Question 1

The similarity between disability income and long-term care insurance is

Accepted Answer

A) they both require proof of income. 
B) they both have a waiting period. 
C) they both provide a death benefit. 
D) they both extend benefits beyond age 65. 
A) they both require proof of income. 
B) they both have a waiting period. 
C) they both provide a death benefit. 
D) they both extend benefits beyond age 65.

Question 2

Non-forfeiture options allow you to re-instate your term insurance if you lapse the policy accidentally and have no medical conditions.

Accepted Answer

A) True 
 B)False

Question 3

Over 30 percent of Canadians over age 65 receive some kind of kind of care due to long-term health problems.

Accepted Answer

A) True 
 B)False

Question 4

The major underwriting factors of life insurance are age,sex,smoking status,driving record,and other health and lifestyle considerations.

Accepted Answer

A) True 
 B)False

Question 5

What happens if a policyholder with a universal life insurance policy misses a payment?

Accepted Answer

A) The policy is terminated after 30 days. 
B) The cash value is refunded and the policy terminated. 
C) Funds are withdrawn from the cash value to pay the premium. 
D) The policy is terminated after 60 days. 
A) The policy is terminated after 30 days. 
B) The cash value is refunded and the policy terminated. 
C) Funds are withdrawn from the cash value to pay the premium. 
D) The policy is terminated after 60 days.

Question 6

What principles must the provinces and territories meet to qualify for the full Canada Heath Transfer?

Accepted Answer

A) Public administration,accountability,universality,portability and accessibility 
B) Public administration,comprehensiveness,universality,portability and accessibility 
C) Public administration,comprehensiveness,universality,accountability and accessibility 
D) Public administration,fairness,portability,universality and comprehensiveness 
A) Public administration,accountability,universality,portability and accessibility 
B) Public administration,comprehensiveness,universality,portability and accessibility 
C) Public administration,comprehensiveness,universality,accountability and accessibility 
D) Public administration,fairness,portability,universality and comprehensiveness

Question 7

Which of the following is the most important consideration in deciding on creditor insurance versus personally owned life insurance?

Accepted Answer

A) Who the beneficiary is 
B) Who the creditor is 
C) What the face amount is 
D) What the term is 
A) Who the beneficiary is 
B) Who the creditor is 
C) What the face amount is 
D) What the term is

Question 8

Employee group health insurance policies do not commonly offer

Accepted Answer

A) critical illness insurance. 
B) employee assistance programs. 
C) health insurance coverage for family members. 
D) life insurance. 
A) critical illness insurance. 
B) employee assistance programs. 
C) health insurance coverage for family members. 
D) life insurance.

Question 9

After the incontestability period a life insurance policy cannot be cancelled by the insurance company.

Accepted Answer

A) True 
 B)False

Question 10

A disadvantage of whole life policies is that

Accepted Answer

A) the premiums are not predictable. 
B) the premiums are higher than for term policies. 
C) the face value of the policy can change over time. 
D) the cash value is not available to policy owners. 
A) the premiums are not predictable. 
B) the premiums are higher than for term policies. 
C) the face value of the policy can change over time. 
D) the cash value is not available to policy owners.

Question 11

If you become disabled while employed and have disability insurance coverage,what types of resources might you have to cover you during the waiting period?

Accepted Answer

A VARIETY OF POSSIBILITIES:
Short-term d

Question 12

An individual covered by disability insurance who has recently recovered and is returning to work after receiving benefits would be most concerned with

Accepted Answer

A) the waiting period. 
B) the benefit period. 
C) the guaranteed renewable provision. 
D) the non-cancellable provision. 
A) the waiting period. 
B) the benefit period. 
C) the guaranteed renewable provision. 
D) the non-cancellable provision.

Question 13

When calculating the amount of life insurance premiums,underwriters of life insurance would not be concerned with

Accepted Answer

A) the amount of coverage you desire. 
B) your age when you take out the policy. 
C) your health habits. 
D) the length of time you plan to keep the coverage. 
A) the amount of coverage you desire. 
B) your age when you take out the policy. 
C) your health habits. 
D) the length of time you plan to keep the coverage.

