Question 1

A.M.Best,Standard & Poor's,Moody's,and Weiss perform a vital service for the insurance industry.What do they do?

Accepted Answer

A) They rate the quality level and performance of each company. 
B) They tell you the best price deals. 
C) They provide information on the best policies. 
D) They provide a listing of all agents. 
E) They provide a listing of all agents who have violated insurance laws. 
A) They rate the quality level and performance of each company. 
B) They tell you the best price deals. 
C) They provide information on the best policies. 
D) They provide a listing of all agents. 
E) They provide a listing of all agents who have violated insurance laws.

Question 2

The money that the policy holder is entitled to if the policy is terminated is known as the face value.

Accepted Answer

A) True 
 B)False

Question 3

Currently only 10% of Americans receive some type of government health care entitlements such as Medicaid or Medicare.

Accepted Answer

A) True 
 B)False

Question 4

Riley knows her ex-husband would not think about taking out a life insurance policy on himself to protect their two children in the event of his untimely death.As a result,Riley is taking out a policy on him and paying for it herself.That makes Riley the ________ and her children are the ________.

Accepted Answer

A) insured;policy holders 
B) policy owner;beneficiaries 
C) beneficiary;policy holders 
D) insured;policy owners 
E) none of the above 
A) insured;policy holders 
B) policy owner;beneficiaries 
C) beneficiary;policy holders 
D) insured;policy owners 
E) none of the above

Question 5

Under a traditional indemnity plan,most of your expenses are already covered and don't need to be reimbursed,but you're limited to receiving health care from a specified group of participating providers.

Accepted Answer

A) True 
 B)False

Question 6

Your health care coverage is with a PPO.For approved,in-network providers your deductible is $500 and your coinsurance provision is 80%.For out-of-network providers,your deductible is $1,000 and your coinsurance provision is 70%.Assume there is no co-pay provision and you have no other claims this calendar year.You have decided to go to a specialist that is not in the network and the bill is $1,400.How much will you have to pay out-of-pocket?

Accepted Answer

A) $1,400 
B) $1,120 
C) $420 
D) $1,320 
A) $1,400 
B) $1,120 
C) $420 
D) $1,320

Question 7

Which of the following statements is true about individual health care policies versus group healthcare policies?

Accepted Answer

A) You may be required to take a physical exam. 
B) They tend to be less costly than group plans. 
C) You may need one as a supplement to your group policy. 
D) They are tailor-made for you. 
E) All but B are correct. 
A) You may be required to take a physical exam. 
B) They tend to be less costly than group plans. 
C) You may need one as a supplement to your group policy. 
D) They are tailor-made for you. 
E) All but B are correct.

Question 8

Compared to those of normal weight,the 34 percent of Americans who are considered obese incur $1,429 per year in additional medical costs,and the average hospital bill for a heart attack is $54,400.

Accepted Answer

A) True 
 B)False

Question 9

Hospital insurance is generally part of every insurance plan.It covers the costs associated with a hospital stay including

Accepted Answer

A) room charges. 
B) nursing costs. 
C) drugs supplied by the hospital. 
D) All of the above are correct. 
E) Only A and B are correct. 
A) room charges. 
B) nursing costs. 
C) drugs supplied by the hospital. 
D) All of the above are correct. 
E) Only A and B are correct.

Question 10

Cash-value insurance is any policy that provides both a death benefit and an opportunity to accumulate cash value.

Accepted Answer

A) True 
 B)False

Question 11

Cash value policies include a ________ clause that allows you to borrow against the cash value of the policy.

Accepted Answer

A) reinstatement 
B) liquidity 
C) loan 
D) grace period 
A) reinstatement 
B) liquidity 
C) loan 
D) grace period

Question 12

A method of determining how much life insurance you require based on funds your family would require to maintain its lifestyle after your death is called the

Accepted Answer

A) earnings multiple approach. 
B) needs approach. 
C) cash liquidity approach. 
D) funds analysis approach. 
E) none of the above. 
A) earnings multiple approach. 
B) needs approach. 
C) cash liquidity approach. 
D) funds analysis approach. 
E) none of the above.

Question 13

Provide seven tips on shopping for any health care insurance.

Accepted Answer

1.Enroll in your group plan at work.
2.I

Question 14

The difference between an individual practice association plan (IPA)and a group practice plan is that

Accepted Answer

A) an IPA is made up of a group of independent doctors who work out of their own offices;while a group practice plan confines doctors to the same central,shared facility. 
B) a group practice plan is made up of a group of independent doctors who work out of their own offices;while an IPA confines doctors to the same central,shared facility. 
A) an IPA is made up of a group of independent doctors who work out of their own offices;while a group practice plan confines doctors to the same central,shared facility. 
B) a group practice plan is made up of a group of independent doctors who work out of their own offices;while an IPA confines doctors to the same central,shared facility.

