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Are You Financially Literate? Chapter 15 Quiz 1. Denesh was riding his skateboard along the sidewalk when he accidentally ran over a lady’s toes, breaking three of them and ruining her Gucci Supremes. She sues him for the broken toes, ruined kicks, and loss of income as a professional baton twirler. Will the personal liability portion of his homeowner’s insurance defend the lawsuit, pay for her medical costs, replace the shoes, and lost income? _ ____________________________________________________________________ 2. T F Named Perils Coverage names exactly which people are covered under a homeowner’s policy. 3. T F All risk coverage covers all risks, unless they are specifically excluded. 4. T F In most cases, mortgage lenders allow a homeowner to waive homeowner’s insurance if they have complied with local laws regarding on-site safety conditions. 5. T F Homeowner’s insurance will cover the replacement cost of the structure, but not the contents in the event of a fire or other loss causing event. 6. Regarding a health care plan, what is a benefit year? a. the year you get the most benefits b. the 12 month period that medical expenses incurred count toward the deductible c. a year of good health d. the year that the employee benefits are 100% vested 7. HMO stands for a. Health Maintenance Organization c. Healthy Maintaining Opportunity b. Hospital Management Occupation d. Health Management Organization 8. PPO stands for: a. Patient Preparedness and Outlook c. Professional Providers Opinion b. Preferred Provider Organization d. None of the Above 9. In your own words, explain what a managed care plan’s network is and what out-of-network means. _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ PRODUCT PREVIEW
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THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 305
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