FIN 420 WEEK 4 Week 4 Quiz

FIN 420 WEEK 4 Week 4 Quiz Buy Solutions: https://goo.gl/A73N3E FIN 420 WEEK 4 Week 4 Quiz FIN 420 WEEK 4 Week 4 Quiz FIN 420 WEEK 4 Week 4 Quiz FIN/420 Week 4 Quiz 1. The decision NOT to buy collision insurance on an old car is called 1. risk avoidance 2. loss control 3. risk reduction 4. risk retention 2. When purchasing insurance, you should 3. trust your agent to determine your needs and wants. 4. shop around for the lowest-cost coverage. 5. stick with your current policy. 6. understand that the best policies cost the most. 3. Dana Garcia has a renter’s policy with a maximum limit for personal property of $30,000. When her apartment suffered fire damage, $15,000 of her personal property was destroyed. The insurance would pay no more than ____ in this case. 1. $30,000 2. $20,000 3. $15,000 4. $5,000 4. Under the Affordable Care Act, a health policy that cost 8 percent of your income for premiums or 9.5 percent of family income if obtained through an employer is referred to as 1. Medicare 2. benchmark premium. 3. individual shared responsibility fee. 4. affordable health insurance. 5. Under the Affordable Care Act, all health care plans must include 1. ten specified essential health benefits. 2. up to ten family members. 3. disability income insurance. 4. no out-of-pocket spending requirements 6. ______ provide(s) preventative care as well as other types of care for a set monthly fee which is considered to be advance payment for the care received. 1. Traditional health insurance 2. Consumer-driven health insurance 3. Health maintenance organization (HMO) 4. Preferred provider organization (PPO) 7. Life insurance needs are ____ until your first child is born, then the need is ____ until the youngest child is ten, and then the need ____ until retirement. 1. high; low; increases 2. high; low; decreases 3. low; high; increases 4. low; high; decreases 8. The major financial loss resulting from premature death is The 1. readjustment-period expenses. 2. lost income of the deceased. 3. necessary final expenses. 4. debt-repayment expenses. 9. The most accurate and complex method of calculating life insurance needs is the 1. needs-based approach. 2. multiple-of-earnings approach. 3. value-of-life approach. 4. term life approach 10. Which of the following is characteristic of term life insurance? 1. Costs more than other types of life insurance 2. Has premiums that decrease over one’s lifetime 3. Provides no investment features 4. Pays benefits to the insured when the insured reaches age 65 V012618 FIN 420 WEEK 4 Week 4 Quiz