Insurance

Front

What is a beneficiary in an insurance policy?

Back

A beneficiary is the person or entity designated to receive the benefits or proceeds from an insurance policy upon the death of the insured.

Front

How do you calculate the biweekly deduction for health insurance if the employer pays a percentage of the premium?

Back

To calculate the biweekly deduction, first determine the employee's share of the premium by multiplying the total premium by the percentage the employer does not pay. Then divide that amount by the number of pay periods in a year.

Front

What is the formula to calculate the percent increase in insurance premiums?

Back

Percent Increase = ((New Premium - Old Premium) / Old Premium) * 100.

Front

If an insurance premium is $7,058 and the employer pays 70%, what is the employee's contribution?

Back

Employee's Contribution = Total Premium * (1 - Employer's Contribution) = $7,058 * 0.30 = $2,117.40.

Front

What is a limited payment life insurance policy?

Back

A limited payment life insurance policy provides lifetime protection, where the policyholder pays premiums for a specified period or until a certain age.

Front

What does PPO stand for in health insurance?

Back

PPO stands for Preferred Provider Organization, which is a type of health insurance plan that offers a network of healthcare providers.

Front

What is the difference between term life insurance and whole life insurance?

Back

Term life insurance provides coverage for a specific period, while whole life insurance provides coverage for the insured's entire life and includes a cash value component.

Front

How do you determine the weekly deduction from an annual insurance premium?

Back

To determine the weekly deduction, divide the annual premium by the number of weeks in a year (52 weeks).

Front

What is the significance of the premium per $1,000 in life insurance?

Back

The premium per $1,000 indicates the cost of coverage for each $1,000 of the death benefit provided by the policy.

Front

What factors can affect the cost of health insurance premiums?

Back

Factors that can affect health insurance premiums include age, health status, location, type of coverage, and the insurance provider.