Question 1

According to the Affordable Care Act,children are allowed to stay on their parents insurance policy until they turn

Accepted Answer

A) 21. 
B) 22. 
C) 24. 
D) 26. 
A) 21. 
B) 22. 
C) 24. 
D) 26.

Question 2

Congress worked diligently in 2010 to pass a health care bill designed to make sure that almost all Americans have health insurance coverage.What is the official name of this act?

Accepted Answer

A) Obamacare 
B) American Insurance All Act 
C) Patient Protection and Affordable Care Act 
D) None of the above 
A) Obamacare 
B) American Insurance All Act 
C) Patient Protection and Affordable Care Act 
D) None of the above

Question 3

Short-term disability insurance generally provides benefits on disabilities from ________ after a short wait of ________ days.

Accepted Answer

A) one day to three months;zero 
B) 30 days to three months;7 
C) three month to six months;8 to 10 
D) six months to two years;8 to 30 
E) none of the above 
A) one day to three months;zero 
B) 30 days to three months;7 
C) three month to six months;8 to 10 
D) six months to two years;8 to 30 
E) none of the above

Question 4

With decreasing term insurance,each time the term insurance is renewed the premium decreases.

Accepted Answer

A) True 
 B)False

Question 5

List the plans and payment percentages offered in the Health Insurance Marketplace.

Accepted Answer

Bronze: Your plan pays 60 percent,you pa

Question 6

The individual designated by the owner of the life insurance policy to receive the policy's proceeds upon the death of the insured is called the

Accepted Answer

A) policy holder. 
B) beneficiary. 
C) insured. 
D) actuary. 
A) policy holder. 
B) beneficiary. 
C) insured. 
D) actuary.

Question 7

How does the concept of "opting out" work?

Accepted Answer

An employer may offer employees a cash i

Question 8

The advantage of whole life insurance is that it is generally cheaper than term life insurance per dollar of coverage.

Accepted Answer

A) True 
 B)False

Question 9

You needed to cover a $100,000 per year income stream for 15 years with an insurance policy.If you feel like you you can get a 6% return after taxes and inflation,what should be the value of that policy today?

Accepted Answer

A) $1,500,000 
B) $971,224.90 
C) $1,146,992.12 
D) $872,345.98 
A) $1,500,000 
B) $971,224.90 
C) $1,146,992.12 
D) $872,345.98

Question 10

All of the following are true regarding Health Savings Accounts except

Accepted Answer

A) they allow individuals to pay for current health care expenses on a tax-free basis. 
B) they allow individuals to save for future health care expenses on a tax-free basis. 
C) balances in HSAs earn interest before they are spent. 
D) unspent HSA funds are lost as the end of the year. 
A) they allow individuals to pay for current health care expenses on a tax-free basis. 
B) they allow individuals to save for future health care expenses on a tax-free basis. 
C) balances in HSAs earn interest before they are spent. 
D) unspent HSA funds are lost as the end of the year.

Question 11

Why are so many people without disability insurance?

Accepted Answer

A) Employers don't supply it. 
B) People don't know about it. 
C) The price is prohibitive for most people. 
D) They cannot qualify for it. 
E) It may not be available in their state. 
A) Employers don't supply it. 
B) People don't know about it. 
C) The price is prohibitive for most people. 
D) They cannot qualify for it. 
E) It may not be available in their state.

Question 12

Javier Jimenez was pleasantly surprised to find out that within three to five years after expiration of a previous life insurance policy,he can

Accepted Answer

A) change beneficiaries. 
B) void the grace period. 
C) reinstate the policy subject to current qualifications. 
D) change the incontestability clause. 
E) both A and D above. 
A) change beneficiaries. 
B) void the grace period. 
C) reinstate the policy subject to current qualifications. 
D) change the incontestability clause. 
E) both A and D above.

Question 13

Rick and Susan are looking to buy insurance to cover Rick's salary since Susan is a stay-at-home mom to their three children.Rick's salary is $120,000 per yer and they feel like they would need to replace this for 20 years until the children are out of school.If they believe they can get a 4.5% return after taxes and inflation,what are their insurance needs today?

Accepted Answer

A) $2,400,000 
B) $1,493,798 
C) $1,200,000 
D) $1,248,761 
A) $2,400,000 
B) $1,493,798 
C) $1,200,000 
D) $1,248,761

Question 14

According to the Keown book,which statement(s)reflect(s)the purpose of the Affordable Care Act?
I.Improve quality and lower costs of health insurance
II.Provide new consumer protections
III.Minimize discrepancies in pre-existing condition costs
IV.Increase access to affordable health care
V.Hold insurance companies accountable

Accepted Answer

A) I Only 
B) I,II,and V 
C) I,III,and IV 
D) I,II,IV,and V 
E) I,II,III,IV,and V 
A) I Only 
B) I,II,and V 
C) I,III,and IV 
D) I,II,IV,and V 
E) I,II,III,IV,and V

Question 15

Using the earnings multiple approach calculate how much life insurance Heather and Robert need to take out on Heather.She earns $80,000 and is 37 years old.They want coverage until she retires at age 67.Robert is sure he can get an annual rate of return on the policy settlement of 8%.They have no children.

