Question 1

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

Accepted Answer

The answer of What can each of us do in...

Question 2

Traditional,fee-for-service plans are becoming rarer due to rising health care costs.

Accepted Answer

A) True 
 B)False

Question 3

With decreasing term insurance

Accepted Answer

A)  the premiums remain constant, but the face amount of the policy declines. 
B)  the premiums decline, and the face amount of the policy declines. 
C)  the premiums remain constant, and the face amount of the policy remains constant. 
D)  the premiums decline, and the face amount of the policy increases.

Question 4

Sylvester and JoAnn have both been laid off work during the last year and are now very poor.They found out that needy families can receive medical benefits through Medicaid.In addition,JoAnn found out that Medicaid can be used

Accepted Answer

A)  by the aged. 
B)  by the blind. 
C)  by disabled persons. 
D)  for Medicare premiums, deductibles, and co-payments. 
E)  all of the above.

Question 5

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 6

List five questions you should ask in an attempt to determine life insurance needs.

Accepted Answer

The answer of List five questions you should ask in...

Question 7

The incontestability clause states that the insurance company cannot dispute the validity of the contract after a specified period of time,usually

Accepted Answer

A)  one year. 
B)  two years. 
C)  five years. 
D)  10 years

Question 8

One of the provisions of the Affordable Care Act is to prevent insurance companies from denying coverage to consumers with preexisting conditions.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

The answer of Explain the purpose of the government-sponsored health...

Question 10

Most likely,when you apply for life insurance,you will have to fill out a detailed medical history and take a physical exam.Why is this true?

Accepted Answer

A)  The insurance company wants to see if you have any pre-existing conditions. 
B)  It prevents sick people from purchasing insurance. 
C)  It determines how you will be rated and what premiums you will pay. 
D)  All of the above 
E)  All but B are correct.

Question 11

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

Question 12

Most life insurance settlements are based on the named insured dying from an accidental death.

Accepted Answer

A) True 
 B)False

Question 13

The Health Insurance Marketplace is a new way for people to buy health insurance.To make plans easier to compare,the website presents plans in five categories with varying levels of cost-sharing.Which of the following plans is not offered?

Accepted Answer

A)  Silver: Your plan pays 70 percent, you pay 30 percent. 
B)  Gold: Your plan pays 80 percent, you pay 20 percent. 
C)  Platinum: Your plan pays 90 percent, you pay 10 percent. 
D)  Titanium: Your plan pays 100 percent, you pay nothing. 
E)  Catastrophic: A coverage option if you are under 30 or have very low income.

Question 14

John purchases a life insurance policy on his wife Betty where he pays the premium and he will receive the life insurance money when she dies.John is both the ________ and the ________ who will receive the ________ upon the death of Betty,the ________.

Accepted Answer

A)  insured; beneficiary; money; policyholder 
B)  policy owner; beneficiary; face amount; insured 
C)  policy owner; insured; face amount; beneficiary 
D)  beneficiary; premium payer; face amount; policy holder 
E)  none of the above

Question 15

Sally brings home $50,000 a year to help provide financial support to her family,comprised of her husband and two children.She is considering purchasing life insurance.Using the earnings multiple approach,how much coverage should she purchase using a discount rate of 5% to replace 10 years of earnings.

Accepted Answer

A)  $500,000 
B)  $386,000 
C)  $340,005 
D)  $301,148

Question 16

An HSA is a good form of health care coverage for young,healthy people who rarely get sick.

Accepted Answer

A) True 
 B)False

Question 17

Most long-term care policies require the insured to be unable to perform one or more activities of daily living (ADLs)without assistance.Which of these is included?

Accepted Answer

A)  Walking 
B)  Eating 
C)  Exercising 
D)  Dressing 
E)  A, B, and D are included.

Question 18

Typically,who should buy life insurance?

Accepted Answer

The answer of Typically,who should buy life insurance?...

Question 19

A universal life insurance policy is a type of cash-value insurance combining term insurance with a tax-deferred savings feature in a package in which both the premiums and the benefits are flexible.

Accepted Answer

A) True 
 B)False

Question 20

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

Exam 9: Life and Health Insurance

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

Traditional,fee-for-service plans are becoming rarer due to rising health care costs.

With decreasing term insurance

Sylvester and JoAnn have both been laid off work during the last year and are now very poor.They found out that needy families can receive medical benefits through Medicaid.In addition,JoAnn found out that Medicaid can be used

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

List five questions you should ask in an attempt to determine life insurance needs.

The incontestability clause states that the insurance company cannot dispute the validity of the contract after a specified period of time,usually

One of the provisions of the Affordable Care Act is to prevent insurance companies from denying coverage to consumers with preexisting conditions.

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

Most likely,when you apply for life insurance,you will have to fill out a detailed medical history and take a physical exam.Why is this true?

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?

Most life insurance settlements are based on the named insured dying from an accidental death.

The Health Insurance Marketplace is a new way for people to buy health insurance.To make plans easier to compare,the website presents plans in five categories with varying levels of cost-sharing.Which of the following plans is not offered?

John purchases a life insurance policy on his wife Betty where he pays the premium and he will receive the life insurance money when she dies.John is both the and the who will receive the upon the death of Betty,the .

An HSA is a good form of health care coverage for young,healthy people who rarely get sick.

Most long-term care policies require the insured to be unable to perform one or more activities of daily living (ADLs) without assistance.Which of these is included?

Typically,who should buy life insurance?

A universal life insurance policy is a type of cash-value insurance combining term insurance with a tax-deferred savings feature in a package in which both the premiums and the benefits are flexible.

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 .