Question 14

From the employer's perspective,describe four advantages for group health insurance plans.

Accepted Answer

(1)Provide owners with the opportunity t

Question 15

The best description for a "participating policy" is that the owner is

Accepted Answer

A) entitled to receive a share of the net operating profits of the insurance company. 
B) entitled to receive a refund when the insurance company has overcharged on premiums. 
C) entitled to receive dividends paid on the common stock of the insurance company. 
D) entitled to refunds from extra premiums from policyholders who have cancelled their policies. 
A) entitled to receive a share of the net operating profits of the insurance company. 
B) entitled to receive a refund when the insurance company has overcharged on premiums. 
C) entitled to receive dividends paid on the common stock of the insurance company. 
D) entitled to refunds from extra premiums from policyholders who have cancelled their policies.

Question 16

The income method,used to calculate your life insurance coverage,multiplies your current annual income by

Accepted Answer

A) your expenses per month. 
B) the number of your dependents. 
C) an arbitrary number,such as 10. 
D) a present value factor of your future income earning potential. 
A) your expenses per month. 
B) the number of your dependents. 
C) an arbitrary number,such as 10. 
D) a present value factor of your future income earning potential.

Question 17

Which of the following is True about disability insurance?

Accepted Answer

A) For most people,their emergency fund would look after them if they became disabled for a time. 
B) Most people have excellent disability insurance coverage from their group insurance at work. 
C) People under age 35 recover quickly and are less likely to become disabled than older people. 
D) Becoming disabled could be more financially devastating than losing your home. 
A) For most people,their emergency fund would look after them if they became disabled for a time. 
B) Most people have excellent disability insurance coverage from their group insurance at work. 
C) People under age 35 recover quickly and are less likely to become disabled than older people. 
D) Becoming disabled could be more financially devastating than losing your home.

Question 18

Employment Insurance (EI)does not provide adequate coverage for a long-term disability because

Accepted Answer

A) it provides benefits for only a 15-week period. 
B) it provides only 20 percent of regular income for the insured. 
C) it takes a long time to process the application. 
D) it is only payable in extreme cases of disability. 
A) it provides benefits for only a 15-week period. 
B) it provides only 20 percent of regular income for the insured. 
C) it takes a long time to process the application. 
D) it is only payable in extreme cases of disability.

Question 19

What is the most important difference between universal life (UL)insurance and whole life (WL)insurance?

Accepted Answer

A) With WL the policy would terminate after 30 days if a premium is missed. 
B) With UL the policy owner is responsible for selecting the investments. 
C) With WL the policy owner is responsible for selecting the investments. 
D) With UL the policy would terminate after 30 days if a premium is missed. 
A) With WL the policy would terminate after 30 days if a premium is missed. 
B) With UL the policy owner is responsible for selecting the investments. 
C) With WL the policy owner is responsible for selecting the investments. 
D) With UL the policy would terminate after 30 days if a premium is missed.

Question 20

A disadvantage of term insurance is

Accepted Answer

A) that it becomes more expensive when you renew it. 
B) the incontestability period. 
C) the policy owner must make the investment decisions. 
D) it might not be renewed if you develop a life threatening illness. 
A) that it becomes more expensive when you renew it. 
B) the incontestability period. 
C) the policy owner must make the investment decisions. 
D) it might not be renewed if you develop a life threatening illness.

The similarity between disability income and long-term care insurance is

Non-forfeiture options allow you to re-instate your term insurance if you lapse the policy accidentally and have no medical conditions.

Over 30 percent of Canadians over age 65 receive some kind of kind of care due to long-term health problems.

The major underwriting factors of life insurance are age,sex,smoking status,driving record,and other health and lifestyle considerations.

What happens if a policyholder with a universal life insurance policy misses a payment?

What principles must the provinces and territories meet to qualify for the full Canada Heath Transfer?

Which of the following is the most important consideration in deciding on creditor insurance versus personally owned life insurance?

