Question 1

Which best describes long-term care insurance?

Accepted Answer

A) It provides a lump sum payment if you are diagnosed with an illness specified in the insurance contract. 
B) It provides an income if you need assistance with the everyday tasks of daily living. 
C) It reimburses specific expenses if you need assistance with everyday tasks of daily living. 
D) It only covers costs if someone needs to be placed in a long-term care facility. 
A) It provides a lump sum payment if you are diagnosed with an illness specified in the insurance contract. 
B) It provides an income if you need assistance with the everyday tasks of daily living. 
C) It reimburses specific expenses if you need assistance with everyday tasks of daily living. 
D) It only covers costs if someone needs to be placed in a long-term care facility.

Question 2

Your life insurance policy can be terminated if you understate your age on the application form.

Accepted Answer

A) True 
 B)False

Question 3

You may be able save money on disability insurance premiums if your emergency fund is large enough to cover a few months' expenses,allowing you to select a longer waiting period.

Accepted Answer

A) True 
 B)False

Question 4

The Wongs prefer whole life insurance because it will provide for their beneficiaries,regardless of how long they live,but they cannot afford the premiums for the full $1.1 million coverage they feel they need.What would be the best option for them?

Accepted Answer

A) Purchase an affordable amount of whole life insurance and add a term rider. 
B) Purchase term insurance and add a guaranteed insurability rider. 
C) Purchase creditor insurance and group life insurance only. 
D) Purchase universal life insurance only. 
A) Purchase an affordable amount of whole life insurance and add a term rider. 
B) Purchase term insurance and add a guaranteed insurability rider. 
C) Purchase creditor insurance and group life insurance only. 
D) Purchase universal life insurance only.

Question 5

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. 
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. 
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 6

In comparing term insurance with mortgage life insurance,which of the following is true?

Accepted Answer

A) The premiums decrease with mortgage insurance but not with term insurance. 
B) Mortgage insurance is less expensive because of the group discount. 
C) The owner has more control with term insurance. 
D) Mortgage insurance is guaranteed renewable. 
A) The premiums decrease with mortgage insurance but not with term insurance. 
B) Mortgage insurance is less expensive because of the group discount. 
C) The owner has more control with term insurance. 
D) Mortgage insurance is guaranteed renewable.

Question 7

Additional insurance commonly offered through employers includes

Accepted Answer

A) dental insurance. 
B) critical illness insurance. 
C) liability insurance. 
D) long-term care insurance. 
A) dental insurance. 
B) critical illness insurance. 
C) liability insurance. 
D) long-term care insurance.

Question 8

For long-term care insurance,all else equal,the higher the premium charged,the more comprehensive the coverage.

Accepted Answer

A) True 
 B)False

Question 9

What principles must the provinces and territories meet to qualify for the full Canada Health 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 10

"Own occupation" disability insurance is the least expensive disability insurance coverage.

Accepted Answer

A) True 
 B)False

Question 11

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 12

The budget method of determining life insurance needs considers a family's future expenses and goals.

Accepted Answer

A) True 
 B)False

Question 13

Employee group health insurance policies commonly offer

Accepted Answer

A) employee assistance programs. 
B) critical illness insurance. 
C) long term care insurance. 
D) universal life insurance. 
A) employee assistance programs. 
B) critical illness insurance. 
C) long term care insurance. 
D) universal life insurance.

Question 14

Critical illness insurance

Accepted Answer

A) is one of the benefits commonly offered in employee group insurance plans. 
B) reimburses you for treatment expenses if you survive a life-altering illness at least 30 days. 
C) pays a lump sum if you survive a life-altering illness listed in the policy for at least 30 days. 
D) pays a lump sum on a list of life-threatening illnesses,with evidence from a physician. 
A) is one of the benefits commonly offered in employee group insurance plans. 
B) reimburses you for treatment expenses if you survive a life-altering illness at least 30 days. 
C) pays a lump sum if you survive a life-altering illness listed in the policy for at least 30 days. 
D) pays a lump sum on a list of life-threatening illnesses,with evidence from a physician.

Question 15

Which of the following is correct regarding long-term care insurance?

Accepted Answer

A) It has an elimination period before owners are eligible to have their long-term care costs covered. 
B) It is relatively inexpensive and good value for those over age 60. 
C) It covers most Canadians over age 65 who receive care due to a long-term health problem. 
D) It offers standard coverage and insurance premiums. 
A) It has an elimination period before owners are eligible to have their long-term care costs covered. 
B) It is relatively inexpensive and good value for those over age 60. 
C) It covers most Canadians over age 65 who receive care due to a long-term health problem. 
D) It offers standard coverage and insurance premiums.

Which best describes long-term care insurance?

Your life insurance policy can be terminated if you understate your age on the application form.

You may be able save money on disability insurance premiums if your emergency fund is large enough to cover a few months' expenses,allowing you to select a longer waiting period.

The Wongs prefer whole life insurance because it will provide for their beneficiaries,regardless of how long they live,but they cannot afford the premiums for the full $1.1 million coverage they feel they need.What would be the best option for them?

Which of the following is true about disability insurance?

In comparing term insurance with mortgage life insurance,which of the following is true?

Additional insurance commonly offered through employers includes

For long-term care insurance,all else equal,the higher the premium charged,the more comprehensive the coverage.

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

"Own occupation" disability insurance is the least expensive disability insurance coverage.

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

The budget method of determining life insurance needs considers a family's future expenses and goals.

Employee group health insurance policies commonly offer

Critical illness insurance

Which of the following is correct regarding long-term care insurance?

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

Exam 3: Protecting Your Wealth - Health and Life Insurance

Which best describes long-term care insurance?

Your life insurance policy can be terminated if you understate your age on the application form.

You may be able save money on disability insurance premiums if your emergency fund is large enough to cover a few months' expenses,allowing you to select a longer waiting period.

The Wongs prefer whole life insurance because it will provide for their beneficiaries,regardless of how long they live,but they cannot afford the premiums for the full $1.1 million coverage they feel they need.What would be the best option for them?

Which of the following is true about disability insurance?

In comparing term insurance with mortgage life insurance,which of the following is true?

Additional insurance commonly offered through employers includes

For long-term care insurance,all else equal,the higher the premium charged,the more comprehensive the coverage.

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

"Own occupation" disability insurance is the least expensive disability insurance coverage.

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

The budget method of determining life insurance needs considers a family's future expenses and goals.

Employee group health insurance policies commonly offer

Critical illness insurance

Which of the following is correct regarding long-term care insurance?

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