QUIZ 01 | Insurance 101 | Car Insurance Basics

INSURANCE

101

Car Insurance Basics

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Quiz

QUESTION 1

What is insurance?

Optional contract

Contract between two parties

Contract between three parties

Right!

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Quiz

QUESTIoN 2

What does standard auto insurance cover?

The state minimun requirements + the regular risk within a particular field of insurance

The state minimun requirements

The state minimun requirements + the high risk within a particular field of insurance

Right!

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Quiz

QUESTION 3

What are Underwriting companies for?

Evaluates insurance applications and decides whether to provide the insurance to the customer

Determinate the state requirements for auto insurance

Stores information about each driver and their insurance

Right!

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Quiz

QUESTION 4

Who is the Policy Holder?

Any person included on the policy

Any other person who is driving on the Insured's order or with his permission

The person who owns the insurance policy

Right!

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Quiz

QUESTION 5

What does deductible mean?

The amount to pay for the insurance policy

The amount to pay before the insurance company kiks in

Estimated amout for the premium

Complete!

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Quiz

QUESTION 6

Who is the lienholder?

Any person included on the policy

Entity that has a financial interest in the vehicle

The person who owns the insurance policy

Complete!

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QUESTION 7

What is an insurance policy?

Legal contract between the insurance company (the insurer) and the person (the insured)

The person who owns the insurance policy

Reference document that contains all information regarding cover, insured, insurance company, premium paid, risk covered, and sum assured

Complete!

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Quiz

QUESTION 8

Is there a minimum state requirement for auto insurance?

No, have auto insurance is optional for everyone

Yes, all states required to have liability coverage, and, somo others liability + PIP coverages

Complete!

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