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WorksheetsPF: Buying Insurance
Total questions: 15
Worksheet time: 1hrs 15mins
How will buying auto insurance help you?
It will help you exchange your damaged vehicle for an undamaged one.
It will help you buy a new car on loan.
It will compensate you if your car is stolen or gets damaged.
When would power of attorney be needed?
when someone dies unexpectedly
when someone dies but there is no will and the estate must be managed
when a person is unable to manage their affairs
when a living will is not in place and beneficiaries must be named
Which would you need in the event of professional mishaps?
will
power of attorney
trusts
insurance
What are the four major components of a will?
purpose, considerations, executor, codicil
principle, conditions, beneficiary, notary
statement, clauses, executor, amendments
proposal, directives, power of attorney, trusts
What is a living will?
legal document that names executors and provides codicils
legal document that states end of life medical care
legal document that begins with "this is my last will and testament"
legal document that gives directives on how your things should be given to beneficiaries when you die
Select the correct answer.
What are prenuptial contracts?
Paul and Erika are getting married, but Jared has children from a previous marriage. They decide to sign a ____________ that will provide for children from a previous relationship. Paul also makes a ____________ to his will that gives Erika his home.
amendment, power of attorney
prenuptial agreement, codicil
non disclosure form, living will
will, trust
Select the correct answer.
Consider the importance of risk management and estate planning.
Estate planning is planning the distribution of your estate after your death, which includes _____________. It names a/an _________ who will receive your estate.
furniture, executor
personal possessions, guardian
car, power of attorney
everything you own, beneficiary
Select all the answers that apply.
Single peril includes
losses from one event
high insurance cost
homeowner picks catastrophic
events
comprehensive general property
insurance
Select all the answers that apply.
Broad form includes
losses from one event
high insurance cost
homeowner picks catastrophic
events
comprehensive general property
insurance
Select all the answers that apply.
Liability coverage includes
pays damages to your car
pays 0% damages to the
other car
pays medical bills
pays damages to the other
car
Select all the answers that apply.
Collision coverage includes
pays damages to your car
pays 0% damages to the
other car
pays medical bills
pays damages to the other
car
Select the best definition.
term life
plan that earns tax-deferred interest income and has high risk
plan that builds wealth and pays a death benefit
plan that covers a family while the person is employed
plan that covers someone for his or her entire life
Select the best definition.
whole life
plan that earns tax-deferred interest income and has high risk
plan that builds wealth and pays a death benefit
plan that covers a family while the person is employed
plan that covers someone for his or her entire life
Select the best definition.
index universal life
plan that earns tax-deferred interest income and has high risk
plan that builds wealth and pays a death benefit
plan that covers a family while the person is employed
plan that covers someone for his or her entire life
Select the best definition.
guarantee universal life
plan that earns tax-deferred interest income and has high risk
plan that builds wealth and pays a death benefit
plan that covers a family while the person is employed
plan that covers someone for his or her entire life
