2026|FICEP EXAM QUESTOINS AND
ANSWERS|LATEST UPDATE|VERIFIED ANSWERS
T/F: You should accept unsolicited increases to your credit limit to help maximize borrowing
power - ANSWER✔️False
T/F: If a medical bill is ultimately paid by an insurance company, the CRAs must remove the
item from a credit report - ANSWER✔️True
T/F: Estate obligations must be paid prior to any inheritance being paid - ANSWER✔️True
With fraud alerts or a freeze on your credit report, you do not have to: - ANSWER✔️Be sure all
of your debts are in good standing
T/F: CRAs may block accounts at their discretion if one is an identity theft victim -
ANSWER✔️False
T/F: Opening an account with $100,000 is a sign of financial exploitation - ANSWER✔️False
Reviewing a credit report after a member has been a victim of elder abuse will help members
except: - ANSWER✔️Monitoring deposit accounts for activity
T/F: It's best for members to invest in stocks versus bonds and cash - ANSWER✔️False
, To make the most of a 401(k) or a 403(b) account, members should avoid: - ANSWER✔️Taking
out a loan against them
T/F: Loans are allowed on a Traditional IRA account - ANSWER✔️False
T/F: Springing (conditions) POA is best for selling property while one is out of state for awhile. -
ANSWER✔️False
T/F: The POA's key responsibility is to make decision based on the principal's wishes not their
own comfort - ANSWER✔️True
T/F: It is necessary to have a plan in place in the event of death or disability if you are the sole
owner of a business - ANSWER✔️True
What is the first immediate step someone needs to take after a death? - ANSWER✔️Determine if
the deceased had a prepaid funeral plan
After a death, financial counselors may: - ANSWER✔️Help members make a list of all debts and
financial obligations
T/F: Financial counselors can handle any situation a member faces because nothing is beyond
their scope of practice - ANSWER✔️False
Members dealing with addiction, mental illness, or physical abuse have: - ANSWER✔️Immediate
needs in which a counselor needs to refer to an outside resource
This type of tax charges everyone the same percentage of an item's cost - ANSWER✔️Regressive
tax
T/F: Single, filing jointly is a tax filing status - ANSWER✔️False
T/F: Members will likely not have to update their income tax withholding if they recently
separated from a spouse - ANSWER✔️True
By pooling risk, insurers: - ANSWER✔️Limit their exposure when losses occur
T/F: Insurance coverage is the best way to evaluate risk - ANSWER✔️False
What is not an insurance decision rule? - ANSWER✔️Add insurance coverage for all assets
T/F: Life insurance is necessary for all family members - ANSWER✔️False
ANSWERS|LATEST UPDATE|VERIFIED ANSWERS
T/F: You should accept unsolicited increases to your credit limit to help maximize borrowing
power - ANSWER✔️False
T/F: If a medical bill is ultimately paid by an insurance company, the CRAs must remove the
item from a credit report - ANSWER✔️True
T/F: Estate obligations must be paid prior to any inheritance being paid - ANSWER✔️True
With fraud alerts or a freeze on your credit report, you do not have to: - ANSWER✔️Be sure all
of your debts are in good standing
T/F: CRAs may block accounts at their discretion if one is an identity theft victim -
ANSWER✔️False
T/F: Opening an account with $100,000 is a sign of financial exploitation - ANSWER✔️False
Reviewing a credit report after a member has been a victim of elder abuse will help members
except: - ANSWER✔️Monitoring deposit accounts for activity
T/F: It's best for members to invest in stocks versus bonds and cash - ANSWER✔️False
, To make the most of a 401(k) or a 403(b) account, members should avoid: - ANSWER✔️Taking
out a loan against them
T/F: Loans are allowed on a Traditional IRA account - ANSWER✔️False
T/F: Springing (conditions) POA is best for selling property while one is out of state for awhile. -
ANSWER✔️False
T/F: The POA's key responsibility is to make decision based on the principal's wishes not their
own comfort - ANSWER✔️True
T/F: It is necessary to have a plan in place in the event of death or disability if you are the sole
owner of a business - ANSWER✔️True
What is the first immediate step someone needs to take after a death? - ANSWER✔️Determine if
the deceased had a prepaid funeral plan
After a death, financial counselors may: - ANSWER✔️Help members make a list of all debts and
financial obligations
T/F: Financial counselors can handle any situation a member faces because nothing is beyond
their scope of practice - ANSWER✔️False
Members dealing with addiction, mental illness, or physical abuse have: - ANSWER✔️Immediate
needs in which a counselor needs to refer to an outside resource
This type of tax charges everyone the same percentage of an item's cost - ANSWER✔️Regressive
tax
T/F: Single, filing jointly is a tax filing status - ANSWER✔️False
T/F: Members will likely not have to update their income tax withholding if they recently
separated from a spouse - ANSWER✔️True
By pooling risk, insurers: - ANSWER✔️Limit their exposure when losses occur
T/F: Insurance coverage is the best way to evaluate risk - ANSWER✔️False
What is not an insurance decision rule? - ANSWER✔️Add insurance coverage for all assets
T/F: Life insurance is necessary for all family members - ANSWER✔️False
