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Module 6 Review

Quiz by Suzanne Roberts

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25 questions
Show answers
  • Q1
    What is a legal agreements between two parties where each party has some obligation or responsibility to the other?
    Living will
    Contract
    Insurance
    Power of attorney
    30s
    Edit
    Delete
  • Q2
    What specifies the specific protection that the insurer provides to a policy holder?
    Risk
    Coverage
    Premium
    Policy
    30s
    Edit
    Delete
  • Q3
    What is the amount of money that the policy holder will pay before the insurance company will pay on an insured loss?
    Riders
    Premium
    Deductible
    Risk
    30s
    Edit
    Delete
  • Q4
    Everything that a person owns. It may include land, financial accounts, jewelry, or other items.
    Exclusions
    Estate
    Insurer
    Estate planning
    30s
    Edit
    Delete
  • Q5
    Involves creating a plan for the distribution of one's possessions after one's death and to provide care for any dependents.
    Holographic will
    Formal will
    Estate planning
    Living will
    30s
    Edit
    Delete
  • Q6
    Clauses in an insurance contract that specify losses that are not covered by the policy.
    Consensus ad idem
    Riders
    Exclusions
    Policy
    30s
    Edit
    Delete
  • Q7
    Someone who will carry out the instructions of the will.
    Executor
    Policy holder
    Riders
    Power of attorney
    30s
    Edit
    Delete
  • Q8
    Those created by attorneys and which bear the signatures of witnesses who saw you sign the document.
    Formal wills
    Living wills
    Holographic wills
    Statutory wills
    30s
    Edit
    Delete
  • Q9
    Someone who accepts the responsibility of caring for children in the event of their parents' deaths.
    Executor
    Insurer
    Guardian
    Policy holder
    30s
    Edit
    Delete
  • Q10
    Handwritten wills prepared by individuals.
    Formal wills
    Holographic wills
    Statutory wills
    Living wills
    30s
    Edit
    Delete
  • Q11
    Insurance is "protection against possible financial loss".
    True
    False
    30s
    Edit
    Delete
  • Q12
    The ____________ agrees to reimburse for certain types of losses in exchange for payments on a policy.
    Policy holder
    Riders
    Insurer
    Guardian
    30s
    Edit
    Delete
  • Q13
    Pays out a specific amount of money when an insured person dies (although situations of suicide and fraud are excluded).
    Formal wills
    Life insurance
    Riders
    30s
    Edit
    Delete
  • Q14
    A legal document that details the type of medical care that you wish to receive if you become incapacitated due to a physical or mental illness or an accident.
    Statutory will
    Formal will
    Holographic will
    Living will
    30s
    Edit
    Delete
  • Q15
    Typically thought of as a failure to take reasonable actions to prevent injury or damage.
    Negligence
    Risk classification
    Consensus ad idem
    30s
    Edit
    Delete
  • Q16
    The contract between the insurer and the insured individual.
    Riders
    Will
    Consensus ad idem
    Policy
    30s
    Edit
    Delete
  • Q17
    An individual who purchases a policy from an insurer.
    Policy holder
    Insurance holder
    Guardian
    Carrier
    30s
    Edit
    Delete
  • Q18
    Power of attorney is a lawyer that prepares your will or looks over a contract.
    False
    True
    30s
    Edit
    Delete
  • Q19
    Fee to an insurer in exchange for the insurer taking on the risk of loss.
    Premium
    Rider
    Co-pay
    Deductible
    30s
    Edit
    Delete
  • Q20
    Supplemental insurance for items or situations that are not included in the regular policy.
    Exclusions
    Riders
    Premiums
    Deductibles
    30s
    Edit
    Delete

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