Question 15

What are some good reasons for a young,healthy,single person to purchase life insurance?

Accepted Answer

The best time to purchase life insurance

Question 16

At what point does whole life insurance pay the death benefit?

Accepted Answer

A) When the insured turns 100 years old 
B) When the maximum stated age is reached by the insured 
C) Upon due proof of death of the insured 
D) When the cash value equals the death benefit 
E) Either A,B,or C above 
A) When the insured turns 100 years old 
B) When the maximum stated age is reached by the insured 
C) Upon due proof of death of the insured 
D) When the cash value equals the death benefit 
E) Either A,B,or C above

Question 17

Why is health insurance so necessary today?

Accepted Answer

Health insurance is necessary to pay for

Question 18

Name and briefly describe the ten features found in almost all life insurance contracts.

Accepted Answer

1.The beneficiary provision allows for a

Question 19

Which of the following is a government-sponsored health care plan?

Accepted Answer

A) Medicare 
B) Medicaid 
C) Worker's Compensation 
D) A and B only 
E) A,B,and C 
A) Medicare 
B) Medicaid 
C) Worker's Compensation 
D) A and B only 
E) A,B,and C

Question 20

In dealing with risk,one can either avoid it,manage it,or transfer it for a fee.

Accepted Answer

A) True 
 B)False

A.M.Best,Standard & Poor's,Moody's,and Weiss perform a vital service for the insurance industry.What do they do?

The money that the policy holder is entitled to if the policy is terminated is known as the face value.

Currently only 10% of Americans receive some type of government health care entitlements such as Medicaid or Medicare.

Riley knows her ex-husband would not think about taking out a life insurance policy on himself to protect their two children in the event of his untimely death.As a result,Riley is taking out a policy on him and paying for it herself.That makes Riley the and her children are the .

Under a traditional indemnity plan,most of your expenses are already covered and don't need to be reimbursed,but you're limited to receiving health care from a specified group of participating providers.

Which of the following statements is true about individual health care policies versus group healthcare policies?

Compared to those of normal weight,the 34 percent of Americans who are considered obese incur $1,429 per year in additional medical costs,and the average hospital bill for a heart attack is $54,400.

Hospital insurance is generally part of every insurance plan.It covers the costs associated with a hospital stay including

Cash-value insurance is any policy that provides both a death benefit and an opportunity to accumulate cash value.

Cash value policies include a ________ clause that allows you to borrow against the cash value of the policy.

A method of determining how much life insurance you require based on funds your family would require to maintain its lifestyle after your death is called the

Provide seven tips on shopping for any health care insurance.

The difference between an individual practice association plan (IPA)and a group practice plan is that

What are some good reasons for a young,healthy,single person to purchase life insurance?

At what point does whole life insurance pay the death benefit?

Why is health insurance so necessary today?

Name and briefly describe the ten features found in almost all life insurance contracts.

Which of the following is a government-sponsored health care plan?

In dealing with risk,one can either avoid it,manage it,or transfer it for a fee.

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

A.M.Best,Standard & Poor's,Moody's,and Weiss perform a vital service for the insurance industry.What do they do?

The money that the policy holder is entitled to if the policy is terminated is known as the face value.

Currently only 10% of Americans receive some type of government health care entitlements such as Medicaid or Medicare.

Riley knows her ex-husband would not think about taking out a life insurance policy on himself to protect their two children in the event of his untimely death.As a result,Riley is taking out a policy on him and paying for it herself.That makes Riley the ________ and her children are the ________.

Under a traditional indemnity plan,most of your expenses are already covered and don't need to be reimbursed,but you're limited to receiving health care from a specified group of participating providers.

Which of the following statements is true about individual health care policies versus group healthcare policies?

Compared to those of normal weight,the 34 percent of Americans who are considered obese incur $1,429 per year in additional medical costs,and the average hospital bill for a heart attack is $54,400.

Hospital insurance is generally part of every insurance plan.It covers the costs associated with a hospital stay including

Cash-value insurance is any policy that provides both a death benefit and an opportunity to accumulate cash value.

Cash value policies include a ________ clause that allows you to borrow against the cash value of the policy.

A method of determining how much life insurance you require based on funds your family would require to maintain its lifestyle after your death is called the

Provide seven tips on shopping for any health care insurance.

The difference between an individual practice association plan (IPA)and a group practice plan is that

What are some good reasons for a young,healthy,single person to purchase life insurance?

At what point does whole life insurance pay the death benefit?

Why is health insurance so necessary today?

Name and briefly describe the ten features found in almost all life insurance contracts.

Which of the following is a government-sponsored health care plan?

In dealing with risk,one can either avoid it,manage it,or transfer it for a fee.

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

Riley knows her ex-husband would not think about taking out a life insurance policy on himself to protect their two children in the event of his untimely death.As a result,Riley is taking out a policy on him and paying for it herself.That makes Riley the and her children are the .