AGLS Exam 3- FLASHCARDS - Love and Money done

Question 1

What is the average cost of a wedding?

Answer 1

35,000 including honeymoon

Question 2

What is the average cost of a honeymoon?

Answer 2

5,000

Question 3

What are the three largest line items in most weddings?

Answer 3

Venue, engagement ring, and honeymoon

Question 4

What is marriage intended for and what should you plan for?

Answer 4

A lifetime

Question 5

What can money cause couples to do?

Answer 5

Argue and even divorce

Question 6

What percent of people believe financial infidelity is as bad as cheating?

Answer 6

55% of people

Question 7

What are the top 3 lifetime mate preferences for a male?

Answer 7

1. Kindness. 2. Physical attractiveness. 3. Humor

Question 8

What are the top 3 lifetime mate preferences for a female?

Answer 8

1. kindness. 2. Good financial prospect. 3. Physical attractiveness

Question 9

What should couples do before marriage?

Answer 9

Build a good foundation

Question 10

What should couples do to learn about each other?

Answer 10

Commit to open and honest conversations. Merging and alligning your lives. Understand there will be compromises. Work as a team after you are married. Talk about your dreams

Question 11

What percent of couples in healthy marriages are likely to discuss money together?

Answer 11

94%

Question 12

What percent of couples in unhealthy marriages are likely to discuss money together?

Answer 12

45%

Question 13

What are the three things to discuss on tackling debt as a couple?

Answer 13

Discuss reasons for the debts, methods for preventing future debts, and a plan for paying it back

Question 14

Who do most couples rely on who for their healthcare coverage?

Answer 14

Their employer

Question 15

What is a CoPay?

Answer 15

Payment required for a standard office visit

Question 16

What is a PPO?

Answer 16

Employer negotiates with a group of doctors/hospitals for healthcare for employees

Question 17

What is a deductible?

Answer 17

Annual limit you must reach before co-insurance will pay a set % of additional cost

Question 18

What is a premium?

Answer 18

Monthly payment required to receive insurance coverage

Question 19

What is an HMO?

Answer 19

Typically cheaper, but requires Primary Care Physician referral for in-network specialist

Question 20

What is the earnings multiple approach?

Answer 20

Policyholder takes out insurance on their life to be paid out to beneficiaries upon death

Question 21

What is the needs approach?

Answer 21

Purchasing enough to cover burial expenses, transitional funds, and/or potential medical expanses, household debts, and even dependent expenses

Question 22

What does disability insurance do?

Answer 22

Provides money if a person is incapacitated due to illness or injury

Question 23

What is a will?

Answer 23

Your wishes for your assets to be distributed upon your death

Question 24

What is a financial power of attorney?

Answer 24

An agent oversees your finances if you are incapable of doing so

Question 25

What is a living will?

Answer 25

Your wishes for life support & organ donation if incapacitated

Question 26

What is a medical power of attorney?

Answer 26

An agent makes medical decisions if you are incapable of doing so