Finance Quiz 10

Assume you've already met your deductible and your OoPM (out of pocket maximum) is $2,000 higher than your deductible, and your co-insurance is 30%. You get a bill for $4,000 from a medical provider - how much do you have to pay?

$1,200

How much life insurance should Tyson have if he earns $60,000 a year and his spouse also works?

$240,000-$600,000

If you had an accident and became disables for 24 months , how much long term disability contract pay out?

$54,000

If a disability policy pays out $2,000/mo maximum, has a 5yr benefit period, and a 90 day elimination period; how much would be paid out if a person was injured and stopped working for 7 months? (and then returned to work)

$8,000

For an individual life insurance policy, underwriting is required... 1 at issue 2 at claim

1 only

Psychology of Money- Ch 13: which of these is NOT true about the room for error?

Got Wrong I put.... room for error lets you endure a range of potential outcomes

which of the following types of life insurance would be most appropriate to cover your family specifically for the mortgage debt on your home

a 30 year level term policy

Broke Mill Ch 12: all of the following are signs of financial abuse EXCEPT

being evasive about bills

In health insurance, your deductible is "per event" so your deductible might reset multiple times a year if you have differing health issues

false

all health insurance plans have co-pay amounts for different types of care

false

for a disability policy, "any occupation" is a "better" definition of disability that "own occupation"

false

Psychology of Money- Ch 13: what does Houses NOT list as part of the wisdom in having room for error?

got wrong I put... acknowledging chance

Psychology of Money- Ch 14: what is the overall theme from this chapter?

its normal to change your mind as you age

Identity theft would most likely be uncovered by....

monitoring your credit score

if you are a victim to identity theft, going to www.identitytheft.gov will...

provide you with person action steps in dealing with identity theft yourself

Psychology of Money- Ch 13: who is known for their concept of margin of safety?

Benjamin Graham

Fraudulent purchases on your credit card are limited to expose you to $_____ per charge.

I got wrong I put... varies depending on credit card company

Broke Mill Ch 12: what is important to share while in relationship when discussing finances?

all of the above

Broke Mill Ch 12: what is the best way to handle finances with your significant other?

have open dialogue and learn each other's financial situation

Psychology of Money- Ch 13: which of the following are true statements?

room for error lets you endure a range of potential outcomes, and endurance lets you stick around long enough to let the odds of benefiting from a low-probability outcome fall in your favor

Broke Mill Ch 12: In the MMM blog article this week, Mr MM gives a different view on insurance. what is his view?

self insure by having a healthy balance in your savings/investment account

Psychology of Money- Ch 14: which term means anchoring decisions to past efforts that can't be refunded?

sunk cost

If you have to go through your primary care doctor in order to receive a referral to an in-network specialist, you likely have an HMO insurance plan

true

life insurance death proceeds are generally income tax free

true