03/24/20 - Unit 11 Test
Quiz by Christopher Jones
High School
Financial Mathematics
Texas Essential Knowledge and Skills (TEKS) - Electives
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16 questions
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- Q1Which of the following health insurance plan types requires you to pick a primary care physician, only provides benefits within the network, and usually has the lowest deductibles and premiums?Indemnity PlansPPO PlansHMO PlansNo health insurance plan is like that.300s130.180.F.10.C
- Q2Which of the following health insurance plans has no network whatsoever, but usually has the highest deductible and premium rates due to its flexibility?PPO PlansNo health insurance plans are like this.Indemnity PlansHMO Plans300s130.180.F.10.C
- Q3Which kind of healthcare plan has a network but does not usually require a primary care physician and can provide partial coverage outside the network?There are no health insurance plans like this.Indemnity PlansPPO PlansHMO Plans300s130.180.F.10.C
- Q4Enrique has a medical bill of $4,130. His health insurance has a $750 deductible and will pay 90% of all expenses after the deductible is paid. There is an out-of-pocket maximum of $3,000 on any single medical bill. Enrique has not paid anything towards his deductible this year. Calculate his out-of-pocket costs for this medical bill.$1163$413$3,000$1,088300s130.180.F.10.C
- Q5What does disability income do for you?Pays the medical costs for any injury or illness that may occur as the result of your job.Disability income does nothing for you whatsoever.Pays a percentage of your monthly salary in the event of injury or illness that makes you unable to work.Pays for any accommodations you may need in order to work if you are disabled in some way.300s130.180.F.10.D
- Q6Which of the following is NOT a type of permanent life insurance?Whole life insuranceTerm life insuranceVariable life insuranceUniversal life insurance300s130.180.F.10.A
- Q7Which kind of permanent life insurance has fixed premiums and death benefits, and increases its cash value at a set rate each year?Term life insuranceUniversal life insuranceVariable life insuranceWhole life insurance300s130.180.F.10.A
- Q8Which kind of permanent life insurance has variable premiums and death benefits based on a variety of factors?Universal life insuranceVariable life insuranceTerm life insuranceWhole life insurance300s130.180.F.10.A
- Q9Which of the following permanent life insurance policy has fixed premiums but a death benefit that varies based on how the premiums used to invest in its cash value grow?Whole life insuranceTerm life insuranceVariable life insuranceUniversal life insurance300s130.180.F.10.A
- Q10Travis has a 20-year term life policy with a death benefit of $600,000. His monthly premiums are $35. What is the total cost of his life insurance policy?$3,500$7,000$8,400$4,200300s130.180.F.10.A
- Q11What is the method called for determining how much life insurance you may need?DIME MethodQUARTER MethodNICKEL MethodPENNY Method300s130.180.F.10.B
- Q12What does the I stand for in the DIME method?Investments per yearIncome per yearInsurance per yearInterest per year300s130.180.F.10.B
- Q13How often is the death benefit of your life insurance policy taxed?SometimesAlwaysNever300s130.180.F.10.A
- Q14Which of the following is NOT a way you can use the cash value of your life insurance policy?Add it to the death benefit of your policy to be paid to your beneficiary.Lower your death benefit by the cash value to take it from the policy.Borrow against it in the form of a loan.Cancel your policy to gain the full amount of the cash value.300s130.180.F.10.A
- Q15Which of the following is NOT a risk factor that an actuary might consider when setting premiums?None of these.Pre-existing conditions of policy holders.Family history of policy holders.Age of policy holders.300s130.180.F.10.F