1. Your roof is destroyed by hail, and the replacement cost for an new roof is $20,000. Your roof was expected to last for 25 years and is 15 years old. Given this information, what is the actual cash value of the damage?

1. $6,000
2. $8,000
3. $5,000
4. $12,000

3. You have a major medical policy with a $1,000 deductible and an 80/20 co-insurance(co-pay). How much would your insurance pay on a $50,000 medical bill?

A. Less than $40,000

B. $46,000

C. $40,500

D. $46,500

4. Same coverage as #3, except the medical bill is $8,000.

A. $6,600

B. $5,600

C. $4,000

D. $6,000

6. You have an auto liability policy with 25/50/15 limits. If you are at fault and injure 2 people causing bodily injury losses of $75,000, and property damage of $25,000. How much of these losses is not covered by your insurance?

A. $55,000

B. $65,000

C. $45,000

D. $35,000