Disability Insurance Health Insurance Consumer Purchasing Legal Protection Family Finance Jeopardy Life Insurance

The Answer is: Factors that influence consumer buying.

The Question is: What are economic, personal and social factors?

The Answer is: Varying of prices for all types of products; accessing the differences in quality in relation to price.

The Question is: What is price analysis?

The Answer is: Can be done easily with advertisements, catalogs, or online; especially when buying expensive or complex items.

The Question is: What is comparison shopping?

The Answer is: The law that was originally designed to protect consumers from questionable door-to-door salespeople which allows 3 business days to cancel a contract for $25.00 or more.

The Question is: What is the “cooling-off” law?

The Answer is: A partial refund of the price of a product.

The Question is: What is a rebate?

The Answer is: The first step in resolving a consumer complaint about a product.

The Question is: What is returning to the place of purchase?

The Answer is: A consumer agency comprised of a network of offices that resolves complaints against local merchants and can provide consumers with pre- purchase information about goods and services.

The Question is: What is the Better Business Bureau?

The Answer is: Involves the use of a third party to settle grievances.

The Question is: What is mediation?

The Answer is: The settlement of a difference by a third party with the decision being legally binding.

The Question is: What is arbitration?

The Answer is: A court that settles legal differences involving small amounts below a set limit and employs a process to which the litigants usually do not use a lawyer.

The Question is: What is small claims court?

The Answer is: A form of protection to alleviate the financial burdens individuals suffer from illness or injury.

The Question is: What is Health Insurance?

The Answer is: These plans comprise more than 90% of all the health insurance issued by health and life insurance companies with most being employer sponsored.

The Question is: What are group health insurance plans?

The Answer is: High administrative costs; the use of sophisticated, expensive technologies; duplication of tests; increases in variety of treatments; the increasing number and longevity of elderly people; rapid earnings growth for health-care professionals and executives; etc…

The Question is: What are some of the reasons that health care costs so much in the U.S.?

The Answer is: Eat a balanced diet; keep weight under control; avoid smoking; don’t drink to excess; get sufficient rest, relaxation and exercise; and drive carefully.

The Question is: What are ways to reduce personal health care costs by staying well?

The Answer is: Legislates new federal standards for health insurance portability, nondiscrimination in health insurance, and guaranteed renewability. This law also provides tax breaks for long-term care insurance.

The Question is: What is the Health Insurance Portability and Accountability Act of 1996 (HIPAA)?

The Answer is: Provides regular cash income lost by employees as the result of an accident, illness, or pregnancy.

The Question is: What is disability income insurance?

The Answer is: The inability to do your regular work.

The Question is: What is disability?

The Answer is: Your employer; social security; workman’s compensation; or disability insurance.

The Question is: What are four sources of disability income?

The Answer is: A federal health insurance program established in 1965 for people age 65 or older or people of any age with permanent kidney failure or people with certain disabilities.

The Question is: What is Medicare?

The Answer is: This program became federal law in 1965 under Title XIX of the Social Security Act and provides for a program of medical assistance to certain low-income individuals and families.

The Question is: What is Medicaid?

The Answer is: Under this type of policy, the insurance company promises to pay a sum of money at the time of the policyholder’s death to the person or persons selected by him or her.

The Question is: What is life insurance?

The Answer is: Method based on the insurance agent’s rule of thumb that a “typical family” will need approximately 70% of your salary for 7 years before they adjust to the financial consequences of your death.

The Question is: What is the Easy Method for determining the amount of life insurance you need?

The Answer is: This method of determining life insurance needs assumes that your spouse will continue to work after your death and you have no dependents.

The Question is: What is the DINK (Dual Income, No Kids) Method?

The Answer is: This method of determining life insurance takes into account the extra costs of up to $10,000 a year which may be required to replace the services of a homemaker in a family with small children.

The Question is: What is the “Nonworking” Spouse Method?

The Answer is: This method of determining life insurance assumes that your family is not a “typical” one and takes into account special needs while factoring in Social Security and any liquid assets.

The Question is: What is the “Family Need” Method?