The VanDyke Group | What’s Your Insurance IQ?
How well do you understand your insurance?
insurance terms, insurance coverage, auto insurance, health insurance, homeowner insurance
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13 Feb What’s Your Insurance IQ?

Take our insurance IQ test to see how well you understand your insurance policies. The answers are listed below.

  1. What does HMO stand for?
  2. You swerve but still hit a deer crossing the road and damage your car. What coverage will your claim be handled under? Comprehensive or collision?
  3. You have a standard homeowners insurance policy with a $1000 deductible. An earthquake causes $6000 damage to your home. How much will your insurance company pay?
  4. You have questions about a medical insurance claim and you are told to look at your EOB. What is an EOB?
  5. The medical portion of your auto policy (coverage B) provides protection for whom?
  6. You get your brand new golf clubs and a few other things stolen from your car. The value of it all is about $4500. Under which of your policies would this be covered?
  7. What does PPO stand for?
  8. You need to make a few extra bucks to make ends meet so you sign up to be an Uber driver. Will your standard auto policy provide you with the coverage you need?
  9. Your health insurance requires you to have a PCP. What is a PCP?
  10. You just had a beautiful baby boy and need him to be covered under your health insurance plan but it’s not open enrollment. Can you still add him? Why or why not?

 

Let’s see how you did.

Answers

      1. Health Maintenance Organization. For more information on health plans, read our blog about choosing the best coverage for you.

     2. Even though it is a collision, it would fall under comprehensive coverage.

     3. $0. Earthquake coverage is not part of a standard policy.

     4. Explanation of Benefits

     5. This covers you and your passengers. Injuries to others are covered by the liability portion of your policy.

     6. Your homeowner or renters policy would cover the loss. Personal property is not covered by your automobile policy.

     7. Preferred Provider Organization

     8. No, contact your insurance agent as you may need a commercial policy or an endorsement to use your car in this way..

     9. Primary Care Physician

    10. Yes. This is a qualifying life event (QLE) in which you can make changes or additions to your policy.

 

Hopefully, this test has cleared up any misconceptions you may have had about your insurance coverage. If you have any further questions, contact us at www.thevandykegroup.com.

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Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your medical professional or legal representative for information specific to your needs.