Health and Life Insurance Test

Front

True or False: Health insurance covers all medical procedures.

Back

False

Front

What is Kelli Lenz's annual contribution to her group medical insurance plan if the annual premium is $16,850 and her employer pays 65% of the cost?

Back

$5,897.50

Front

What is Kelli Lenz's monthly deduction for her group medical insurance plan?

Back

$491.46

Front

How much is Darrell Morris's annual contribution for his family plan with an HMO annual premium of $12,240, where the employer pays 90%?

Back

$1,224

Front

What is a monthly paycheck deduction?

Back

Amount of money subtracted from an employee's salary each month for various purposes.

Front

On what date would a person no longer be automatically eligible to stay on their parent’s health insurance plan?

Back

January 1 the year after they turn 26.

Front

What is the purpose of health insurance?

Back

To provide financial coverage for medical expenses.

Front

Define premium in the context of health insurance.

Back

The amount paid for an insurance policy, typically on a monthly basis.

Front

What is a deductible in health insurance?

Back

The amount an insured person must pay out-of-pocket before the insurance company pays for covered services.

Front

Explain the term 'co-payment' in health insurance.

Back

A fixed amount paid by the insured for a specific service, with the insurance covering the rest.