Geico Assessment Test Insurance Concepts 2

Question 1

What is a declarations page?

Accepted Answer

The page of an insurance policy summarizing key information including coverage, limits, deductibles, and premiums

Answer

A political document

Answer

A claim form

Answer

A cancellation notice

Question 2

What does 'exclusion' mean in an insurance policy?

Accepted Answer

A specific condition, event, or circumstance that the policy does not cover

Answer

An extra benefit

Answer

A type of endorsement

Answer

A premium discount

Question 3

What is a grace period in insurance?

Accepted Answer

A time window after the premium due date during which the policy remains in force even if payment has not been received

Answer

A church ceremony

Answer

A discount period

Answer

A claim processing time

Question 4

What is the principle of indemnity?

Accepted Answer

Insurance should restore the insured to the same financial position as before the loss — no better, no worse

Answer

Making a profit from insurance

Answer

Getting double payment

Answer

Insurance for maximum value

Question 5

What is PIP (Personal Injury Protection)?

Accepted Answer

Coverage that pays medical expenses and lost wages for you and passengers regardless of fault

Answer

A type of deductible

Answer

A type of liability

Answer

Pedestrian insurance

Question 6

What is gap insurance?

Accepted Answer

Coverage that pays the difference between what you owe on a vehicle loan and the vehicle's actual cash value if totaled

Answer

Insurance for parking garages

Answer

A type of health insurance

Answer

Coverage for gaps in fences