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Personal Finance Exam Review 11
Test Description: Final exam review
Instructions: Answer all questions to get your test result.
1) This law allows people who leave employment to continue their health insurance under the company plan for a limited period of time.
A
COBRA
B
Medicaid
C
HIPPA
D
Medicare
2) A Flex 125 Plan allows employees to
A
obtain health insurance even if they have a preexisting condition
B
set aside money - pretax - to help pay certain medical expenses.
C
avoid filling out extensive paperwork and filing complicated claim forms when they visit the doctor.
D
receive health benefits at up to 80% off the regular rate.
3) People who buy individual insurance policies
A
all of these.
B
generally pay more than those who buy group insurance policies.
C
must often take a physical exam before coverage begins.
D
may have a waiting period of up to 90 days before coverage begins.
4) A preferred provider organization is
A
a group of health care providers who join together to provide health services for set fees.
B
a company that sets up health saving accounts for participants.
C
a group plan that offers prepaid medical care to its members
D
a type of insurance that allows participants to choose any doctor and to be reimbursed for some of the expenses.
5) Government-sponsored health insurance for people with low income is called
A
a managed care plan.
B
Medicaid.
C
Medicare.
D
a fee-for-service plan.
6) The maximum duration of benefits under most disability policies is until
A
age 40.
B
age 50.
C
you die.
D
age 65.
7) All of the following are good reasons to purchase life insurance EXCEPT
A
to provide an education or income for children.
B
to provide cash to pay a funeral
C
to pay off credit card debt immediately.
D
to make charitable bequests after death.
8) A small insurance policy that modifies the coverage of the main policy is called a(n)
A
rider.
B
coda.
C
codicil.
D
incontestable clause.
9) Which of the following is true about level term insurance?
A
It gives the policyholder the right to renew each year without having to pass a physical exam.
B
The death benefit is the same at the end of the term as it was at the beginning of the term.
C
It is often sold for the purpose of paying off a mortgage in the event of death.
D
It remains in effect for the insured's lifetime.
10) The saving accumated in a permanent life insurance policy that you would receive if you canceled your policy is called
A
face value.
B
premium value.
C
par value.
D
cash value.
*select an answer for all questions
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