Finance Exam 2

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death benefit of-- life insurance policy may go down due to poor investment returns

c & d ( universal & variable)

if a term life insurance is convertible the policy can be

converted to a comparable whole life policy

what factor affects insurance premiums the most

credit score

an elimination period in disability income insurance is most closely analogous to which of the following cost sharing provisions in health insurance

deductible

medicare is a government sponsored health care plan composed of part A and part B. Part B covers

doctor's bills

in determining available resources to offset economic needs, you would generally not consider

earning potential of financially independent children

which type of settlement option pays for over a predetermined time frame

fixed period

one drawback of long term care insurance is its

high annual premiums

medicare is a government sponsored health care plan composed of Part A and Part B. Part A covers

hospital expenses

the best place to buy automobile insurance is

insurance agent

insurance designed to help with nursing home or in home care

long-term care

a characteristic of dental insurance is

low maximum limits

SMI provides health care protection beyond basic hospital coverage for

medicare recipients who pay for SMI on a voluntary basis

homeowners insurance premiums are determined by

none of these

The loss of ted's personal property and suitcases would be covered by

personal property off premises (homeowners coverage)

disability income policies usually have, that is a time delay from the date of insurance policy until benefit privileges are activated

probationary periods

what risk management technique is the purchaser of insurance a common form of

risk transfer

premium discounts may result from

safe driving record and good academic grades

all of the following except a --- are highly recommended for a long term disability income policy

short waiting period

the least expensive form og whole life insurance protection is a

straight life insurance

the right of--- gives the insurer the right to recover its costs from the at fault party after the company has paid a claim to its insured

subrogation

disability income insurance provides benefits that are designed to

substitute for lost income

if your employment is terminated, cobra provides for

temporary continuation of group insurance benefits; you pay premiums

narrative summary of life insurance policy should contain all but

temporary coverage clause

a homeowners policy does not provide protection for the personal property of

tenants

the insurance portion of a universal life policy is most analogous to

term insurance

which of the following forms of life insurance requires the lowest premium per dollar of initial death benefits

term life

underwriting function is designed to be sure that premiums are based on

the chance of loss

hospitalization insurance policy would make payment for

the cost of one's hospital stay

maximum liability policy limits are determined by

the insured's choice

Insurance underwriting is best described as

the process used by insurers to decide who can be insured and to determine applicable rates that will be charged for premiums

from standpoint of the person buying the insurance, the central purpose of the insurance should be

to transfer risks of serious losses

when an insured sells an interest in the life insurance policy ti and investor who becomes the policy's beneficiary

viatical settlement

which of the following companies does not rate the financial strength of life insurance companies

welch's

a liability suit could result when

your dog bites your neighbor

social security is primarily designed to provide health care coverage to persons who are aged, and those who arwe

65 and over, collecting disability under social security

which of the following types of plans pay for some medical cost even when the insured decides to go out of the provider network for services

all of the above (HMO, IPA, PPO, POS)

miscellaneous sources of health care coverage include

all of the above (homeowners insurance, automobile insurance, veterans benefits)

a life insurance contract contains clauses for

all of the above (settlement options, policy reinstatement, beneficiary clause)

auto insurance premiums would be affected by

all of these (auto body type, auto engine size, business usage, commuting over 50 miles daily)

the principle of indemnity would prevent

an insured from collecting more than he lost

in order to collect under uninsured motorist coverage, three specific conditions must be in effect which are

another motorist was at fault, motorist has no available insurance coverage, and damages were incurred

a claims adjuster may work for

any of the above

auto insurance is needed primarily

as a protection against potential liability claims


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