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Insurance 101 Quiz? Let’s do it.

Educating our clients on insurance is a top priority, as informed clients make better decisions. By empowering you with knowledge, we strive to build lasting relationships based on trust and transparency.

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Our Client Education Quizzes

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Click on each of the sections for different insurance categories.

Insurance 101

Insurance 201

Life Insurance 101

Fun

6 votes, 5 avg

Personal Insurance Quiz 101

10 Quick, easy home and car insurance quiz questions to help you unlock how it works by increasing your knowledge.

1 / 10

Why is my risk address so important when taking out home contents cover?

Where I keep my valuable stuff is not important as long as they know the rand value of all the contents in my house.

Your premium for your contents cover is calculated based on the risk address of where your contents is kept and therefore it is vitally important to provide the correct risk address.

In the case of a claim the insurer needs to come to your house so its good to let them have this upfront.

2 / 10

What is the Replacement value?

Replacement value refers to the amount that your insurer would pay to replace your valuable item.

This is the amount that it would cost to replace the exact same valuable item in todays time.

It is the amount that you bought your valuable item for.

3 / 10

Insurance quotation are generally valid for how long?

1 month

30 days

7 days

4 / 10

Why is insurance known as a grudge purchase?

As you pay your policy and you claim your premiums will increase yearly.

It is known to be a policy you can claim from when you experience a bad event.

You don’t physically get anything out of the policy like a product or specific service and it covers you for incase of loss.

5 / 10

Is it necessary to have a tracking device?

Yes, if you don’t have one the insurer will not cover you if your car is stolen

It is dependent on the insurance company's specific requirements, value of your car, etc. Your insurance policy schedule will let you know if this is a requirement for your cover.

No, its just an extra expenses for no reason

6 / 10

What type of cover do I need to take out for vehicle for mechanical and electric breakdown?

Vehicle warranty cover.

Comprehensive vehicle insurance cover includes this cover.

Liability cover.

7 / 10

Why does my premium go up if the value of my car should be depreciating?

The food price is dependent on the increase and when food increases the insurance is affected and that increase its amount.

Because as with everything your insurance must also increase.

As with every year car parts go up with inflation and the cost to repair your vehicle becomes more expensive (like salary increases) that’s why your insurance premium increases.

8 / 10

My premium is calculated based on?

My level of education.

My income.

My risk profile and insurance history.

9 / 10

What is the purpose of a broker?

A broker is a qualified expert in their field, they will assist with finding insurance covers that suit my needs. Help me understand the term & conditions of my policy. Assist with the life time maintenance of my policy and review my covers annually to make sure my covers meet my needs into the future.

A broker is only there to assist with getting me cheaper insurance

A broker will only assist with policy maintenance.

10 / 10

Why do I need car insurance?

All answers listed here.

It allows you to have cover against any accident, fire, theft and hijacking thus helping you to ensure that you should you have any loss you will be compensated for it.

Because it is a requirement for vehicles that are being financed from a bank.

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Personal Insurance Quiz 201 - Intermediate

10 Intermediate level, random quick, easy home and car insurance quiz questions to help you unlock how it works by increasing your knowledge.

1 / 10

Do I really need to disclose the colour of my vehicle for insurers to calculate my premium?

No, the colour doesn’t mean anything and people are always respraying their cars anyway.

No, it does not make a difference in premium.

Yes, statistics show certain colour cars are at risk of being stolen.

2 / 10

Gary goes to work on a Friday, he ends up staying after work with his colleagues and they have a few drinks. He leaves work at 11pm and heads home. As he is passing the robot, a guy who is highly intoxicated skips the red robots and knocks into Gary. Gary and the other driver are not injured however upon the police arriving they test them both for alcohol and both Gary and the other driver are arrested because of their alcohol levels. Will the insurer pay for the damages to fix Gary's car?

No, because you are not supposed to be driving and driving and Gary broke the law.

No, because the other driver is at fault and Gary needs to claim from his insurer.

Yes, because the accident was not Gary's fault.

3 / 10

What is the function and purpose of insurance?

To protect my life and assets from being damaged.

To make sure that my assets are not damaged.

Where the insurer accepts my premium in exchange for undertaking a risk to compensate me in the event of potential loss.

4 / 10

Why does it matter if I have a license or not when taking out insurance, if I am the one who will be paying for the premium?

Insurance only covers people who have licenses for more than 2 years as anything less is just too much of a risk for them.

It is a requirement by law to have a valid driver's license in order to travel on the roads, insurers need to abide by the law, thus will not provide insurance cover to those that are un-licensed.

