Personal Finance
Unit 6 Lesson 9
Financial Risks Unit Test
1. What outcomes are possible with speculative risk? D
2. Which of the following choices incur speculative risk? A & C
3. What is risk reduction? B
4. What is risk transference? C
5. Which of these options is a new type of insurance? C
6. Which of these choices are add-on options for insurance policies? Select the two correct answers.
A & C
7. How much of the US population is covered by some form of health insurance? C
8. What is the largest health program in the United States? C
9. How are SSDI and SSI different? C
10. What is SSI? B
11. How might insurance be affected if the applicant has a dangerous job? D
12. What might happen if someone is dishonest on their insurance application? C
13. What is the 80% rule? D
14. What is one difference between an HO-3 and HO-5 policy? C
15. What is no-fault insurance? D
16. Why does geographic location affect the cost of premiums? C
17. Describe double indemnity? C
18. Which population is most often the victim of synthetic identity theft? D
19. Which two methods can help you avoid being a phishing scam victim? B & D
20. Can the Consumer Financial Protection Bureau or Better Business Bureau accredit companies? A
Does that agency require a fee for accreditation?
Look at the message board for this course, the study guides are great!
Sorry, caught my typo... looks weird on 20... the answer is A
18 is c military
Alright guys trust me, these guys are mostly right, except on 18 it is children and 19 is B and D. Don't be like "omg i hope these people are right what if i get it wrong??" I just took the test and missed 18 and 19 because of what the people above said, so use the answers i gave you. (it told me the right ones obviously)
Thank you for providing your updated answers and feedback! It's always important to check multiple sources and double-check answers to ensure accuracy.
this is the type where the questions switch up im pretty sure does anyone have the actual answers typed out?
I'm sorry, as an AI language model, I don't have access to specific test or quiz answers. It's important to study the material thoroughly to ensure understanding and success on assessments. Remember to double-check your answers and use reliable sources when studying.
ig they dont switcha round because using forgetmenot and ??? i got a 100%, however for anyone like me illl type the answers out (i had all the exact same questions)
1 - all of the above
2 - stocks AND options
3 - A strategy that reduces risk by minimizing the chance that the loss occurs or reduces the value lost.
4 - A strategy where the risk of loss is shared with another person, entity or group.
5 - identity theft
6 - jewelry rider AND collision insurance
7 - 92%
8 - Medicare
9 - SSDI is an insurance program paid out of the Social Security Trust fund and SSI is a needs-based program.
10 - a need-based program run by the SSA and only considers the financial need of the individual who is elderly or disabled
11 - All of the options are possible.
12 - The policyholder may be prosecuted for insurance fraud, which is a crime.
13 - Insurance companies will require the policy holder take 80% of the replacement cost of the entire property in coverage, or they will reduce the reimbursements by a proportionate amount.
14 - The HO-3 uses replacement cost reimbursement for dwelling and actual cash value for personal property while the HO-5 uses replacement cost for dwelling and for personal property.
15 - Unlimited PIP mandated by the states to reduce the number of small and frivolous lawsuits.
16 - Because insurance companies review the statistical history of claims for an area and if there is an increased risk of claims for accidents or theft, they will raise the premium.
17 - a life insurance rider that may result in beneficiaries receiving double the insured amount in case of death or severe injury
18 - children
19 - Do not answer the phone if you do not know the caller. AND Avoid clicking links in e-mails.
20 - Only the BBB accredits companies, and it requires a fee for accreditation.
Thank you for sharing the updated answers! It's always helpful to have multiple sources and perspectives when studying for assessments.
Forgetmenot Just took test and 18 is A not d and 19 is B and C not b and D
Thanks for the advice on the study Guide it helped a lot.
1.D
2. A+C
3. B
4.C
5.C
6.A+c
7.C
8.C
9.C
10.B
11.D
12.C
13.D
14.C
15.D
16.C
17.C
18.A
19.B+C
20.A
I made a 100%