Question 1

What are three types of settlement options and why would you select them?

Accepted Answer

Lump sum, instalment...

Question 2

What would be the out-of-pocket cost to an individual whose long-term care policy includes a 20 percent coinsurance clause. A current long-term illness has resulted in total expenses of $250 000.

Accepted Answer

A)  $250 000
B)  $200 000
C)  $50 000
D)  $0E) A) and B)
F) A) and D)

Question 3

What are some of your considerations in choosing a long-term care insurance policy?

Accepted Answer

You should look at your family's health ...

Question 4

Which of the following is not a source of disability income?

Accepted Answer

A)  Workers' compensation
B)  Group insurance
C)  Employment insurance
D)  Old Age Security benefitsE) A) and B)
F) A) and C)

Question 5

Regarding Canada's publicly funded health care, which of the following is true?

Accepted Answer

A)  It is a program totally funded and run by each province.
B)  It provides free unlimited health care for low-income individuals and the unemployed.
C)  It is a federal program administered by each province.
D)  It is a program funded and run solely by the federal government.E) A) and B)
F) A) and C)

Question 6

The Canada Pension Plan is the easiest disability coverage to qualify for benefits.

Accepted Answer

A) True 
 B)False

Question 7

Age has no effect on the premiums charged for long-term care policies.

Accepted Answer

A) True 
 B)False

Question 8

Additional insurance commonly offered through employers includes

Accepted Answer

A)  dental insurance.
B)  car insurance.
C)  fire insurance.
D)  house insurance.E) B) and D)
F) None of the above

Question 9

If the policy owner decides to terminate the policy prior to death, the remaining cash value can be used in a variety of ways. What is this called?

Accepted Answer

A)  Non-forfeiture options
B)  Cash value options
C)  Non-participating options
D)  Payout optionsE) C) and D)
F) B) and C)

Question 10

Basic health insurance policies will not cover stays in nursing homes or assisted living centres for very long.

Accepted Answer

A) True 
 B)False

Question 11

When considering insurance coverage in your financial plan, the most important issue is

Accepted Answer

A)  automobile coverage.
B)  home insurance will cover the greatest loss.
C)  loss of income due to disability.
D)  emergency funds to cover maternity leave.E) C) and D)
F) A) and B)

Question 12

Long-term care policies

Accepted Answer

A)  have an elimination period before owners are eligible to have their long term care costs covered.
B)  are relatively inexpensive and are a good value for those over age 60.
C)  are essential as 28 percent of Canadians over age 65 receive care due to a long term health problem.
D)  have standard coverage and insurance premiums that are the same for most Canadians.E) A) and B)
F) C) and D)

Question 13

A lump sum insurance settlement would be most appropriate for

Accepted Answer

A)  a surviving spouse with small children.
B)  parents living in a nursing home.
C)  a disciplined beneficiary.
D)  a former spouse.E) A) and B)
F) A) and C)

Question 14

The Canada Health Act dictates that the provinces keep minimum universal standards of health care coverage.

Accepted Answer

A) True 
 B)False

Question 15

Which best describes long-term care insurance?

Accepted Answer

A)  It provides a lump sum if you need assistance with the everyday tasks of daily living.
B)  It provides an income if you need assistance with the everyday tasks of daily living.
C)  It covers specific expenses if you need assistance with everyday tasks of daily living.
D)  It provides a lump sum payment if you are diagnosed with a specified illness.E) A) and C)
F) C) and D)

Question 16

CPP is a government health insurance program for those over 65 years of age who can show need for financial assistance.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following insurance type is strictly intended to provide only insurance in the event of death?

Accepted Answer

A)  Whole life
B)  Term
C)  Universal life
D)  Variable lifeE) None of the above
F) A) and B)

Question 18

The only reason a person would buy life insurance is to eliminate or substantially reduce the financial consequences of that person's death by providing income to his or her dependants.

Accepted Answer

A) True 
 B)False

Question 19

What type of insurance is provided over a specified time period and does not build cash value?

Accepted Answer

A)  Term
B)  Whole life
C)  Universal life
D)  Variable lifeE) B) and D)
F) A) and D)

Question 20

Use of Financial Calculator TI BA II Plus required. It is usually well known that the younger you are, the cheaper insurance is. Using your knowledge of annuities, what would the insurance premiums cost per year for a 20-year-old for an insurance policy in the amount of $100 000 to an age expectancy of 80? The current discount rate is 4 percent.

