Question

In: Finance

1. An example of open-end credit is a.automobile loans b.installment sales credit c.mortgage loans d.revolving check...

1. An example of open-end credit is

a.automobile loans

b.installment sales credit

c.mortgage loans

d.revolving check credit

11. Which of the following is an example of a conventional mortgage?

a.

an FHA mortgage
b.

a buy down
c.

a fixed rate mortgage
d.

a shared appreciation mortgage
e.

a home equity loan

13. Health insurance typically includes

a.

deductibles

b.

out-of-pocket limits

c.

co-payments

d.

all of the above

15.

Disability is defined as

a.

unable to do regular work
b.

unable to do any work
c.

both a and b
d.

none of the above

16.

Basic health coverage includes

a.

hospital expense
b.

dental expense
c.

major medical expense
d.

all of the above

18.

Risk assumption is the same as

a.

risk avoidance

b.

risk reduction

c.

risk sharing

d.

none of the above

Solutions

Expert Solution

1. An example of open-end credit is mortgage loans as there are specific open end mortgage loans available so correct option will be (C) mortgage loans

Automobile loans and revolving check credit are closed ended loans.

11. .An example of conventional mortgage is (C) Fixed Rate Mortgage as it is a traditional and conventional method of mortgage .

FHA mortgage is not a conventional mortgage and home equity loans, Buy down are highly nonventional.

So correct answer will be option (C) Fixed Rate Mortgage

13.Health care insurance includes out of pocket limits, deductible and Co-payments.

So the correct option will be (D) All of the above

15.Disability is defined as unable to do any work or some specific work.

So the correct option will be (C) Both A and B

16.Basic health coverage includes Hospital expense, Dental expense, and major medical expenses so all of the options given is correct.

So the correct option Is (D) All of the above

18.Risk assumption is used in defense to a personal injury suit .It reduces the amount and bars the recovery of damages by aggrieved party on the assumption that He or she acted in good faith without the appropriate knowledge of risk.

Risk avoidance ,Risk sharing, and Risk Reduction are complete different concepts as they focus over elimination of risk and management of the same.

So the correct option is (D)None of the above

jeff jeffy answered 2 years ago
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