FREE Life and Health Insurance Trivia Questions and Answers

Question 1

Life insurance's main goal is to:

Accepted Answer

In the event of death, pay the insured person's debts and other financial obligations

Answer

If necessary, cover immediate medical costs to save the life of an insured person

Answer

Compensate for lost wages if an insured individual is never able to work again

Answer

If an insured person is found to have a serious sickness, provide a lump sum

Question 2

New Zealand studies show that in general:

Accepted Answer

Kiwis have chronic levels of underinsurance when it comes to life cover

Answer

Individual adults and Kiwi families have adequate levels of life insurance

Answer

Kiwi families have more life insurance than families in other countries

Question 3

When should I apply for life insurance?

Accepted Answer

Today, because you don’t know what might happen to you tomorrow

Answer

Tomorrow, because you shouldn’t do now what you can put off until then

Answer

As soon as you develop a serious medical condition, so you can be covered for it

Answer

As soon as you have any dependents, whenever in the future that might be

Question 4

Medical examinations and testing performed today are:

Accepted Answer

Sometimes required for a life insurance application

Answer

Never required for a life insurance application

Answer

Always required for a life insurance application

Answer

Usually required for a life insurance application

Question 5

Today's top life insurance plans offer coverage outside of New Zealand:

Accepted Answer

Whenever you are overseas, regardless of why or for how long

Answer

Only if you are on holiday overseas and not working

Answer

Only if you are overseas for less than 12 months

Answer

Only if your travel insurance does not cover you

Question 6

Today's top life insurance plans offer coverage outside of New Zealand: Whenever you are overseas, regardless of why or for how long

Accepted Answer

You have no obligation to notify the insurance company - you are already covered

Answer

You must notify the insurance company in order to be covered for that condition

Answer

Notifying the insurance company is optional, but is recommended for claim purposes

Answer

You need only notify the insurance company if the condition is life-threatening

Question 7

If you forget to pay your life insurance premium:

Accepted Answer

Your policy can only be cancelled after one month and only if the insurer notifies you

Answer

Your policy is automatically cancelled if it remains unpaid for 14 days

Answer

Your policy is automatically cancelled on the day after the premium is due

Answer

Your policy can never be cancelled by the insurer for non-payment of premiums

Question 8

The best way to describe managed care is as ____.

Accepted Answer

Health insurance that is designed to reduce the costs of services to its members by contracting with specific providers

Answer

Federal and private health insurance that offers reduced costs to its members

Answer

Federal and private health insurance that offers both reduced costs to its members and unlimited providers to choose from

Answer

Health insurance that was developed twenty years ago

Question 9

A health savings account is what?

Accepted Answer

A savings method that is tax free and helps people save money against high deductible insurances

Answer

A type of savings designed to provide additional health options

Answer

A type of savings that attempts to help healthy people save money when shopping for healthy items

Answer

A type of savings that pays every office co-pay for users

Question 10

Workers' compensation insurance covers lost wages and medical expenses resulting from workplace injuries. As a result, the worker gives up?

Accepted Answer

Their right to sue for negligence

Answer

Their job

Answer

Their home

Answer

Their right to see a doctor