The number of persons entitled to Medicaid

increases when the U.S. unemployment rate increases

An organization in which an individual becomes a member of a group and must use the doctors and

other medical providers in that group is called an HMO

Injuries/deaths sustained to an individual as a result of an accident involving insured's car

is covered by bodily injury liability insurance

Hospital insurance will pay for all or part of the costs incurred when confined to a hospital

other than surgical or doctor's fees

Insurance that protects the insured only for damages to the home and its contents resulting

from fire and lightning is called fire insurance

studbud

Economics Chapter 12

104 termsStudBud Administration633 plays

Flashcards104 cardsFPractice quizPHost liveL

Questions 104

Answers

1
The risk of illness would be insured by
liability insurance
health insurance
life insurance
2
A program that provides medical care and medicines for the poor is called
public health insurance
private health insurance
Medicaid
3
Federal and state laws regarding estates never change.
True
False
4
Some people with old cars have no collision insurance since it is not worth it.
False
True
5
Estate planning is a subject that most people enjoy talking about.
True
False
6
The value of an estate is built during the life of the individual.
True
False
7
The number of persons entitled to Medicaid
increases when the U.S. unemployment rate increases
increases when the U.S. unemployment rate decreases
decreases when the U.S. unemployment rate increases
8
Insurance is a way of protecting oneself and others against money losses by sharing risks.
False
True
9
Medical insurance plans vary from one workplace to another.
True
False
10
Property damage liability insurance pays for any damage caused by the insured person's vehicle
to another vehicle
to the property of another person
both of these
11
Estate planning is very simple and can be easily done by an individual.
False
True
12
An initial cost that is not covered by insurance is called a(n)
liability
equity
deductible
13
People purchase insurance to fit their personal, individual needs.
True
False
14
Jewelry, furs, and expensive paintings are examples of items that would be covered by
identity theft insurance
theft insurance
comprehensive insurance
15
Health care services have been steadily increasing in cost due to
increasing demands by Americans on health care providers
both of these
new and expensive medicines and procedures
16
Since collision coverage is expensive, motorists have the option of reducing the cost by
opting for a higher deductible
opting for a lower deductible
17
About 70% of Americans have some form of private health insurance.
False
True
18
An organization in which an individual becomes a member of a group and must use the doctors and
other medical providers in that group is called Medicare
other medical providers in that group is called Medicaid
other medical providers in that group is called an HMO
19
Most disabled individuals applying for Social Security disability benefits are approved.
False
True
20
Estate planning, like risk management, deals with uncertainty.
True
False
21
Injuries/deaths sustained to an individual as a result of an accident involving insured's car
is covered by collision insurance
is covered by property damage liability insurance
is covered by bodily injury liability insurance
22
Life insurance policies are not part of estate planning.
True
False
23
Health insurance that is not issued by the government is called
public health insurance
private health insurance
supplemental health insurance
24
Identity fraud is when criminals assume the identity of consumers for the purpose of
gaining access to the consumer's accounts
obtaining and using credit in the name of the victim
both of these
25
Workers' compensation pays for a disability
only if it is job-related
only if it is not job-related
whether it is job-related or not
26
Many states with high estate taxes are trying to
reduce them
increase the exemption
all of these
do away with them entirely
27
Only wealthy people need to really be concerned about estate taxes.
False
True
28
Hospital insurance will pay for all or part of the costs incurred when confined to a hospital
including surgical or doctor's fees
other than surgical or doctor's fees
29
The most common type of property and liability insurance purchased is
both of these
homeowner's insurance
motor vehicle insurance
30
Laws regarding estate planning are the same in all fifty states.
False
True
31
The risk of job loss would be insured by
unemployment insurance
liability insurance
life insurance
32
Government payouts for workers' compensation are high.
False
