Personal Finance Exam Review 11 Question Preview (ID: 42422)
Final Exam Review.
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Which of the following is true about level term insurance?
a) It is often sold for the purpose of paying off a mortgage in the event of death.
b) It gives the policyholder the right to renew each year without having to pass a physical exam.
c) It remains in effect for the insured's lifetime.
d) The death benefit is the same at the end of the term as it was at the beginning of the term.
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.
Government-sponsored health insurance for people with low income is called
a) Medicare.
b) Medicaid.
c) a managed care plan.
d) a fee-for-service plan.
The maximum duration of benefits under most disability policies is until
a) age 40.
b) age 50.
c) age 65.
d) you die.
All of the following are good reasons to purchase life insurance EXCEPT
a) to provide cash to pay a funeral
b) to pay off credit card debt immediately.
c) to make charitable bequests after death.
d) to provide an education or income for children.
A preferred provider organization is
a) a type of insurance that allows participants to choose any doctor and to be reimbursed for some of the expenses.
b) a group plan that offers prepaid medical care to its members
c) a group of health care providers who join together to provide health services for set fees.
d) a company that sets up health saving accounts for participants.
A Flex 125 Plan allows employees to
a) set aside money - pretax - to help pay certain medical expenses.
b) receive health benefits at up to 80% off the regular rate.
c) obtain health insurance even if they have a preexisting condition
d) avoid filling out extensive paperwork and filing complicated claim forms when they visit the doctor.
People who buy individual insurance policies
a) must often take a physical exam before coverage begins.
b) generally pay more than those who buy group insurance policies.
c) may have a waiting period of up to 90 days before coverage begins.
d) all of these.
This law allows people who leave employment to continue their health insurance under the company plan for a limited period of time.
a) Medicare
b) Medicaid
c) HIPPA
d) COBRA
The saving accumated in a permanent life insurance policy that you would receive if you canceled your policy is called
a) premium value.
b) face value.
c) cash value.
d) par value.
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