Question 1

Explain the essential features of no-fault insurance.

Accepted Answer

There are four essential elements in the

Question 2

Describe the standardized homeowner policy? Which policy type is most economical?

Accepted Answer

The homeowner's policy comes in two form

Question 3

A Blue Cross/Blue Shield health insurance plan is an example of:

Accepted Answer

A)  A service plan with payment to the patient 
B)  A service plan with payment to the provider 
C)  An indemnity plan with payment to the patient 
D)  An indemnity plan with payment to the provider 
E)  None of the above are true statements 
A)  A service plan with payment to the patient 
B)  A service plan with payment to the provider 
C)  An indemnity plan with payment to the patient 
D)  An indemnity plan with payment to the provider 
E)  None of the above are true statements

Question 4

Describe the planning strategies with respect to auto insurance.

Accepted Answer

Planning for auto insurance coverage inv

Question 5

What is umbrella liability insurance? What are the essential components?

Accepted Answer

There are three major components of this

Question 6

Your client's eligibility for long-term care benefits is based on an inability to perform two of the seven activities of daily living ADL. Which of the following isare not considered an activitys) of daily living?

Accepted Answer

A)  Eating 
B)  Bathing, toileting and continence 
C)  Walking 
D)  Hearing and seeing 
E)  Transferring and dressing 
A)  Eating 
B)  Bathing, toileting and continence 
C)  Walking 
D)  Hearing and seeing 
E)  Transferring and dressing

Question 7

Major medical insurance:

Accepted Answer

A)  Covers hospital expenses only 
B)  Typically requires that the patient satisfy a deductible and/or coinsurance clauses 
C)  Covers only illnesses 
D)  Is a comprehensive plan that covers all hospital and major surgical expenses 
E)  Pays before a patient's basic medical coverage begins 
A)  Covers hospital expenses only 
B)  Typically requires that the patient satisfy a deductible and/or coinsurance clauses 
C)  Covers only illnesses 
D)  Is a comprehensive plan that covers all hospital and major surgical expenses 
E)  Pays before a patient's basic medical coverage begins

Question 8

A HO-4 policy:

Accepted Answer

A)  Does not cover additional living expenses 
B)  Is written for someone living in a rented dwelling 
C)  Provides no liability coverage 
D)  Is designed for older houses 
E)  Does not provide any of the above coverages 
A)  Does not cover additional living expenses 
B)  Is written for someone living in a rented dwelling 
C)  Provides no liability coverage 
D)  Is designed for older houses 
E)  Does not provide any of the above coverages

Question 9

Your client is single and just getting started in his career. Which of the following short-term disability insurance policies would help lower the premium cost?

Accepted Answer

A)  Purchase a policy that replaces 80 percent of pre-retirement income rather than one that replaces 70 percent. 
B)  Purchase a policy that provides for residual disability rather than one that only provides for full disability. 
C)  Purchase a policy with an "own occupation" definition for disability rather than one that defines disability as "any occupation." 
D)  Purchase a policy with a longer elimination period rather than one with a shorter elimination period. 
A)  Purchase a policy that replaces 80 percent of pre-retirement income rather than one that replaces 70 percent. 
B)  Purchase a policy that provides for residual disability rather than one that only provides for full disability. 
C)  Purchase a policy with an "own occupation" definition for disability rather than one that defines disability as "any occupation." 
D)  Purchase a policy with a longer elimination period rather than one with a shorter elimination period.

Question 10

Pamela Brown, a successful business woman, has expressed great surprise upon hearing that her disability insurance policy, which offers a $4,500 monthly benefit, would cost her $4,500 per year. She believes that this is a sham because, as she puts it, she can buy a $500,000 life insurance policy for an annual premium of $4,500. What is your best strategy to handle this rather awkward situation?

Accepted Answer

Pamela should be explained that the pres

Question 11

"No-fault" auto insurance:

Accepted Answer

A)  Has raised auto insurance rates in all states 
B)  Excludes possible litigation in all cases except death 
C)  Theoretically shortens the collection process and reduces legal settlement fees 
D)  Is predominately used in all states 
E)  None of the above 
A)  Has raised auto insurance rates in all states 
B)  Excludes possible litigation in all cases except death 
C)  Theoretically shortens the collection process and reduces legal settlement fees 
D)  Is predominately used in all states 
E)  None of the above

Question 12

Medicare health insurance Part B:

Accepted Answer

A)  Is financed solely by Social Security taxes 
B)  Pays only in-hospital patient care 
C)  Always has an annual deductible amount 
D)  Is hospital insurance 
E)  None of the above are true statements 
A)  Is financed solely by Social Security taxes 
B)  Pays only in-hospital patient care 
C)  Always has an annual deductible amount 
D)  Is hospital insurance 
E)  None of the above are true statements

Question 13

In auto insurance jargon, 250/500 means the insurance company is liable for up to:

Accepted Answer

A)  $250 for all pedestrians; $500 for all victims 
B)  $250,000 for one victim; $500,000 for all victims 
C)  $250,000 for pedestrians; $500,000 for all victims 
D)  $250 for one victim; $500 for all victims 
E)  $250,000 for driver; $500,000 for the driver's family 
A)  $250 for all pedestrians; $500 for all victims 
B)  $250,000 for one victim; $500,000 for all victims 
C)  $250,000 for pedestrians; $500,000 for all victims 
D)  $250 for one victim; $500 for all victims 
E)  $250,000 for driver; $500,000 for the driver's family

Question 14

Describe the planning process in regard to homeowner's insurance.

Accepted Answer

The financial planning process for homeo

Question 15

Which of the following statements is are incorrect? 
I. For people age 65 and older, Medicare is a major source of medical insurance coverage
II. Part B covers certain hospital costs and home health care
III. Medicare does not cover all medical costs
IV. Gaps in Medicare's coverage are insignificant
V. Part A covers, among other items, post-hospital skilled nursing home care, and blood

Accepted Answer

A)  II and IV. 
B)  I 
C)  II and IV 
D)  III and IV 
E)  II, III, and IV 
A)  II and IV. 
B)  I 
C)  II and IV 
D)  III and IV 
E)  II, III, and IV

Question 16

Your patient's health insurance policy requires an annual $200 deductible, an 80 percent coinsurance provision and a $2,000 out-of-pocket cap on medical expenses recognized by the insurer. If the total surgery bill was $15,000, how much will the insurance company pay? Assume that this is the first medical expense of the calendar year.

Accepted Answer

A)  $11,800 
B)  $12,000 
C)  $12,800 
D)  $13,000 
E)  $15,000 
A)  $11,800 
B)  $12,000 
C)  $12,800 
D)  $13,000 
E)  $15,000

Question 17

Worker's compensation insurance:

Accepted Answer

A)  Have different rules within each state 
B)  Pay wages for injured workers only 
C)  Are federally funded for all workers 
D)  Do not provide medical coverage 
E)  None of the above are true statements 
A)  Have different rules within each state 
B)  Pay wages for injured workers only 
C)  Are federally funded for all workers 
D)  Do not provide medical coverage 
E)  None of the above are true statements

Question 18

To keep a homeowner's policy up-to-date, one should purchase which type of policy?

Accepted Answer

A)  Personal liability 
B)  HO-2 
C)  HO-3 
D)  Inflation guard 
E)  Automatic payment 
A)  Personal liability 
B)  HO-2 
C)  HO-3 
D)  Inflation guard 
E)  Automatic payment

Question 19

It is asserted that people should insure against significant risks while assuming small risks themselves. Do you agree with this assertion?

Accepted Answer

Insuring against small losses wastes val

Question 20

What are the major parts of a personal auto policy?

Accepted Answer

There are six major parts, as listed bel

Explain the essential features of no-fault insurance.

Describe the standardized homeowner policy? Which policy type is most economical?

A Blue Cross/Blue Shield health insurance plan is an example of:

Describe the planning strategies with respect to auto insurance.

What is umbrella liability insurance? What are the essential components?

Your client's eligibility for long-term care benefits is based on an inability to perform two of the seven activities of daily living ADL. Which of the following isare not considered an activitys) of daily living?

Major medical insurance:

A HO-4 policy:

Your client is single and just getting started in his career. Which of the following short-term disability insurance policies would help lower the premium cost?

"No-fault" auto insurance:

Medicare health insurance Part B:

In auto insurance jargon, 250/500 means the insurance company is liable for up to:

Describe the planning process in regard to homeowner's insurance.

Worker's compensation insurance:

To keep a homeowner's policy up-to-date, one should purchase which type of policy?

It is asserted that people should insure against significant risks while assuming small risks themselves. Do you agree with this assertion?

What are the major parts of a personal auto policy?

Emerging Role of the Financial Planner

Personal Financial Planning Process

Time Value of Money: The Universal Tool

Life Insurance: Structure, Concepts, and Planning Strategies

Cash Management, Savings, Credit, and Debt Planning

Educational Planning

Investment Products and Markets: an Introduction

Investment Management: Concepts and Strategies

Investment Planning Strategies

Basic Federal Income Tax Structure

Tax Planning: Concepts and Strategies

Basic Structure of Retirement Income

Retirement Planning: Concepts and Strategies

Basic Structure of Estate Planning

Estate Planning: Concepts and Strategies

Comprehensive Financial Plan

Divorce: Financial Planning Implications

Planning for Widows

Planning for Nontraditional Families

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Exam 5: Health, Homeowners, Automobile, and Liability Insurance: Structure, Concepts, and Planning

Explain the essential features of no-fault insurance.

Describe the standardized homeowner policy? Which policy type is most economical?

A Blue Cross/Blue Shield health insurance plan is an example of:

Describe the planning strategies with respect to auto insurance.

What is umbrella liability insurance? What are the essential components?

Your client's eligibility for long-term care benefits is based on an inability to perform two of the seven activities of daily living ADL. Which of the following isare not considered an activitys) of daily living?

Major medical insurance:

A HO-4 policy:

Your client is single and just getting started in his career. Which of the following short-term disability insurance policies would help lower the premium cost?

"No-fault" auto insurance:

Medicare health insurance Part B:

In auto insurance jargon, 250/500 means the insurance company is liable for up to:

Describe the planning process in regard to homeowner's insurance.

Worker's compensation insurance:

To keep a homeowner's policy up-to-date, one should purchase which type of policy?

It is asserted that people should insure against significant risks while assuming small risks themselves. Do you agree with this assertion?

What are the major parts of a personal auto policy?

Emerging Role of the Financial Planner

Personal Financial Planning Process

Time Value of Money: The Universal Tool

Life Insurance: Structure, Concepts, and Planning Strategies

Cash Management, Savings, Credit, and Debt Planning

Educational Planning

Investment Products and Markets: an Introduction

Investment Management: Concepts and Strategies

Investment Planning Strategies

Basic Federal Income Tax Structure

Tax Planning: Concepts and Strategies

Basic Structure of Retirement Income

Retirement Planning: Concepts and Strategies

Basic Structure of Estate Planning

Estate Planning: Concepts and Strategies

Comprehensive Financial Plan

Divorce: Financial Planning Implications

Planning for Widows

Planning for Nontraditional Families

Filters