Insurance

1.

1 point

Condition where there is a loss of mental capacity, also call mental impairment
(ch 8)

cognitive impairment

total disability

custodial care

disability insurance

2.

1 point

Policy that provide for a total dollar amount that may be spent on long term care (ch 8)

physical impairment

waiver of premium

disability insurance

residual benefits

3.

1 point

Auto insurance is required by law to drive an automobile.

True

False

4.

1 point

A claimant is a person who makes an insurance claim

True

False

5.

1 point

Earthquakes, storms and floods

perils

schedule

loss of use

natural risk

6.

1 point

Life insurance that provides protection for a specific period of time

term insurance

double indemity

life pool

permanent insurance

7.

1 point

Disability insurance is necessary only for people with disabilities

True

False

8.

10 points

Bonus Question:
________,____,___,driving record and geographic location are all factors that affect your insurance rates

age, gender, speed limit

age, gender, vehicle type

gender, distractions, state

aggressive driving, speed, use of seat belt

9.

1 point

Most Americans have employer-based health insurance

True

False

10.

1 point

When renting an apartment, the renter should purchase renter's insurance because the owner's insurance will not cover the renter's possessions.

True

False

11.

1 point

Life insurance is necessary for everyone

True

False

12.

1 point

Deductible is the amount the insured must pay in a loss before any payment is due from the company

True

False

13.

1 point

Most individuals or families can afford health care and medical expenses.

True

False

14.

1 point

Insurance play a small role in most individual's financial plan.

True

False

15.

1 point

Replacing a policy unnecessarily so the agent can earn a commission
(ch 9)

Churning

readability

binding arbitration

A billy Goat

16.

1 point

Transfer of funds from one tax-deferred plan to another

severance payment

tax deferred

rollover

annuity

17.

1 point

Within a persons first three years of driving, there is a 50% chance a person will be involved in an automobile accident.

True

False

18.

1 point

An addition or amendment to an insurance policy
(ch 8)

rider

term insurance

underwriting

beneficiary

19.

1 point

Sources of danger that result in loss

perils

schedule

personal liability

loss of uss

20.

5 points

Compensation paid to survivors

unemployment insurace

lockout

death benefit

workers' compensation

21.

1 point

Measure of credit risk arrived at by weighting different kinds of information in a credit report using a certain formula
(ch. 9)

credit score

small claims court

insurance score

misrepresentation