Which of the following describes condominium

Portion of a home for good faith

PMI Insurance requires

Required if the down payment is less than 20%

Required if down payment is more than 60%

Required if the down payment is more than 20%

Required if the down payment is less than 60%

Insurance is defined as

Protection against possible financial loss

Uncertainty or lack of predictability

Increases the likelihood of a loss, such as defective house wiring

Legal responsibility for financial cost of another person's losses or injuries

Which of the following defines peril

The cause of a possible loss such as fire, windstorms, explosions, robbery, accidents, and premature death

Change of either loss or gain, such as starting a small business or gambling.

Uncertainty or lack of predictability such as the loss that a person or property is covered by insurance faces

Increases the likelihood of a loss, such as defective house wiring

Which of the following defines hazard

Increases the likelihood of a loss, such as defective house wiring

Cause of possible loss such as fire, windstorms, explosions, robbery, accidents, and premature death

Uncertainty or lack of predictability, such as the loss that a person or property covered by insurance faces

Charge of either loss or gain, such as starting a small business or gambling

Which of the following defines Liability

Legal responsibility for financial cost of another person's losses or injuries

Failure to take ordinary or reasonable care, such as failure to supervise children in a pool

A person is held responsible for the actions of another person

A person is held responsible for intention or unintentional actions

Which of the following describes Vicarious Liability

A person is held responsible for the actions of another person

Failure to take ordinary or reasonable care, such as failure to supervise children in a pool

A person is held responsible for intentional or unintentional actions

Legal responsibility for financial cost of another person's losses or injuries

Which of the following defines Strict Liability

A person is held responsible for intentional or unintentional actions

Legal responsibility for financial cost of another person's losses or injuries

A person is held responsible for the actions of another person

A person is held responsible for intentional or unintentional actions

Which of the following describes Negligence

Failure to take ordinary or reasonable care, such as failure to supervise children in a pool

A person is held responsible for intentional or unintentional actions

Legal responsibility for financial cost of another person's losses or injuries

A person is help responsible for the actions of another person

Which of the following is a major factor contributing to high healthcare costs?

Limited competition and restrictive work rules in the healthcare delivery system

A decrease in the variety and frequency of treatments

Reduced longevity of elderly populations

Reduced use of expensive technologies

What is a characteristic of Group Health Insurance?

It accounts for 90% of all health insurance policies

It is typically purchased directly by individuals

The employer usually pays all the costs

It only covers individuals, not families

The Consolidated Omnibus Budget Reconciliation Act (COBRA) allows individuals to:

Continue group health coverage after losing employment for a limited time

Receive full benefits for any pre-existing conditions

Automatically qualify for Medicaid

Be exempt from having to pay premiums if they lose employment

What is the primary purpose of Supplemental Insurance?

To provide additional coverage for costs not covered by basic insurance

To cover long-term care expenses

To reduce insurance premiums for the primary policyholder

To cover surgical expenses only

What does the “Coordination of Benefits” provision in a health insurance policy do?

Prevents individuals from receiving more benefits than actual charges when covered by multiple policies

Sets a limit on out-of-pocket expenses

Provides coverage for pre-existing conditions

What is a key feature of a Health Maintenance Organization (HMO)?

Directly employs or contracts with selected physicians to provide services for a fixed monthly premium

Provides health care through a network of preferred providers

Covers out-of-network care at a higher cost

Allows members to choose their own doctors without restrictions

Which of the following types of medical coverage would pay for a physician's care that does not involve surgery?

Major Medical Expense Insurance

What does a “reimbursement” policy provide in comparison to an indemnity policy?

Indemnity policies pay benefits based on actual expenses, whereas reimbursement policies provide specified benefits regardless of expenses

Reimbursement policies only pay a fixed amount regardless of expenses

Indemnity policies cover more than reimbursement policies

Reimbursement policies do not cover medical expenses

Under the Affordable Care Act, which of the following is prohibited?

Insurance companies can drop coverage for individuals when they get sick

Insurance companies can charge higher premiums for those with pre-existing conditions

Insurance companies are no longer required to cover preventive care

Health insurance providers can limit the number of lifetime benefits

The primary purpose of life insurance is to:

Protect dependents from financial loss in the event of the policyholder’s death

Provide a tax-free investment vehicle

Which of the following is true about a "Nonparticipating" life insurance policy?

It does not provide policy dividends

It provides policy dividends to policyholders

It is also known as a "par" policy

It is the same as a "universal" life insurance policy

The "Easy Method" for calculating life insurance needs suggests that:

A family will need 70% of your salary for seven years

A family will need 100% of your salary for 10 years

A family will need 50% of your salary for five years

A family will need 80% of your salary indefinitely

Which of the following is a characteristic of "Universal Life Insurance"?

It combines life insurance with investment elements

It is a term insurance policy with fixed premiums

It cannot be changed once purchased

It requires premiums to be paid at a fixed time each year

What is the "Free-Look Period" in a life insurance policy?

A 10-day period during which you can change your mind about the policy

A 30-day period during which you can cancel the policy without penalty

A period when the policyholder is not required to make premium payments

A 60-day period to review the policy terms and conditions

In the context of life insurance, what is a "contingent beneficiary"?

A backup person who will receive the death benefit if the primary beneficiary is unavailable

The primary person designated to receive the death benefit

The insurance company that pays the benefit

A person who receives proceeds from a life insurance policy while the policyholder is alive

What is the purpose of the "Incontestability Clause" in a life insurance policy?

It guarantees that the insurer cannot dispute the policy's validity after it has been in force for two years

It allows the insurer to cancel the policy at any time

It provides a grace period for late premium payments

It ensures the insurer pays double the face value of the policy in case of accidental death

Which of the following is an example of a "Rider" to a life insurance policy?

A waiver of premium disability benefit

The amount of the death benefit

What is the primary benefit of a "Flexible Spending Account" (FSA) offered by employers?

It allows employees to contribute pre-tax dollars to pay for eligible medical expenses

It provides health insurance coverage for dependents

It guarantees life insurance coverage

It reduces the cost of long-term care insurance premiums

Personal Finance Exam 3 Chapters 9-12

Authored by Catey McCarthey

Business

University

Used 2+ times

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38 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an disadvantage of buying a house?

Fewer responsibilities

Few financial benefits

Financial uncertainty

Legal details

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an advantage of renting?

Lower initial costs

Limited mobility

Few financial benefits

Cost of renting

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which defines earnest money

Prepaid interest charged by lender

Portion of price of home for good faith

Along-term loan on a specific piece of property such as a home or other real estate

The maximum percent

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following defines a mortgage?

Individually owned housing units in a building

A long-term loan on a specific piece of property such as a home or other real estate

Prepaid interest charged by lender

Balance owed is reduced with each payment

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following defines amortized

Balance owed is refused with each payment

Portion of price of a home for good faith

Prepaid interest charged by lender

The maximum percent

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following defines points

Portion of price of a home for good faith

The maximum percent

A long-term loan on a specific piece of property such as a home or other real estate

Prepaid interest charged by lender

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following defines rate cap

The maximum percent

Individually owned housing units in a building

Balance owed is reduced with each payment

Prepaid interest charged by lender

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