If you've ever been confused by your company's open enrollment period or wondered why your auto insurance rates suddenly went up (or down), now is your chance to find out just how well you understand the world of insurance. The National Association of Insurance Commissioners designed the following quiz to test Americans' familiarity with basic insurance facts. After testing yourself, read about the answers here. To educate yourself further, check out the Association's consumer website, Insure U.
My credit score affects my auto insurance rates.
All 50 states require auto insurance.
I can only make changes to my work’s group health insurance coverage during the open enrollment period.
If your auto policy says your liability coverages are 100/300/100, what coverage does that last figure represent?
When do most people become eligible for Medicare?
If you leave your job and maintain your health insurance through COBRA, how much does it cost you?
If thieves break into your car and steal valuables, what type of insurance would cover your losses?
When does the term “umbrella policy” refer to?
What financial coverage is provided by short-term disability insurance?
You must be related to the people who are named as beneficiaries on your insurance policies.
How did you do? If you scored…
0 to 3 points: You have some work to do when it comes to understanding the world of insurance, but don't worry because you're not alone. When the National Association of Insurance Commissioners performed this survey, it found that most respondents were unable to correctly answer most questions.
4 to 7 points: You score a C+: You could stand to get to know a bit more about insurance, but you have a decent grasp on a complicated subject matter.
8 to 10 points: Congratulations, you have mastered the world of insurance. But do you have enough coverage for yourself and your family? Check out these articles for more information: