BL Obj 4.02 Understand Types of Insurance

Fran is 80 years old and has to go to the doctor every month for treatments. What type of social security benefit will cover her?

• Disability

• Medicare

James and Joan Smith are married. The Smiths have a whole life policy with a face amount of $100,000 on each of them. The Smiths’ financial budget is tight, but they need more life insurance protection. What kind of policy would be the best buy for the Smiths?

• Liability

• Term

During a recent violent storm in Kate’s town, a large oak tree fell through the middle of her living room. Which type of insurance will cover the damages?

• Homeowners

• Renters

Tommy met with his financial planner and discussed retirement options. Due to Tommy’s poor health, the planner suggested he purchase insurance that would provide coverage in case he could no longer take care of himself. Which type of insurance will Tommy purchase

• Long-term care

• Accidental death and dismemberment

Michael works for Omega Company. All employees at Omega are offered health insurance through XYZ Insurance. Omega pays the cost of Michael’s major medical health insurance. Michael pays $200 per month for coverage on his wife and children through a payroll deduction. What type of health insurance does Michael have?

• Group

• Individual

James and Joan Smith are married. The Smiths have a whole life policy with a face amount of $100,000 on each of them. Each policy has a cash value of $5,000. The premium is $30 per month for James and $25 per month for Joan. What is the consideration that makes a valid insurance contract?

• Face amount

• Premium

After agreeing to sell her home to Jack, Lila refuses to turn over the paperwork due to a better offer from Sam. Jack needs to ask a judge to stop the sale to Sam by getting what?

• Delegation

• Injunction

Linda stepped into a hole and fractured her ankle while delivering a package to Carol’s residence. Which type of insurance would cover her injuries?

• Homeowners

• Renters

Jose falls off a ladder at work and breaks his leg. Social security could cover him under what type of benefit?

• Disability

• Medicare

On her 65th birthday, Teresa needs health care for a medical procedure. What type of social security benefit can she receive?

• Disability

• MedicareCRetirementDSurvivors’