Financial Literacy Final Exam
questions with complete solutions
Claim - correct answer ✔✔ The demand by an individual to recover losses covered under an
insurance policy.
Premium - correct answer ✔✔ The payment to the insurance company for insurance coverage.
Insurance Agent - correct answer ✔✔ A representative of an insurance company who sells
insurance contracts (policies) and provides customer service. He or she must be licensed by the
state in which a policy is sold.
Deductible - correct answer ✔✔ The amount of money you must pay each year to cover your
medical care expenses before your insurance policy starts
paying
Copayment - correct answer ✔✔ A way of sharing medical costs. You pay a flat fee every time
you receive a medical service (for example, $20 for every visit to the doctor). The insurance
company pays the rest.
Credit Report - correct answer ✔✔ A document containing financial information about a
person, focusing on his or her history of paying obligations, such as a mortgage, car payment,
utilities, and credit cards, Also includes current balances on outstanding debts, the individual's
amount of available credit, public records such as bankruptcies, and inquiries about credit from
various companies.
Credit Limit - correct answer ✔✔ The maximum amount you can charge on a credit account.
questions with complete solutions
Claim - correct answer ✔✔ The demand by an individual to recover losses covered under an
insurance policy.
Premium - correct answer ✔✔ The payment to the insurance company for insurance coverage.
Insurance Agent - correct answer ✔✔ A representative of an insurance company who sells
insurance contracts (policies) and provides customer service. He or she must be licensed by the
state in which a policy is sold.
Deductible - correct answer ✔✔ The amount of money you must pay each year to cover your
medical care expenses before your insurance policy starts
paying
Copayment - correct answer ✔✔ A way of sharing medical costs. You pay a flat fee every time
you receive a medical service (for example, $20 for every visit to the doctor). The insurance
company pays the rest.
Credit Report - correct answer ✔✔ A document containing financial information about a
person, focusing on his or her history of paying obligations, such as a mortgage, car payment,
utilities, and credit cards, Also includes current balances on outstanding debts, the individual's
amount of available credit, public records such as bankruptcies, and inquiries about credit from
various companies.
Credit Limit - correct answer ✔✔ The maximum amount you can charge on a credit account.