People who have no license and drives on the roads are high risk as they are reckless and therefore the insurer will not cover anyone who is reckless.

Under insurance is calculated using average. Average is calculated using the below formula:
Average = (Sum Insured Amount) / (Actual Replacement Amount ) x (Claim Amount)
Once you have worked out the average amount you need to minus the excess and it will give you the total amount that an insurer will payout.

5 / 10

My home burns down and I have building cover for R2 000 000. After validating the claim, we realise that the cost to replace my home is actually R2 400 000.

I have an excess of R10 000. How much will the insurer pay me out?

R1 666 667 (2 000 000/2 400 000) x 2 000 000

R1 656 667 (2 000 000/2 400 000) x 2 000 000 minus 10 000

R1 990 000 (2 000 000 minus 10 000)

R2 390 000 (2 400 000 minus 10 000)

6 / 10

What happens if I had a burglary at my home 2 years ago and I didn’t tell my current insurer about it when I took out home contents cover?

The insurer will give you a warning, but will pay out your claim and failure to disclose anything again will result in your policy being cancelled.

The insurer may reject your claim in the future, as you have not disclosed important information, they may also cancel your insurance immediately because of this.

The insurer will reject your claim at claim stage as you are now considered a risky client and can no longer be covered for contents cover.

Nothing, it happened 2 years ago so the insurer can't really do anything about it now.

7 / 10

What happens if I decide to cancel my vehicle insurance and self insure?

Your cover will end and you will be liable for any outstanding excesses that needs to be paid.

Your cover will end as per the date you cancel from and you may lose your insurance history you built up due to your break in insurance.

You need to give 60 days notice to the insurer and they must accept your cancellation.

8 / 10

What is SASRIA cover?

Covers you for legal expenses.

Cover for damage caused by a third party vehicle (someone knocks into me).

Covers loss or damage caused by riots, wars , political acts, public disorder any attempted acts of this kind.

9 / 10

Pam who is 29 years old, takes out insurance with Z Insurers for her car. She opts for a basic excess of R5 000.

The are also 2 additional excesses on her policy schedule. (Drivers under the age of 25 years R2 000 excess and where an accident happens between 11pm and 4am R5 000 excess).

Pam goes out partying and she meets up in an accident at 2am. She is stressed out about how much excess she needs to pay when she claims, how much would she need to pay?

R5 000 as the accident did not happen at 11pm or at 4am.

R10 000 as her basic excess and one additional excess applies to her.

R12 000 as she needs to pay the basic and all additional excesses.

10 / 10

What is malicious damage?

Damage caused by someone wanting to steal my assets.

Damage caused by someone who intentionally wants to destroy my assets.

Damaged caused by an animal.

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Life Insurance Quiz 101

10 random quick, easy life insurance quiz questions to help you unlock how it works by increasing your knowledge.

1 / 10

Will my life cover automatically cancel when I reach my retirement age?

Yes, at this age the benefit will pay out.

If you opted for cover until retirement age, once you reach this age, the cover will end. If you opted for benefits for the whole of your life then the cover will continue until you die.

Yes, at this age you will no longer require life cover.

2 / 10

If I pay for my policy premiums for 20 years and don’t die, can my Life cover be paid out to me?

Yes, life cover can cover you for a period of 20 years and after that, you get paid out even if you are still alive.

Life cover will only pay out when you die. But some insurers have cash back options which will allow you to get a portion or all of your premiums back after a specific period.

No, Life cover will not pay me out after 20 years of premium payments, however it will pay the money to my beneficiary.

3 / 10

With death cover, is there a waiting period for suicide?

Yes, 24 months waiting period.

Yes, 60 months waiting period.

No, if you die from suicide you will still be covered at any time.

Yes, 12 months waiting period.

4 / 10

Do insurers offer an monthly disability income benefit instead of a lump sum amount?

No, you need to receive the lump sum and put it away and receive monthly interest on it from the bank.

No, you only get lump sum benefits.

Yes, there are many insurers who offer a disability income benefit which is usually limited to 75% of your current salary.

Yes, there are many insurers who offer a disability income benefit which will match your current monthly salary.

5 / 10

What will happen if I stop paying for my life cover premium?

When you die, your family will be paid out the amount of all the premiums that you have paid.

The lump sum amount which you were supposed to receive will decrease every month by the premium amount which you haven't paid.

Non payment of premiums will mean your policy lapses, all premiums already paid will be forfeited and cover will end immediately.

6 / 10

Is there specific cover for cancer only, as my family are at a higher risk for this disease?

