Question 1

Statisticians who specialize in estimating the probability of death based on personal characteristics are called

Accepted Answer

A)  morbidity analysts. 
B)  actuaries. 
C)  insurance analysts. 
D)  morbidity statisticians. 
E)  none of the above 
A)  morbidity analysts. 
B)  actuaries. 
C)  insurance analysts. 
D)  morbidity statisticians. 
E)  none of the above

Question 2

It should be everyone's goal to become self-insured when it comes to Life insurance. Explain how and why this should be?

Accepted Answer

When most people are young, they have ne

Question 3

Convertible term life insurance can be converted into cash-value life insurance, depending on the insured's medical condition pending a medical exam.

Accepted Answer

A) True 
 B)False

Question 4

Your insurance's copayment and deductible are the expenses that the insured must pay before the insurance company will pay any benefits.

Accepted Answer

A) True 
 B)False

Question 5

Tell about the pros of group term life insurance.

Accepted Answer

Group term life is often less expensive

Question 6

Briefly explain the different types of health insurance.

Accepted Answer

Most health insurance is basic health in

Question 7

Life insurance and health insurance are designed to transfer the catastrophic risk you can't afford to keep onto the insurance companies.

Accepted Answer

A) True 
 B)False

Question 8

An employer-sponsored medical plan that allows each employee to have pretax earnings deposited into a specially designated account for the purposes of paying specific types of expenses is called a

Accepted Answer

A)  flexible spending account. 
B)  medical emergency account. 
C)  medical contingency account. 
D)  pre-tax contingency account. 
E)  none of the above 
A)  flexible spending account. 
B)  medical emergency account. 
C)  medical contingency account. 
D)  pre-tax contingency account. 
E)  none of the above

Question 9

Explain the purpose of the government-sponsored health care plans.

Accepted Answer

Worker's Compensation plans are governed

Question 10

The nonforfeiture right gives the policyholder the cash value of the policy in exchange for the policyholder giving up his or her right to a death benefit.

Accepted Answer

A) True 
 B)False

Question 11

Briefly explain the four common settlement options.

Accepted Answer

1.The lump-sum settlement gives a benefi

Question 12

Describe the major difference between renewable term and group term versus decreasing term and credit/mortgage group life insurance.

Accepted Answer

Renewable term and group term are genera

Question 13

Why is long-term care insurance needed?

Accepted Answer

A)  It is not covered by major medical insurance. 
B)  It is not covered under Medicare. 
C)  Life expectancies have increased. 
D)  all of the above 
E)  none of the above 
A)  It is not covered by major medical insurance. 
B)  It is not covered under Medicare. 
C)  Life expectancies have increased. 
D)  all of the above 
E)  none of the above

Question 14

Policy provisions sometimes exclude certain illnesses or injuries; in fact, maternity expenses are also sometimes excluded.

Accepted Answer

A) True 
 B)False

Question 15

Suppose that your husband was killed in a bank robbery. Which of the following is not one of the typical settlement options that would be available?

Accepted Answer

A)  installment-payments 
B)  interest-only 
C)  conversion of spousal insurance 
D)  lump-sum 
E)  life annuity 
A)  installment-payments 
B)  interest-only 
C)  conversion of spousal insurance 
D)  lump-sum 
E)  life annuity

Question 16

The relationship between insurance premiums and deductibles is an inverse relationship; in that, ________.

Accepted Answer

A)  the higher the deductible the lower the annual premium 
B)  the higher the deductible the higher the annual premium 
A)  the higher the deductible the lower the annual premium 
B)  the higher the deductible the higher the annual premium

Question 17

Dental, eye, dread disease, and accident insurance are great to have if they are provided by your employer. Why not purchase insurance for them if they are not free at work?

Accepted Answer

Dental and eye expenses are relatively r

Question 18

Andrew and Alice have health issues that may be passed on to their children. When the children are born would they be wise to obtain life insurance immediately on the infants prior to any of the medical conditions arising?

Accepted Answer

A)  Yes, this would be wise as the infant is not likely to have to pass a physical exam. 
B)  No, they should wait until the child is an adult and let him or her decide if she or he wants insurance. 
A)  Yes, this would be wise as the infant is not likely to have to pass a physical exam. 
B)  No, they should wait until the child is an adult and let him or her decide if she or he wants insurance.

Question 19

Suppose that you wanted to purchase insurance that is sold by a private insurance company that will help bridge the gap in your Medicare coverage. You would purchase what type of insurance?