Employee group health insurance policies do not commonly offer

After the incontestability period a life insurance policy cannot be cancelled by the insurance company.

A disadvantage of whole life policies is that

If you become disabled while employed and have disability insurance coverage,what types of resources might you have to cover you during the waiting period?

An individual covered by disability insurance who has recently recovered and is returning to work after receiving benefits would be most concerned with

When calculating the amount of life insurance premiums,underwriters of life insurance would not be concerned with

From the employer's perspective,describe four advantages for group health insurance plans.

The best description for a "participating policy" is that the owner is

The income method,used to calculate your life insurance coverage,multiplies your current annual income by

Which of the following is True about disability insurance?

Employment Insurance (EI)does not provide adequate coverage for a long-term disability because

What is the most important difference between universal life (UL)insurance and whole life (WL)insurance?

A disadvantage of term insurance is

Overview of a Financial Plan

Tools for Financial Planning - Applying Time Value Concepts

Tools for Financial Planning - Planning with Personal Financial Statements

Tools for Financial Planning - Using Tax Concepts for Planning

Managing Your Financial Resources - Banking Services and Managing Your Money

Managing Your Financial Resources - Assessing, Managing, and Securing Your Credit

Managing Your Financial Resources - Purchasing and Financing a Home

Protecting Your Wealth - Auto and Homeowner's Insurance

Personal Investing - Investing Fundamentals

Personal Investing - Investing in Stocks

Personal Investing - Investing in Bonds

Personal Investing - Investing in Mutual Funds

Retirement and Estate Planning - Retirement Planning

Retirement and Estate Planning - Estate Planning

Synthesis of Financial Planning - Integrating the Components of a Financial Plan

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Exam 9: Protecting Your Wealth - Health and Life Insurance

The similarity between disability income and long-term care insurance is

Non-forfeiture options allow you to re-instate your term insurance if you lapse the policy accidentally and have no medical conditions.

Over 30 percent of Canadians over age 65 receive some kind of kind of care due to long-term health problems.

The major underwriting factors of life insurance are age,sex,smoking status,driving record,and other health and lifestyle considerations.

What happens if a policyholder with a universal life insurance policy misses a payment?

What principles must the provinces and territories meet to qualify for the full Canada Heath Transfer?

Which of the following is the most important consideration in deciding on creditor insurance versus personally owned life insurance?

Employee group health insurance policies do not commonly offer

After the incontestability period a life insurance policy cannot be cancelled by the insurance company.

A disadvantage of whole life policies is that

If you become disabled while employed and have disability insurance coverage,what types of resources might you have to cover you during the waiting period?

An individual covered by disability insurance who has recently recovered and is returning to work after receiving benefits would be most concerned with

When calculating the amount of life insurance premiums,underwriters of life insurance would not be concerned with

From the employer's perspective,describe four advantages for group health insurance plans.

The best description for a "participating policy" is that the owner is

The income method,used to calculate your life insurance coverage,multiplies your current annual income by

Which of the following is True about disability insurance?

Employment Insurance (EI)does not provide adequate coverage for a long-term disability because

What is the most important difference between universal life (UL)insurance and whole life (WL)insurance?

A disadvantage of term insurance is

Overview of a Financial Plan

Tools for Financial Planning - Applying Time Value Concepts

Tools for Financial Planning - Planning with Personal Financial Statements

Tools for Financial Planning - Using Tax Concepts for Planning

Managing Your Financial Resources - Banking Services and Managing Your Money

Managing Your Financial Resources - Assessing, Managing, and Securing Your Credit

Managing Your Financial Resources - Purchasing and Financing a Home

Protecting Your Wealth - Auto and Homeowner's Insurance

Personal Investing - Investing Fundamentals

Personal Investing - Investing in Stocks

Personal Investing - Investing in Bonds

Personal Investing - Investing in Mutual Funds

Retirement and Estate Planning - Retirement Planning

Retirement and Estate Planning - Estate Planning

Synthesis of Financial Planning - Integrating the Components of a Financial Plan

Filters