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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
Cash value
B
Premiums
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
COBRA
B
HMO
C
FTC
D
MEDICAID
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
Preauthorization
B
Pre-existing condition
C
Primary care
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
Preferred provider
B
Point-of-service
C
Fee-for-service plan
D
Health benefits
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
Vision
B
Dental
C
Medical benefits
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
Whole-life
B
Level term
C
Convertible term
D
Renewable 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
Variable life
B
Universal life
C
Limited-payment life
D
Whole 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
Variable life
B
Universal life
C
Limited-payment life
D
Whole life
10) Juan is willing to pay the premiums to have life insurance during his entire lifetime. Which type of insurance is this?
A
Investment
B
Permanent
C
Renewable
D
Level
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