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5 Written questions

5 Matching questions

  1. interest rates
  2. types of people who need life insurance
  3. comprehensive insurance
  4. minimum liability limits
  5. closed ended credit
  1. a _____ are the amount of interest per year expressed as a % of the amount borrowed.
  2. b it is required by state law. the insurance company gives you a set amount of money for:
    - individual, all persons, property
    EX. 25/50/10 K
  3. c - protects your car from other types of damages
    EX. weather, fire, theft
  4. d - anyone who supports a family
  5. e - a loan for a specific amount that must be paid back on or before a agreed date
    -mainly for car/home loans

5 Multiple choice questions

  1. there are 6 types:
    -limited coverage: fire, lighting, vandalism
    -basic coverage: falling objects, ice, etc.
    -comprehensive: Everything
    -renters: personal belongings in a condo
    -older homes: cash damages rather then what you paid
  2. - pays for the damages to another vehicle or medical bills if its your fault
  3. -the amount you pay for insurance
  4. - payment history effects your _______ the most.
    -If you continue to payoff your credit, companies will continue to give you money
    -the scale is 300-900
    -it also effects your ability to obtain a loan/interest rate
  5. - the max. out of pocket expensive (Co Pay) per year, before the insurance company pays 100% of expensive per year

5 True/False questions

  1. premiums for car insurance and deduables-stock life: owned by stockholders
    -mutual life: owned by policy holders who share profits
    -fraternal societies: EX. knights of Columbus, Free Masons
    -Federal government: veterans and members of uninformed services


  2. 5 types of health insurance-indemnity plan: a private health care plan in which the policyholder is free to select his/her own health care provider
    -health maintenance org. (HMO): a managed health care plan that allows its members services preformed by Dr's and hospitals
    - preferred provider org. (PPO): a managed health care plan that offers medical benefits through a list of approved providers
    -Point of services (POS): a health insurance plan that has combined HMO's and PPO's
    -Dental insurance
    - vision insurance


  3. Open ended credit- a credit line that borrows up to a maximum limit.
    -It stays open after a balance has been paid off. can be used again
    -Mainly for credit cards/ home equity loans


  4. collision insurance- insurance that provides a monetary payment to a specify Beneficiary in the event a policyholder dies
    -It is regulated by state government


  5. warranty of fitness- a promise by the manufacture/merchant to stand by there product


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