True
33
The risk of loss of life would be insured by
liability insurance
life insurance
health insurance
34
Private (nongovernmental) insurance may be purchased
both of these
through an insurance agent
directly from an insurance company
35
There is a savings factor added to term life insurance.
False
True
36
The vast majority of people who do not have health insurance in the U.S. are the unemployed.
False
True
37
Something one might own, such as an automobile or a home, is called
a liability
equity
property
38
Insurance that protects the insured only for damages to the home and its contents resulting
from fire and lightning is called comprehensive insurance
from fire and lightning is called fire insurance
from fire and lightning is called homeowner's insurance
39
The risk of financial insecurity in old age would be insured by
liability insurance
health insurance
social security insurance
40
The problem of identity theft is not nearly as serious today as it was in the past.
True
False
41
The main purpose of estate planning is to ensure that our wishes will be followed
while we are living
when we are no longer living
42
Estate planning is the sum of all the actions one takes to
accumulate wealth to leave to one's heirs
determine how to divide the estate among the heirs
both of these
43
Insurance needs vary with life cycles.
False
True
44
A legal document that specifies how one's assets are to be distributed upon one's death is a
beneficiary
will
estate
45
Whole life insurance costs much less than term life insurance.
False
True
46
Property and liability insurance is required
both of these
by law if you own a motor vehicle
by a bank granting a home mortgage
47
A beneficiary receives some or all of the proceeds of a life insurance policy.
True
False
48
There are several independent, reliable companies that rate and evaluate insurance companies.
False
True
49
Very few people share risks by purchasing insurance from an insurance company.
True
False
50
Good money management requires you purchase insurance with caution.
False
True
51
Private, non-government disability income insurance provides monthly payments
all of these
up to a specified amount and for a specific period of time
only if the insurance is bought prior to the injury/illness
after a covered illness or injury occurs
52
Life insurance rates are lower for females than for males.
True
False
53
About what percentage of the U.S. population does not have health insurance coverage?
15%
75%
5%
54
The type of motor vehicle insurance that pays for damage caused to the vehicle of the insured
is called collision insurance
is called property damage liability insurance
is called bodily injury liability insurance
55
The risk of fire or theft would be insured by
homeowner's insurance
accident insurance
liability insurance
56
A homeowner's policy covers the insured's personal property anywhere in the world.
True
False
57
The part of a health insurance policy that will cover all or part of a surgeon's fee for
necessary operations is called hospital insurance
necessary operations is called surgical insurance
necessary operations is called medical insurance
58
Insurance that provides financial protection against loss/damage to an insured's property is
called homeowner's insurance
called liability insurance
called property insurance
59
An individual may not legally prepare one's own will.
False
True
60
Which of the following is a reason why so many people lack medical insurance?
The cost is prohibitive.
Many people simply can't afford it.
Some people don't believe they need it.
all of these
61
The main purpose of whole life insurance is to protect one's heirs.
True
False
62
Neither the federal nor the state govts may impose taxes on the estate of a deceased.
True
False
63
Property and liability insurance is not needed by most Americans today.
False
True
64
A life insurance policy provides for a specified amount of payment to the beneficiary
upon the death of the insured
during the life of the insured
65
Medical insurance covers the insured if injured while
in another person's vehicle
hit by a car while walking
both of these
66
The greater the deductible your insurance policy has, the _ expensive the cost of the policy.
less
more
67
Health insurance programs provide coverage to pay all or parts of the costs of various
both of these
hospital expenses
medical expenses
68
Social Security provides disability benefits only if you are totally and permanently unable
to do any job
to do some jobs
69
If you are wealthy enough that your estate is subject to tax, you will need the help of a(n)
accountant
lawyer
both of these
70
If someone working in an insured's residence has an accident or injury, it would be covered by
umbrella insurance
personal liability insurance
homeowner's insurance
71
The type of motor vehicle insurance that protects against damages to a motor vehicle as a
result of fire, theft, etc. is uninsured motorists insurance
result of fire, theft, etc. is collision insurance
result of fire, theft, etc. is comprehensive insurance
72
Insurance companies do not offer identity theft insurance.
False
True
73
Insurance can prevent adverse events from happening.
True
False
74
The type of life insurance that offers both an insurance factor and a savings factor is
whole life
term life
straight life
75
Motor vehicle insurance that covers medical costs of anyone injured while in the insured's
vehicle is called bodily injury liability insurance
vehicle is called collision insurance
vehicle is called medical insurance
76
It is not necessary for one to carry uninsured motorists insurance.
False
True
77
The risk of an accident would be insured by
homeowner's insurance
liability insurance
accident insurance
78
The risk of an auto accident would be insured by
liability insurance
life insurance
motor vehicle insurance
79
Without some form of insurance, most Americans could not afford decent health care.
True
False
80
Insurance that provides financial protection to the insured for damages/injuries to other
persons or their property is called property insurance
persons or their property is called liability insurance
persons or their property is called tort insurance
81
Both homeowner's and renter's insurance insures the property of homeowners and renters against
personal liability
all of these
theft
fire
82
An extended coverage provision to a fire insurance policy broadens the coverage to include
damages from earthquakes, storms, and explosions
all of these
damages from wind, hail, and smoke
damages from riots, vehicles, and falling aircraft
83
Insurance that provides for loss of income or other earnings because of extended illness or
disability is called unemployment insurance
disability is called medical insurance
disability is called disability income insurance
84
Estate planning should begin later in life.
False
True
85
Most people in the U.S. who have medical and hospital insurance
receive their coverage through the workplace
do not receive their coverage through the workplace
86
The type of life insurance policy that is strictly insurance is
straight life
term life
whole life
87
Health care services are very inexpensive.
True
False
88
As part of financial planning, provisions should be made for
insurance
investing
savings
all of these
89
The insurance policy whose main purpose is to offer some financial protection to the
policyholder's beneficiaries is life insurance
policyholder's beneficiaries is comprehensive insurance
policyholder's beneficiaries is medical insurance
90
Medical insurance will pay for the services of a doctor, other than for surgery
in the doctor's office
all of these
at home
in the hospital
91
Most people purchase a homeowner's or renter's policy that contains
all of these
personal liability components
extended coverage
standard coverage
92
There are no federal and tax laws regarding the disposition of the assets of an estate.
True
False
93
Which should be taken into consideration when preparing an individual's will?
all of these
What is his or her spouse entitled to?
What are the children of the family entitled to?
Is the individual married?
94
How much life insurance you should buy depends on
affordability
the need for life insurance
both of these
95
The risk of a lawsuit would be insured by
accident insurance
social security insurance
liability insurance
96
No-fault insurance requires one's own insurance company to pay each person's medical/hospital
expenses only if no one was responsible for the accident
expenses no matter who was responsible for the accident
97
Life insurance rates are higher for nonsmokers than for smokers.
True
False
98
The insured may not borrow against the cast value of a whole life insurance policy.
True
False
99
Insurance can help in facing the financial burdens that result from adverse events.
False
True
100
Taxes on the asset value of an estate are called
estate taxes
income taxes
severance taxes
101
Disability income insurance is the same as governmental disability insurance.
False
True
102
About 15% of Americans are covered by government health insurance programs.
False
True
103
Motor vehicle insurance that pays when an uninsured driver is legally responsible for damages
called uninsured motorists insurance
called property damage liability insurance
called bodily injury liability insurance
104
Insurance reduces the dollar costs to us resulting from losses or lawsuits.
False
True

Economics Chapter 12 Flashcards | StudBud

Economics Chapter 12

104 termsStudBud Administration633 plays

Economics Chapter 12

Flashcards104 cardsFPractice quizPHost liveL

Questions 104

Answers

1
The risk of illness would be insured by
liability insurance
health insurance
life insurance
2
A program that provides medical care and medicines for the poor is called
public health insurance
private health insurance
Medicaid
3
Federal and state laws regarding estates never change.
True
False
4
Some people with old cars have no collision insurance since it is not worth it.
False
True
5
Estate planning is a subject that most people enjoy talking about.
True
False
6
The value of an estate is built during the life of the individual.
True
False
7
The number of persons entitled to Medicaid
increases when the U.S. unemployment rate increases
increases when the U.S. unemployment rate decreases
decreases when the U.S. unemployment rate increases
8
Insurance is a way of protecting oneself and others against money losses by sharing risks.
False
True
9
Medical insurance plans vary from one workplace to another.
True
False
10
Property damage liability insurance pays for any damage caused by the insured person's vehicle
to another vehicle
to the property of another person
both of these
11
Estate planning is very simple and can be easily done by an individual.
False
True
12
An initial cost that is not covered by insurance is called a(n)
liability
equity
deductible
13
People purchase insurance to fit their personal, individual needs.
True
False
14
Jewelry, furs, and expensive paintings are examples of items that would be covered by
identity theft insurance
theft insurance
comprehensive insurance
15
Health care services have been steadily increasing in cost due to
increasing demands by Americans on health care providers
both of these
new and expensive medicines and procedures
16
Since collision coverage is expensive, motorists have the option of reducing the cost by
opting for a higher deductible
opting for a lower deductible
17
About 70% of Americans have some form of private health insurance.
False
True
18
An organization in which an individual becomes a member of a group and must use the doctors and
other medical providers in that group is called Medicare
other medical providers in that group is called Medicaid
other medical providers in that group is called an HMO
19
Most disabled individuals applying for Social Security disability benefits are approved.
False
True
20
Estate planning, like risk management, deals with uncertainty.
True
False
21
Injuries/deaths sustained to an individual as a result of an accident involving insured's car
is covered by collision insurance
is covered by property damage liability insurance
is covered by bodily injury liability insurance
22
Life insurance policies are not part of estate planning.
True
False
23
Health insurance that is not issued by the government is called
public health insurance
private health insurance
supplemental health insurance
24
Identity fraud is when criminals assume the identity of consumers for the purpose of
gaining access to the consumer's accounts
obtaining and using credit in the name of the victim
both of these
25
Workers' compensation pays for a disability
only if it is job-related
only if it is not job-related
whether it is job-related or not
26
Many states with high estate taxes are trying to
reduce them
increase the exemption
all of these
do away with them entirely
27
Only wealthy people need to really be concerned about estate taxes.
False
True
28
Hospital insurance will pay for all or part of the costs incurred when confined to a hospital
including surgical or doctor's fees
other than surgical or doctor's fees
29
The most common type of property and liability insurance purchased is
both of these
homeowner's insurance
motor vehicle insurance
30
Laws regarding estate planning are the same in all fifty states.
False
True
31
The risk of job loss would be insured by
unemployment insurance
liability insurance
life insurance
32
Government payouts for workers' compensation are high.
False
True
33
The risk of loss of life would be insured by
liability insurance
life insurance
health insurance
34
Private (nongovernmental) insurance may be purchased
both of these
through an insurance agent
directly from an insurance company
35
There is a savings factor added to term life insurance.
False
True
36
The vast majority of people who do not have health insurance in the U.S. are the unemployed.
False
True
37
Something one might own, such as an automobile or a home, is called
a liability
equity
property
38
Insurance that protects the insured only for damages to the home and its contents resulting
from fire and lightning is called comprehensive insurance
from fire and lightning is called fire insurance
from fire and lightning is called homeowner's insurance
39
The risk of financial insecurity in old age would be insured by
liability insurance
health insurance
social security insurance
40
The problem of identity theft is not nearly as serious today as it was in the past.
True
False
41
The main purpose of estate planning is to ensure that our wishes will be followed
while we are living
when we are no longer living
42
Estate planning is the sum of all the actions one takes to
accumulate wealth to leave to one's heirs
determine how to divide the estate among the heirs
both of these
43
Insurance needs vary with life cycles.
False
True
44
A legal document that specifies how one's assets are to be distributed upon one's death is a
beneficiary
will
estate
45
Whole life insurance costs much less than term life insurance.
False
True
46
Property and liability insurance is required
both of these
by law if you own a motor vehicle
by a bank granting a home mortgage
47
A beneficiary receives some or all of the proceeds of a life insurance policy.
True
False
48
There are several independent, reliable companies that rate and evaluate insurance companies.
False
True
49
Very few people share risks by purchasing insurance from an insurance company.
True
False
50
Good money management requires you purchase insurance with caution.
False
True
51
Private, non-government disability income insurance provides monthly payments
all of these
up to a specified amount and for a specific period of time
only if the insurance is bought prior to the injury/illness
after a covered illness or injury occurs
52
Life insurance rates are lower for females than for males.
True
False
53
About what percentage of the U.S. population does not have health insurance coverage?
15%
75%
5%
54
The type of motor vehicle insurance that pays for damage caused to the vehicle of the insured
is called collision insurance
is called property damage liability insurance
is called bodily injury liability insurance
55
The risk of fire or theft would be insured by
homeowner's insurance
accident insurance
liability insurance
56
A homeowner's policy covers the insured's personal property anywhere in the world.
True
False
57
The part of a health insurance policy that will cover all or part of a surgeon's fee for
necessary operations is called hospital insurance
necessary operations is called surgical insurance
necessary operations is called medical insurance
58
Insurance that provides financial protection against loss/damage to an insured's property is
called homeowner's insurance
called liability insurance
called property insurance
59
An individual may not legally prepare one's own will.
False
True
60
Which of the following is a reason why so many people lack medical insurance?
The cost is prohibitive.
Many people simply can't afford it.
Some people don't believe they need it.
all of these
61
The main purpose of whole life insurance is to protect one's heirs.
True
False
62
Neither the federal nor the state govts may impose taxes on the estate of a deceased.
True
False
63
Property and liability insurance is not needed by most Americans today.
False
True
64
A life insurance policy provides for a specified amount of payment to the beneficiary
upon the death of the insured
during the life of the insured
65
Medical insurance covers the insured if injured while
in another person's vehicle
hit by a car while walking
both of these
66
The greater the deductible your insurance policy has, the _ expensive the cost of the policy.
less
more
67
Health insurance programs provide coverage to pay all or parts of the costs of various
both of these
hospital expenses
medical expenses
68
Social Security provides disability benefits only if you are totally and permanently unable
to do any job
to do some jobs
69
If you are wealthy enough that your estate is subject to tax, you will need the help of a(n)
accountant
lawyer
both of these
70
If someone working in an insured's residence has an accident or injury, it would be covered by
umbrella insurance
personal liability insurance
homeowner's insurance
71
The type of motor vehicle insurance that protects against damages to a motor vehicle as a
result of fire, theft, etc. is uninsured motorists insurance
result of fire, theft, etc. is collision insurance
result of fire, theft, etc. is comprehensive insurance
72
Insurance companies do not offer identity theft insurance.
False
True
73
Insurance can prevent adverse events from happening.
True
False
74
The type of life insurance that offers both an insurance factor and a savings factor is
whole life
term life
straight life
75
Motor vehicle insurance that covers medical costs of anyone injured while in the insured's
vehicle is called bodily injury liability insurance
vehicle is called collision insurance
vehicle is called medical insurance
76
It is not necessary for one to carry uninsured motorists insurance.
False
True
77
The risk of an accident would be insured by
homeowner's insurance
liability insurance
accident insurance
78
The risk of an auto accident would be insured by
liability insurance
life insurance
motor vehicle insurance
79
Without some form of insurance, most Americans could not afford decent health care.
True
False
80
Insurance that provides financial protection to the insured for damages/injuries to other
persons or their property is called property insurance
persons or their property is called liability insurance
persons or their property is called tort insurance
81
Both homeowner's and renter's insurance insures the property of homeowners and renters against
personal liability
all of these
theft
fire
82
An extended coverage provision to a fire insurance policy broadens the coverage to include
damages from earthquakes, storms, and explosions
all of these
damages from wind, hail, and smoke
damages from riots, vehicles, and falling aircraft
83
Insurance that provides for loss of income or other earnings because of extended illness or
disability is called unemployment insurance
disability is called medical insurance
disability is called disability income insurance
84
Estate planning should begin later in life.
False
True
85
Most people in the U.S. who have medical and hospital insurance
receive their coverage through the workplace
do not receive their coverage through the workplace
86
The type of life insurance policy that is strictly insurance is
straight life
term life
whole life
87
Health care services are very inexpensive.
True
False
88
As part of financial planning, provisions should be made for
insurance
investing
savings
all of these
89
The insurance policy whose main purpose is to offer some financial protection to the
policyholder's beneficiaries is life insurance
policyholder's beneficiaries is comprehensive insurance
policyholder's beneficiaries is medical insurance
90
Medical insurance will pay for the services of a doctor, other than for surgery
in the doctor's office
all of these
at home
in the hospital
91
Most people purchase a homeowner's or renter's policy that contains
all of these
personal liability components
extended coverage
standard coverage
92
There are no federal and tax laws regarding the disposition of the assets of an estate.
True
False
93
Which should be taken into consideration when preparing an individual's will?
all of these
What is his or her spouse entitled to?
What are the children of the family entitled to?
Is the individual married?
94
How much life insurance you should buy depends on
affordability
the need for life insurance
both of these
95
The risk of a lawsuit would be insured by
accident insurance
social security insurance
liability insurance
96
No-fault insurance requires one's own insurance company to pay each person's medical/hospital
expenses only if no one was responsible for the accident
expenses no matter who was responsible for the accident
97
Life insurance rates are higher for nonsmokers than for smokers.
True
False
98
The insured may not borrow against the cast value of a whole life insurance policy.
True
False
99
Insurance can help in facing the financial burdens that result from adverse events.
False
True
100
Taxes on the asset value of an estate are called
estate taxes
income taxes
severance taxes
101
Disability income insurance is the same as governmental disability insurance.
False
True
102
About 15% of Americans are covered by government health insurance programs.
False
True
103
Motor vehicle insurance that pays when an uninsured driver is legally responsible for damages
called uninsured motorists insurance
called property damage liability insurance
called bodily injury liability insurance
104
Insurance reduces the dollar costs to us resulting from losses or lawsuits.
False
True