Accepted Answer

A)  Medicare Additional insurance 
B)  Medigap insurance 
C)  Medicare Plus insurance 
D)  Medicare Bridge insurance 
E)  none of the above 
A)  Medicare Additional insurance 
B)  Medigap insurance 
C)  Medicare Plus insurance 
D)  Medicare Bridge insurance 
E)  none of the above

Question 20

Define policy rider and describe the purpose of the five basic ones.

Accepted Answer

A rider is a special provision that may

Statisticians who specialize in estimating the probability of death based on personal characteristics are called

It should be everyone's goal to become self-insured when it comes to Life insurance. Explain how and why this should be?

Convertible term life insurance can be converted into cash-value life insurance, depending on the insured's medical condition pending a medical exam.

Your insurance's copayment and deductible are the expenses that the insured must pay before the insurance company will pay any benefits.

Tell about the pros of group term life insurance.

Briefly explain the different types of health insurance.

Life insurance and health insurance are designed to transfer the catastrophic risk you can't afford to keep onto the insurance companies.

An employer-sponsored medical plan that allows each employee to have pretax earnings deposited into a specially designated account for the purposes of paying specific types of expenses is called a

Explain the purpose of the government-sponsored health care plans.

The nonforfeiture right gives the policyholder the cash value of the policy in exchange for the policyholder giving up his or her right to a death benefit.

Briefly explain the four common settlement options.

Describe the major difference between renewable term and group term versus decreasing term and credit/mortgage group life insurance.

Why is long-term care insurance needed?

Policy provisions sometimes exclude certain illnesses or injuries; in fact, maternity expenses are also sometimes excluded.

Suppose that your husband was killed in a bank robbery. Which of the following is not one of the typical settlement options that would be available?

The relationship between insurance premiums and deductibles is an inverse relationship; in that, ________.

Dental, eye, dread disease, and accident insurance are great to have if they are provided by your employer. Why not purchase insurance for them if they are not free at work?

Andrew and Alice have health issues that may be passed on to their children. When the children are born would they be wise to obtain life insurance immediately on the infants prior to any of the medical conditions arising?

Suppose that you wanted to purchase insurance that is sold by a private insurance company that will help bridge the gap in your Medicare coverage. You would purchase what type of insurance?

Define policy rider and describe the purpose of the five basic ones.

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: The Role of Open Credit

Using Consumer Loans: The Role of Planned Borrowing

The Home and Automobile Decision

Property and Liability Insurance

Investment Basics

Securities Markets

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: An Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Events Fitting the Pieces Together

Filters

Exam 9: Life and Health Insurance

Statisticians who specialize in estimating the probability of death based on personal characteristics are called

It should be everyone's goal to become self-insured when it comes to Life insurance. Explain how and why this should be?

Convertible term life insurance can be converted into cash-value life insurance, depending on the insured's medical condition pending a medical exam.

Your insurance's copayment and deductible are the expenses that the insured must pay before the insurance company will pay any benefits.

Tell about the pros of group term life insurance.

Briefly explain the different types of health insurance.

Life insurance and health insurance are designed to transfer the catastrophic risk you can't afford to keep onto the insurance companies.

An employer-sponsored medical plan that allows each employee to have pretax earnings deposited into a specially designated account for the purposes of paying specific types of expenses is called a

Explain the purpose of the government-sponsored health care plans.

The nonforfeiture right gives the policyholder the cash value of the policy in exchange for the policyholder giving up his or her right to a death benefit.

Briefly explain the four common settlement options.

Describe the major difference between renewable term and group term versus decreasing term and credit/mortgage group life insurance.

Why is long-term care insurance needed?

Policy provisions sometimes exclude certain illnesses or injuries; in fact, maternity expenses are also sometimes excluded.

Suppose that your husband was killed in a bank robbery. Which of the following is not one of the typical settlement options that would be available?

The relationship between insurance premiums and deductibles is an inverse relationship; in that, ________.

Dental, eye, dread disease, and accident insurance are great to have if they are provided by your employer. Why not purchase insurance for them if they are not free at work?

Andrew and Alice have health issues that may be passed on to their children. When the children are born would they be wise to obtain life insurance immediately on the infants prior to any of the medical conditions arising?

Suppose that you wanted to purchase insurance that is sold by a private insurance company that will help bridge the gap in your Medicare coverage. You would purchase what type of insurance?

Define policy rider and describe the purpose of the five basic ones.

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: The Role of Open Credit

Using Consumer Loans: The Role of Planned Borrowing

The Home and Automobile Decision

Property and Liability Insurance

Investment Basics

Securities Markets

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: An Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Events Fitting the Pieces Together

Filters