Personal Finance Unit 7 Quiz Review

What is insurance coverage?

• The agreement you have with an insurance company

• The amount your insurance company is willing to pay

• The amount you pay to the insurance company each month

• The amount you pay for visits to a doctor

The dollar amount you have to pay before an insurance plan takes effect and the insurance company starts paying is the ___________.

• Coverage rate

• Co-pay

• Premium

• Deductible

What does COBRA status allow you to do?

• Add more people to your insurance plan

• Stay on your employer’s insurance plan after you lose your job

• Apply for health insurance as an individual

• Qualify for Medicare

Which of the following things does the Affordable Care Act do?

• Regulates the amount of co-pays

• Provides insurance for people over 65

• Requires all businesses to provide health insurance to their employees

• Allows young adults to stay on their parents’ insurance until the age of 26

What is a preexisting condition?

• A condition you were diagnosed with before you applied for health insurance

• A condition that you were diagnosed with after your insurance coverage started

• A summary of your past medical bills

• A set of standards you must meet before you qualify for insurance

What is a beneficiary?

• The person who files life insurance claims on your behalf

• The person or group of people who will receive your life insurance money

• The person who evaluates life insurance claims

• The person who determines whether you qualify for life insurance

Which of the following actions puts you at risk for dumpster diving?

• Not shredding financial documents when you’re done with them

• Choosing online passwords that are easy to guess

• Giving out your Social Security number over the phone

• Having a mailbox in an unsecured location

Which of the following is an example of pretexting?

• A person accessing your email account without permission

• A person stealing a credit card bill from your mailbox

• A retailer scanning your credit card to steal its number

• A person calling and pretending to be an employee from your bank

Which of the following may help you protect against identity theft?

• Carrying your Social Security card at all times

• Clicking on pop-up windows to verify their information

• Contacting your credit card company if you don't receive bills

• Including your name in your online passwords

Which of the following things does the Gramm-Leach-Bliley Act do?

• Ensures financial institutions protect your personal information

• Requires financial institutions to keep a copy of your Social Security card on file

• Allows you to dispute incorrect information on bank statements

• Allows you to receive a free copy of your credit report