Accepted Answer

A) $1,004,227 
B) $997,553 
C) $854,214 
D) $630,417 
E) None of the above 
A) $1,004,227 
B) $997,553 
C) $854,214 
D) $630,417 
E) None of the above

Question 16

The earnings multiple approach is based on the notion that you want to replace a stream of annual income that's lost due to the death of a breadwinner.

Accepted Answer

A) True 
 B)False

Question 17

Upon examining her life insurance policy,Sylvia found the cash value amount to be fixed rather than dependent upon other variables.Sylvia has a ________ insurance policy.

Accepted Answer

A) whole life 
B) term life 
C) decreasing term 
D) variable life 
E) universal life 
A) whole life 
B) term life 
C) decreasing term 
D) variable life 
E) universal life

Question 18

The coverage grace period gives you an extension of generally ________ in which to make your premium payment without cancelling your policy.

Accepted Answer

A) 15 days 
B) 30 days 
C) 45 days 
D) 60 days 
A) 15 days 
B) 30 days 
C) 45 days 
D) 60 days

Question 19

The ________ rider increases your death benefits at the same rate as inflation without forcing you to complete a new medical exam.

Accepted Answer

A) waiver of premium for disability 
B) living benefits 
C) cost-of-living adjustment (COL
A)  
D) guaranteed insurability 
E) accidental death benefit 
A) waiver of premium for disability 
B) living benefits 
C) cost-of-living adjustment (COL
A)  
D) guaranteed insurability 
E) accidental death benefit

Question 20

What can each of us do in our personal lives to control health care costs?

Accepted Answer

We can stay healthier by adopting and li

According to the Affordable Care Act,children are allowed to stay on their parents insurance policy until they turn

Congress worked diligently in 2010 to pass a health care bill designed to make sure that almost all Americans have health insurance coverage.What is the official name of this act?

Short-term disability insurance generally provides benefits on disabilities from after a short wait of days.

With decreasing term insurance,each time the term insurance is renewed the premium decreases.

List the plans and payment percentages offered in the Health Insurance Marketplace.

The individual designated by the owner of the life insurance policy to receive the policy's proceeds upon the death of the insured is called the

How does the concept of "opting out" work?

The advantage of whole life insurance is that it is generally cheaper than term life insurance per dollar of coverage.

You needed to cover a $100,000 per year income stream for 15 years with an insurance policy.If you feel like you you can get a 6% return after taxes and inflation,what should be the value of that policy today?

All of the following are true regarding Health Savings Accounts except

Why are so many people without disability insurance?

Javier Jimenez was pleasantly surprised to find out that within three to five years after expiration of a previous life insurance policy,he can

The earnings multiple approach is based on the notion that you want to replace a stream of annual income that's lost due to the death of a breadwinner.

Upon examining her life insurance policy,Sylvia found the cash value amount to be fixed rather than dependent upon other variables.Sylvia has a ________ insurance policy.

The coverage grace period gives you an extension of generally ________ in which to make your premium payment without cancelling your policy.

The ________ rider increases your death benefits at the same rate as inflation without forcing you to complete a new medical exam.

What can each of us do in our personal lives to control health care costs?

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

Student and Consumer Loans: the Role of Planned Borrowing

The Home and Automobile Decision

Property and Liability Insurance

Investment Basics

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 Eventsfitting the Pieces Together

Filters

Exam 9: Life and Health Insurance

According to the Affordable Care Act,children are allowed to stay on their parents insurance policy until they turn

Congress worked diligently in 2010 to pass a health care bill designed to make sure that almost all Americans have health insurance coverage.What is the official name of this act?

Short-term disability insurance generally provides benefits on disabilities from ________ after a short wait of ________ days.

With decreasing term insurance,each time the term insurance is renewed the premium decreases.

List the plans and payment percentages offered in the Health Insurance Marketplace.

The individual designated by the owner of the life insurance policy to receive the policy's proceeds upon the death of the insured is called the

How does the concept of "opting out" work?

The advantage of whole life insurance is that it is generally cheaper than term life insurance per dollar of coverage.

You needed to cover a $100,000 per year income stream for 15 years with an insurance policy.If you feel like you you can get a 6% return after taxes and inflation,what should be the value of that policy today?

All of the following are true regarding Health Savings Accounts except

Why are so many people without disability insurance?

Javier Jimenez was pleasantly surprised to find out that within three to five years after expiration of a previous life insurance policy,he can

The earnings multiple approach is based on the notion that you want to replace a stream of annual income that's lost due to the death of a breadwinner.

Upon examining her life insurance policy,Sylvia found the cash value amount to be fixed rather than dependent upon other variables.Sylvia has a ________ insurance policy.

The coverage grace period gives you an extension of generally ________ in which to make your premium payment without cancelling your policy.

The ________ rider increases your death benefits at the same rate as inflation without forcing you to complete a new medical exam.

What can each of us do in our personal lives to control health care costs?

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

Student and Consumer Loans: the Role of Planned Borrowing

The Home and Automobile Decision

Property and Liability Insurance

Investment Basics

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 Eventsfitting the Pieces Together

Filters

Short-term disability insurance generally provides benefits on disabilities from after a short wait of days.