9. The first step in retirement planning is to set retirement goals. a. True b. False 10. The principle of indemnity states that the insured cannot be compensated for an amount exceeding the insured's economic loss. a. True b. False 11. A $100,000/$300,000 bodily injury liability automobile policy could pay up to $100,000 to one person or up to $300,000 to all injured victims in an accident. a. True b. False 12. A grantor is also called the: a. heir. b. attorncy. c. beneficiary. d. joint owner. e. settlor. 13. It really makes little difference whether you start retirement savings at age 25 or at age 45. a. True b. False 14. During the past few decades, the percentage of our income spent on health care: a. has increased due to an aging U.S. population. b. has decreased due to the reduction in health care costs. c. has increased due to increased regulation and decreased administrative costs. d. has increased due to advanced demand-and-supply distribution of health care facilities. e. has decreased due to advances in medical technology. 15. Never discuss liability at the scene of an accident or with anyone other than the police and your insurer. a. True b. False