CPCU 556 |68 Practice Questions And Answers

Tom and Annie have been married for two years, and are considering starting a family. They have decided that they should develop a financial plan. The first step in the personal financial planning process is Select one: A. Establishing and prioritizing financial goals. B. Developing a plan. C. Analyzing the current situation. D. Gathering information. - ️️A. Establishing and prioritizing financial goals. Which one of the following statements about unemployment insurance is true? Select one: A. It is financed solely be FICA taxes paid by employed persons. B. Benefits are limited and vary from state to state. C. Its major drawback is that only slightly more than half the states have such programs. D. Benefits typically last for up to six years. - ️️B. Benefits are limited and vary from state to state. Eric and Elizabeth are retirees who have been providing some financial support to Elizabeth's disabled sister. They want to continue this support if they predecease the sister. However, they are concerned that she might lose access to government programs if they directly give her assets. Which one of the following is a method of meeting their objective? Select one: A. Request that their children be appointed her legal guardians. B. Transfer property to a trust. C. Leave her assets in their wills. D. Make sure she immediately applies for all potential government benefits. - ️️B. Transfer property to a trust.