If You Are Diagnosed with a Life-Threatening Illness and Expect

question 56

Multiple Choice

If you are diagnosed with a life-threatening illness and expect to incur high medical costs before you die, which type of insurance would provide money for your final medical costs?

• A)Life insurance
• B)Critical illness insurance
• C)Professional insurance
• D)House insurance
• E)Long-term care

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Definitions:

Companies

Legal entities formed by individuals, stockholders, or shareholders, with the purpose of engaging in commercial or industrial activities.

Jewelers

Jewelers are professionals or businesses involved in the design, production, and sale of jewelry.

Average cost method

An inventory costing method where all costs of inventory are averaged out to determine the cost of goods sold and the ending inventory value.

Cost of merchandise sold

The entire expense directly tied to the production and sale of products in inventory that were sold during a specific period.