No, cancer is a very common illness and the insurers wont be able to manage this high risk.

Yes, most insurers now offer critical and servere illness cover on their own, like cancer, heart attack, stroke, etc. covers.

No, servere illness cover will cover cancer and other servere illnesses, you need to take servere illness cover.

7 / 10

Can a beneficiary in my will also act as a witness and sign my will?

No, according to our current laws, someone who is a beneficiary in a will cannot sign as a witness to that will.

Yes, this is completely convenient and makes logical sense.

Yes, as long as they understand that their role is more of a beneficiary than a witness should they be called to court for any reason.

8 / 10

What does it mean to have a whole of life benefit?

It means that the benefit will automatically change from a monthly income benefit to a lump sum benefit.

The cover will not end at retirement or at a specific date, you will have this cover right up until the time you die.

The cover is available to you up until your retirement age and after that date your benefits will fall away.

9 / 10

When is the best time to take out Life Cover?

Life cover should be taken out after you turn 21 years as you are officially an adult and you have responsibilities.

Life cover should be taken out after you turn 50 years old, to ensure your family has money to survive in the event of your death.

Life cover should be taken out as soon as possible. The younger you are the lower your premiums will be. Life is uncertain and you want to leave your family some means to take care of themselves.

10 / 10

My comprehensive servere illness cover pays me out for stage 4 cancer. Seven months later, I suffer a servere heart attack. The two events are not related, will I be able to claim again?

Yes, as long as the two illnesses are not related you will be able to claim again.

No you cannot claim as you are only supposed to have one servere illness in your lifetime.

No you cannot claim as you can only claim once from your servere illness policy.

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Are you truly South African? Let’s see how well you know your SA slang!

Known as South Africanism....we have many official languages and yes we sommer combine them to keep things interesting...

1 / 10

It's "carrots" for you

Orange coloured vegetable

Screwed, done over, broken, beaten up

When you think of dieting then change your mind

2 / 10

"Hyayibo"

Are you high?

A greeting with fondness

No ways, I am shocked

3 / 10

"Tsotsi"

We will see

Reliable in everything

Gangster

4 / 10

"Spaza"

Shop

A huge retail store

You telling lies

5 / 10

"Aweh"

Hey, how are you. Greetings

Don’t call me, I will call you

Stay away you too much of work

6 / 10

You "choon"

Chew and then talk

Something to do with music instruments

Talk

7 / 10

Jol?

A party, clubbing, enjoying and having a good time

A whole day of house chores

A serious night with the books to prepare for exams

A gathering of some sorts where we remain silent

8 / 10

Kwaito music

A mixture of South African hip hop, R&B, disco, reggae, house

She has beautiful toes

Music that gives you a headache

9 / 10

"Mielie"

Corn on the cob/maize

Someone going a mile a minute

A long instrument

10 / 10

My "stekkie"

My girlfriend's boyfriend

My girlfriends, girl friends

My girlfriend

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Personal Insurance

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All of your business possessions, ranging from assets and vehicles to liability coverage...

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Provides financial support to beneficiaries in the event of you no longer being around...

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Personal Insurance

All of your personal possessions that you care about and own...

Business Insurance

All of your business possessions, ranging from assets and vehicles to liability coverage...

Financial Planning

Provides financial support to beneficiaries in the event of you no longer being around...

Liability Insurance

All of your business possessions, ranging from assets and vehicles to liability coverage...

Lifestyle

Every aspect of your everyday life and the risks you might face....

OTHER SERVICES

Our firm specializes in providing comprehensive accounting and tax services designed to support both individuals and companies.We offer personalised solutions to ensure financial accuracy and efficiency, including bookkeeping, financial statement preparation, tax planning, and compliance. ...

COMPANY

RESOURCES

HELP CENTRE

QUIZ

Insurance 101 Quiz? Let’s do it.

Our Client Education Quizzes

Insurance 101

Insurance 201

Life Insurance 101

Fun

Please rate this quiz

Please rate this quiz

Please rate this quiz

Please rate this quiz

Quick Poll

Do you think that insurance client education is important?

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Our firm specializes in providing comprehensive accounting and tax services designed to support both individuals and companies.
We offer personalised solutions to ensure financial accuracy and efficiency, including bookkeeping, financial statement preparation, tax planning, and compliance. ...

Our firm specializes in providing comprehensive accounting and tax services designed to support both individuals and companies.
We offer personalised solutions to ensure financial accuracy and efficiency, including bookkeeping, financial statement preparation, tax planning, and compliance. ...