Insuring against risk | Financial education | Quizalize & Oak National Academy

Starter quiz

A shop owner buys items and then sells them for a 12.5% profit. If the shop owner buys a vintage guitar for £4560, what does he sell it for?
- '£5130' ✓
A shop owner buys items and then sells them for a 12.5% profit. If the shop owner buys a vintage guitar for £4560, what is his profit?
- '£570' ✓
A company's stock price increased by 7.8% in one day. If the original price was £52.50 per share, what is the new price per share?
- '£56.60' ✓
A video game originally priced at £45.99 is on sale for 17.5% off. What is the sale price of the game?
- '£37.94' ✓
Sam puts £230.50 into a variable high interest savings account. By the end of the month, this had increased by around 12.3%. How much does Sam now have?
- '£258.85' ✓
A car was bought for £10 499. Over the year, its value depreciated by 4.6%. How much is the car now worth? Give your answer to the nearest pound.
- '£10 016' ✓

______ is a means of protection from financial loss.
- 'Insurance' ✓
Which of the following does third party insurance cover?
- Damage to someone else's vehicle ✓
- Damage to your own vehicle
- Injury you cause to others ✓
- Injury caused to your passengers ✓
- Theft
Which of the following does employer's liability insurance cover?
- Compensation to an employee injured due to work ✓
- Compensation to an employee who is ill due to work ✓
- Redundancy pay to an employee
- Damage to an employee's property while at work
- Damage to company property caused by an employee
Select the insurance types that help to protect you from financial loss if your vehicle is stolen.
- Comprehensive ✓
- Third party, fire and theft ✓
- Third party
If comprehensive cover offers the best coverage, what is the most likely reason that other types of insurance exist?
- Not everyone wants to be fully covered.
- Damaging another vehicle and not your own is more likely.
- Comprehensive cover is too good.
- Comprehensive insurance may be too expensive. ✓
- Some insurers refuse to give comprehensive coverage.
Which types of insurance are legally required in the UK?
- Buildings insurance
- Employer’s liability insurance ✓
- Motor insurance - comprehensive
- Motor insurance - third party ✓
- Motor insurance - third party, fire and theft

Loading worksheet ...

Loading presentation ...

I know that certain types of insurance are a legal requirement and that others are voluntary.
I can assess different types of legally required insurance.
Insurance can play a role in maintaining financial security.

Insurance is optional.

In most cases insurance is indeed optional. However, some types of insurance are legally required.