Exam 3 review Quiz

Which Medicare part functions like traditional hospital insurance and helps cover inpatient care and limited home health services?

• Part D

• Part A

• Part C

• Medigap

If a senior is interested in having their Medicare coverage managed through a private insurance company with added benefits, which option should they consider?

• Part B

• Medicare Advantage (Part C)

• Part A

• Medicare Savings Program

True or False: Everyone who qualifies for Medicare is automatically enrolled in all four parts.

• True

• False

What's one potential drawback of choosing a short elimination period for disability coverage?

• You must requalify annually

• Higher premiums

• Limited coverage

• Longer waiting period

Which policy offers the broadest coverage by paying benefits even if you can work a different job, but not your original job?

• Any-occupation

• Own-occupation

• Modified-occupation

• Part-time

If someone wants lower disability insurance premiums, which strategy could help?

• Increasing the benefit period

• Choosing a longer elimination period

• Lowering their deductible

• Opting for comprehensive medical coverage

True or False: Disability insurance replaces 100% of your previous income.

• True

• False

You invest a lump sum and begin receiving monthly income one month later. What did you purchase?

• Deferred annuity

• Immediate annuity

• Variable annuity

• Indexed annuity

Which of the following is a common feature of a fixed indexed annuity?

• No limits on gains

• Minimum guaranteed interest in down markets

• Direct equity investment

• Guaranteed returns based on inflation

What makes variable annuities riskier than other types?

• They are not regulated

• They do not offer any tax benefits

• Returns depend on underlying investments

• Payouts are fixed and predictable