Personal Finance 7.01 Question Preview (ID: 9647)
Personal Finance 7.01.
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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) Dividends
c) Face value
d) Premiums
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) FTC
c) HMO
d) MEDICAID
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) Open enrollment period
b) Preauthorization
c) Pre-existing condition
d) Primary care
Janet can choose her doctors, pay for the services during her visit and then file insurance for reimbursement. Which insurance plan is this?
a) Fee-for-service plan
b) Health benefits
c) Point-of-service
d) Preferred provider
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) Dental
b) Disability
c) Major medical
d) Vision
Nate has insurance that covered part of the costs of his stay in a rehabilitation center. Which type of insurance is this?
a) Dental
b) Long-term care
c) Medical benefits
d) Vision
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) Convertible term
b) Level term
c) Renewable term
d) Whole-life
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) Limited-payment life
b) Universal life
c) Variable life
d) Whole life
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) Limited-payment life
b) Universal life
c) Variable life
d) Whole life
Juan is willing to pay the premiums to have life insurance during his entire lifetime. Which type of insurance is this?
a) Investment
b) Level
c) Permanent
d) Renewable
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