Accepted Answer

A)  $420
B)  $819
C)  $42
D)  $1410E) None of the above
F) B) and D)

Exam 10: Protecting Your Wealth - Health and Life Insurance

Correct Answer
verified

What would be the out-of-pocket cost to an individual whose long-term care policy includes a 20 percent coinsurance clause. A current long-term illness has resulted in total expenses of $250 000.

Correct Answer
verified

A lump sum insurance settlement would be most appropriate for

Correct Answer
verified

Which best describes long-term care insurance?

Correct Answer
verified

Age has no effect on the premiums charged for long-term care policies.

Correct Answer
verified

Additional insurance commonly offered through employers includes

Correct Answer
verified

The Canada Pension Plan is the easiest disability coverage to qualify for benefits.

Correct Answer
verified

What are some of your considerations in choosing a long-term care insurance policy?

Correct Answer
verified
You should look at your family's health ...
View Answer

Regarding Canada's publicly funded health care, which of the following is true?

Correct Answer
verified

Which of the following is not a source of disability income?

Correct Answer
verified

The only reason a person would buy life insurance is to eliminate or substantially reduce the financial consequences of that person's death by providing income to his or her dependants.

Correct Answer
verified

What are three types of settlement options and why would you select them?

Correct Answer
verified
Lump sum, instalment...
View Answer

If the policy owner decides to terminate the policy prior to death, the remaining cash value can be used in a variety of ways. What is this called?

Correct Answer
verified

Long-term care policies

Correct Answer
verified

Basic health insurance policies will not cover stays in nursing homes or assisted living centres for very long.

Correct Answer
verified

When considering insurance coverage in your financial plan, the most important issue is

Correct Answer
verified

The Canada Health Act dictates that the provinces keep minimum universal standards of health care coverage.

Correct Answer
verified

Which of the following insurance type is strictly intended to provide only insurance in the event of death?

Correct Answer
verified

CPP is a government health insurance program for those over 65 years of age who can show need for financial assistance.

Correct Answer
verified

What type of insurance is provided over a specified time period and does not build cash value?

Correct Answer
verified

Exam 10: Protecting Your Wealth - Health and Life Insurance

Correct AnswerverifiedShow Answer

What would be the out-of-pocket cost to an individual whose long-term care policy includes a 20 percent coinsurance clause. A current long-term illness has resulted in total expenses of $250 000.

Correct AnswerverifiedShow Answer

A lump sum insurance settlement would be most appropriate for

Correct AnswerverifiedShow Answer

Which best describes long-term care insurance?

Correct AnswerverifiedShow Answer

Age has no effect on the premiums charged for long-term care policies.

Correct AnswerverifiedShow Answer

Additional insurance commonly offered through employers includes

Correct AnswerverifiedShow Answer

The Canada Pension Plan is the easiest disability coverage to qualify for benefits.

Correct AnswerverifiedShow Answer

What are some of your considerations in choosing a long-term care insurance policy?

Correct AnswerverifiedYou should look at your family's health ...View AnswerShow Answer

Regarding Canada's publicly funded health care, which of the following is true?

Correct AnswerverifiedShow Answer

Which of the following is not a source of disability income?

Correct AnswerverifiedShow Answer

The only reason a person would buy life insurance is to eliminate or substantially reduce the financial consequences of that person's death by providing income to his or her dependants.

Correct AnswerverifiedShow Answer

What are three types of settlement options and why would you select them?

Correct AnswerverifiedLump sum, instalment...View AnswerShow Answer

If the policy owner decides to terminate the policy prior to death, the remaining cash value can be used in a variety of ways. What is this called?

Correct AnswerverifiedShow Answer

Long-term care policies

Correct AnswerverifiedShow Answer

Basic health insurance policies will not cover stays in nursing homes or assisted living centres for very long.

Correct AnswerverifiedShow Answer

When considering insurance coverage in your financial plan, the most important issue is

Correct AnswerverifiedShow Answer

The Canada Health Act dictates that the provinces keep minimum universal standards of health care coverage.

Correct AnswerverifiedShow Answer

Which of the following insurance type is strictly intended to provide only insurance in the event of death?

Correct AnswerverifiedShow Answer

CPP is a government health insurance program for those over 65 years of age who can show need for financial assistance.

Correct AnswerverifiedShow Answer

What type of insurance is provided over a specified time period and does not build cash value?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
You should look at your family's health ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Lump sum, instalment...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified