that will be paid for all injuries in an accident is $700,000 and the amount that will be paid for property damage to others is $500,000.
E) None of the above
 

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6. Donna Barest is comparing rates at GEICO, USAA and Prudential for automobile insurance. Which step in developing her personl insurance plan is she completing?
 
A) Setting Insurance Goals
B) Developing an Insurance Plan
C) Putting the Plan into Action
D) Reviewing the Results of the Plan
E) None of the above
 
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