Insurance Concepts Exam
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The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future event. Meanwhile, another party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for that protection on that uncertain future occurrence.

Insurance Concepts Exam
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25 Questions

1. Term insurance contracts generally do not have:
2. The reduction in the value of property as it gets older.
3. A medical condition for which a new insured has been previously treated, and which may be excluded from coverage for a specified time
4. A government medical insurance program for retired and/or disabled persons
5. Auto insurance coverage that pays for physical injuries sustained by the insured and passengers in the insured's auto
6. An option enabling a policyholder to automatically renew a term policy
7. The payment made to life insurance beneficiaries upon the death of the insured.
8. An employer-sponsored retirement plan in which the employee, and usually the employer, makes payments into a fund that the employee manages
9. A rider that increases benefit amounts to keep pace with inflation.
10. Insurance that replaces income lost because of disability.
11. Any legal responsibility, duty or obligation
12. The section of an insurance policy that defines the terms used throughout the policy.
13. The page of an insurance policy that identifies the insurance company and the insured, and summarizes the coverages provided by that particular policy.
14. An auto insurance policy designed to insure the personal use of a private passenger vehicle
15. Auto insurance coverage for physical damage to a car caused by fire, theft, windstorm or hail.
16. The person or legal entity designated to receive a life insurance death benefit.
17. Another name for permanent life insurance.
18. Insurance that compensates a homeowner for damage to a home or its contents.
19. An individual, usually but not always the buyer, covered by an insurance policy
20. Financial protection purchased to indemnify for loss
21. The doctor designated by the insured to be most directly responsible for his or her care.
22. The specified amount of time during which benefits will be paid by a disability income policy.
23. A government medical assistance program based on need
24. The amount payable to the owner of a permanent life insurance policy if he or she decides the insurance is no longer wanted.
25. An insurance agent who sells the products of only one insurance company.

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