Personal Finance Quiz 3 - Nathan Greene

The chance of economic loss is?

Risk

Contracts written between a group and healthcare provider is?

Group Insurance Plan

What is the number one reason to purchase life insurance?

To protect your dependents from financial loss in the event of your untimely death

What principle states that you can not get more than what everything is worth or valued at?

The Principle of Indemnity

What life policy covers a specific number of years when purchased?

Term Life Insurance

The sale of a policy owner’s existing life insurance policy to a third party for more than its cash but less than its net death benefit

Viatical Settlement

If you went to purchase insurance at Shelter Insurance from Sally, what type of agent would she be?

Captive Agent

After an accident, who will handle your claim to get your automobile fixed?

Claims Adjuster

When you turn 65, what type of insurance can you then get?

Medicare

If you want to leave your job and go on a vacation and you have health insurance with the company you leave for a certain amount of time, what is that called?

Cobra

If you have some sort of operation, what is the law in which doctors cannot discuss your information with Others?

HIPPA

Failure to act in a responsible manner, you would be considered what?

Negligent

What type of income related to health would provide you with weekly or monthly payments to replace your income if you’re injured and unable to work because of covered illness, injury, or disease?

Disability Income

What is a flat fee that you pay on the spot when you go to the doctor or fill a prescription?

Co-pay

What’s a policy that covers your belongings if stolen or destroyed?

Renter’s Policy

List the Home Owner’s Policies (Memorize them all)

1. Type of Structure (Age of home, etc…)

2. Location of Home

3. Credit Score

4. Other factors such as a pool trampoline

*TLCO

Property Insurance (Memorize them)

1. Rating territory

2. Amount of use the automobile receives

3. Personal characteristics of the driver

4. Type of automobile

5. Insured’s driving record

*RAPTI

You are the victim of an accident and injured by an uninsured, underinsured, or hit-and-run motorist, what type of insurance protects you?

Uninsured Motorist Coverage

What type of coverage that helps you to repair your car if it’s damaged in an accident?

Collision Coverage

What happens that causes the cause of a loss?

Peril

This is your choice to accept and bear the risk of loss

Risk Assumption

Benefits of Life Insurance (Memorize)

1. Financial protection for dependents

2. Protection from predators

3. Tax benefits

4. Saving vehicles

*FPTS

What is the amount that you pay each year for most eligible medical services or medications before your health plan begins to share in the cost of coverage services?

Deductible