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Personal Finance 7.01
Test Description: Personal Finance 7.01
Instructions: Answer all questions to get your test result.
1) Max received an annual statement that says the whole life policy he owned for ten years is now worth $1000. Which insurance policy feature is this?
A
Premiums
B
Cash value
C
Face value
D
Dividends
2) Mark recently left his job, but a law makes him eligible to keep his same health insurance for up to 18 months if he is willing to pay for it. What insurance policy feature is this
A
MEDICAID
B
FTC
C
COBRA
D
HMO
3) Since Janet was being treated for diabetes when she purchased health insurance, her health plan will not pay for her diabetes treatments. Which insurance policy feature is this?
A
Primary care
B
Pre-existing condition
C
Preauthorization
D
Open enrollment period
4) Janet can choose her doctors, pay for the services during her visit and then file insurance for reimbursement. Which insurance plan is this?
A
Health benefits
B
Preferred provider
C
Fee-for-service plan
D
Point-of-service
5) Pat has insurance that covers most of the costs of his cancer treatments over a period of several months. Which type of insurance is this?
A
Major medical
B
Vision
C
Disability
D
Dental
6) Nate has insurance that covered part of the costs of his stay in a rehabilitation center. Which type of insurance is this?
A
Medical benefits
B
Vision
C
Dental
D
Long-term care
7) Leon bought life insurance that allows him to borrow against it when he needs money for emergency expenses that. Which type of insurance is this?
A
Renewable term
B
Level term
C
Whole-life
D
Convertible term
8) Tim has life insurance that allows him to change the amount he pays and the amount of the death benefit. Which type of insurance is this?
A
Whole life
B
Universal life
C
Limited-payment life
D
Variable life
9) Trish plans to pay life insurance premiums for only a few years but have coverage for her full life. Which type of insurance is this?
A
Whole life
B
Limited-payment life
C
Universal life
D
Variable life
10) Juan is willing to pay the premiums to have life insurance during his entire lifetime. Which type of insurance is this?
A
Permanent
B
Investment
C
Level
D
Renewable
*select an answer for all questions
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