FCS 340 Exam 3 Questions and Answers |
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• beneficiary . Answer: one who benefits from something; a person who is left money or
other property in a will or the like
• cash value . Answer: the amount of money a whole life policyholder would receive if
the policy were surrendered before death or maturity
• Affordable Care Act . Answer: An expansion of medicaid, most of employers must
provide health insurance, have insurance or face surtax, prevents rejection based on
pre-existing condition. Also referred to as "Obamacare", signed into law in 2010. The
law provides consumers with subsidies ("premium tax credits") that lower costs for
households with incomes between 100% and 400% of the federal poverty level.
• comprehensive insurance . Answer: covers your car for reasons other than a collision,
such as theft, fire, vandalism
• Policy owner . Answer: The person in an insurance contract that has all the rights
contained in the policy; designated on the application and may or may not be the
insured.
• Auto Insurance . Answer: Protects against losses to property and injuries to people in
a car accident.
• Disability Insurance . Answer: A type of insurance paid to an individual if he/she is
injured and is unable to work for a specified length of time.
• liability coverage . Answer: Auto insurance that pays for losses related to bodily injury,
property damage, lawsuits, and defense costs.
• collision insurance . Answer: This covers the car of the insured person and pays for
repairs after an accident or cash compensation if the car can't be repaired. This type of
coverage is usually optional
• capital gains . Answer: a profit from the sale of property or of an investment.
• 1040 schedule A . Answer: Schedule A is required in any year you choose to itemize
your deductions. The schedule has seven categories of expenses: medical and dental
expenses, taxes, interest, gifts to charity, casualty and theft losses, job expenses and
certain miscellaneous expenses.
• AGI . Answer: adjusted gross income - amount of income AFTER certain reductions
Full Test Bank with Verified Solutions |
A+ Pass Guaranteed
• beneficiary . Answer: one who benefits from something; a person who is left money or
other property in a will or the like
• cash value . Answer: the amount of money a whole life policyholder would receive if
the policy were surrendered before death or maturity
• Affordable Care Act . Answer: An expansion of medicaid, most of employers must
provide health insurance, have insurance or face surtax, prevents rejection based on
pre-existing condition. Also referred to as "Obamacare", signed into law in 2010. The
law provides consumers with subsidies ("premium tax credits") that lower costs for
households with incomes between 100% and 400% of the federal poverty level.
• comprehensive insurance . Answer: covers your car for reasons other than a collision,
such as theft, fire, vandalism
• Policy owner . Answer: The person in an insurance contract that has all the rights
contained in the policy; designated on the application and may or may not be the
insured.
• Auto Insurance . Answer: Protects against losses to property and injuries to people in
a car accident.
• Disability Insurance . Answer: A type of insurance paid to an individual if he/she is
injured and is unable to work for a specified length of time.
• liability coverage . Answer: Auto insurance that pays for losses related to bodily injury,
property damage, lawsuits, and defense costs.
• collision insurance . Answer: This covers the car of the insured person and pays for
repairs after an accident or cash compensation if the car can't be repaired. This type of
coverage is usually optional
• capital gains . Answer: a profit from the sale of property or of an investment.
• 1040 schedule A . Answer: Schedule A is required in any year you choose to itemize
your deductions. The schedule has seven categories of expenses: medical and dental
expenses, taxes, interest, gifts to charity, casualty and theft losses, job expenses and
certain miscellaneous expenses.
• AGI . Answer: adjusted gross income - amount of income AFTER certain reductions
