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Insurance Review
Question | Answer |
---|---|
________ allows individuals to collectively share the cost of such losses by paying their money into a large pool of money, making it more affordable foe everyone to cover a financial loss if it occurs. | Insurance |
__________ is defined as the equitable transfer of the risk of a loss from an individual to an insurer in exchange for a _______. | Insurance, premium |
_______ an amount of money we might pay to an insurance company on a monthly or an annual basis for the payment of that insurance. | Premium |
There are _____ basic principles to risk and insurance management. | seven |
The premium an individual will have to pay for a potential loss to be covered cannot be so _________ the insurer is really not taking on any risk. | expensive |
There are ___ elements of cost for insuring a risk. One is calculation of the ___________ __ ____, which is done by the insurer, and the other is called _________ ____. | two, probability of loss, attendant cost |
__________ the amount of loss that you are going to suffer yourself before the insurance company pays their portion of the loss. | Deductable |
___ _________ is used to provide financial support in the event of your death to your dependents so their lives can continue, at least financially, after you are gone. | Life insurance |
The life insurance policy pays the ___________ of the policy when the person who was actually insured dies, assuming all premiums have been properly paid. | beneficiary |
What are two basic types of life insurance policies? | 1. Term 2. Cash value |
There are _____ ways to buy a term policy. | three |
There are three kinds of ____ _____ policies. | cash value |
The three kinds of term policies are: | 1. Decreasing 2. Annual renewable 3. Level premium |
A __________ term policy is where the face value decreases each year. | decreasing |
A ______ _________ policy's premiums are adjusted, usually higher, each year when the policy is reviewed and renewed. | annual renewable |
A _____ _______ policy is when your premium in each year one is going to be the same as it will in the final year of the policy. | level premium |
The least expensive types of life insurance are ____ policies. | term |
There are _____ types of cash value policies. | three |
They are: | 1. Whole 2. Variable 3. Universal |
______ _________ is used to cover the costs of medical treatments, such as surgeries, hospital stays, some doctor visits, and in some cases, prescription costs. | Health insurance |
Your monthly premium on an _________ health policy will most likely be higher than it would be if you were part of a _____. | individual, group |
________ is an insurance program designed for low-income individuals in low-income households. | Medicaid |
CHIP stands for: | Children’s Health Insurance Programs. |
____ is designed to provide health care coverage for children of families who cannot afford individual health coverage, but make too much money to qualify for Medicaid. | CHIP |
____________ _________ pays you a percentage of your earned income during the time period you are unable to work because of a disability. | Disability insurance |
________ is a federal funded government health plan for individuals over the age of 65. | Medicare |
__________ are specific types of losses which will not be covered in the homeowner’s policy. | Exclusions |
____ _________ is probably the most common form of insurance. | Auto insurance |
____ _________ may cover both legal liability claims against the driver if possibly he is at fault for causing the accident, and loss of or damage to the insured’s vehicle itself. | Auto insurance |
Younger drivers have ______ premiums because they are less experienced and tend to take more risks. | higher |
A driver with claims on a previous policies will have ______ premiums on future policies. | higher |
The _____ your credit score, the ______ your premium will be. | lower, higher |
What is the name of the act that everyone refers to as Obamacare? | Affordable Care Act. |
When did President Obama sign this law? | March 23, 2010. |
When did the Supreme Court uphold the law? | June 28, 2012. |
Does Obamacare replace private insurance, medicaid or medicare? | No. |
Does every American have to have insurance under the law? | Yes. |
Are there penalties for not carrying health insurance? | Yes. |
What ratio of Americans have a “pre-existing” condition that would have denied them health insurance previous to the law? | 1 in 2. |
What are the 4 ways in which you can enroll for Obamacare? | 1. Online 2. By phone 3. In person 4. By mail |
What percentage of personal bankruptcies are due to medical bills? | 60% |
Is a type of coverage in your auto insurance policy, the insurer agrees to pay damages, that is, medical costs or repair costs if you injure someone or his property in an auto accident: | Liability coverage for bodily injury and property damage |
_________ ________ insurance provides protection to replace or repair your vehicle if you are in an accident regardless of who is at fault. | Collision coverage |
_____________ ________ pays to repair your vehicle less your deductible when it is damaged in ways which do not involve an actual collision. | Comprehensive Coverage |
Is for medical and other expenses which are a result of an automobile accident for the people who are specifically named in the policy. | Personal Injury Coverage |