FFM – exam Quizzes Complete Solutions
2025
Homeowners insurance - ANSWER HO8: most common insurance on older houses
HO1: most BASIC type
Property insurance - ANSWER -Auto insurance is the most common
-Protects against theft, fire, vandalism
Medicare - ANSWER A federal program of health insurance for persons 65 years of
age and older
Medicaid - ANSWER A federal and state assistance program that pays for health
care services for people who cannot afford them. (any age)
Third party insurance - ANSWER -Medicaid is an example
-Insurance that covers damage that the policyholder causes to someone else (the 'third
party') or to their property but does not cover the policyholder for any injury or loss
that they suffer themselves.
Medigap - ANSWER -a private insurance policy that pays the difference between
the medical charge and the amount that Medicare pays
-supplemental insurance
-if you can afford it, then get it
, the major in school for insurance is called.... - ANSWER risk management
INSURANCE: - ANSWER Protecting your people, family, and property assets
STOCKS/ BONDS - ANSWER all about growth
Don't over buy insurance - ANSWER -Get as much as you can from your employer
(like life insurance)
-Review the policy every year
houses - ANSWER -Kitchen is usually the most expensive room in the house
-Cabinets are the most expensive part of the house -Counters and
appliances are also expensive
-Usually people look at 17 houses before buying ones
FICO score - ANSWER Credit score from 300-850 that rates how likely a person is to fall
90 days behind in a payment.
-Want a good credit score
-Usually a grace period for insurance (Would be in your contract)
Most common type of credit - ANSWER open ended credit
- Credit cards
-Banks, retailers etc
upside down - ANSWER when you owe more than something is worth/ capital asset
is worth less
another word for money - ANSWER equity and capital
2025
Homeowners insurance - ANSWER HO8: most common insurance on older houses
HO1: most BASIC type
Property insurance - ANSWER -Auto insurance is the most common
-Protects against theft, fire, vandalism
Medicare - ANSWER A federal program of health insurance for persons 65 years of
age and older
Medicaid - ANSWER A federal and state assistance program that pays for health
care services for people who cannot afford them. (any age)
Third party insurance - ANSWER -Medicaid is an example
-Insurance that covers damage that the policyholder causes to someone else (the 'third
party') or to their property but does not cover the policyholder for any injury or loss
that they suffer themselves.
Medigap - ANSWER -a private insurance policy that pays the difference between
the medical charge and the amount that Medicare pays
-supplemental insurance
-if you can afford it, then get it
, the major in school for insurance is called.... - ANSWER risk management
INSURANCE: - ANSWER Protecting your people, family, and property assets
STOCKS/ BONDS - ANSWER all about growth
Don't over buy insurance - ANSWER -Get as much as you can from your employer
(like life insurance)
-Review the policy every year
houses - ANSWER -Kitchen is usually the most expensive room in the house
-Cabinets are the most expensive part of the house -Counters and
appliances are also expensive
-Usually people look at 17 houses before buying ones
FICO score - ANSWER Credit score from 300-850 that rates how likely a person is to fall
90 days behind in a payment.
-Want a good credit score
-Usually a grace period for insurance (Would be in your contract)
Most common type of credit - ANSWER open ended credit
- Credit cards
-Banks, retailers etc
upside down - ANSWER when you owe more than something is worth/ capital asset
is worth less
another word for money - ANSWER equity and capital
