7.1 Health & Life Insurance Vocabulary (FMSA)

7.1 Health & Life Insurance Vocabulary (FMSA)

Multiple Choice

Person or persons designated to receive the proceeds of a life insurance policy in the event of the insured's death.

• Beneficiary

• Claim

• Coverage

• Deductible

Multiple Choice

A form filed to request payment for losses covered in an insurance policy.

• Beneficiary

• Claim

• Coverage

• Deductibile

Multiple Choice

A term used to describe the type or amount of loss protected against by an insurance policy.

• Beneficiary

• Claim

• Coverage

• Deductibile

Multiple Choice

An amount deducted from an insurance settlement; the amount of loss the insured agrees to accept.

• Beneficiary

• Claim

• Coverage

• Deductibile

Multiple Choice

The amount of insurance purchased.

• Face Value

• Health Insurance

• Insurance

• Insurance Agent

Multiple Choice

Covers a predetermined portion of the cost of health care.

• Face Value

• Health Insurance

• Insurance

• Insurance Agent

Multiple Choice

A person who sells insurance and provides claims service to the policyholders.

• Face Value

• Health Insurance

• Insurance

• Insurance Agent

Multiple Choice

The individual or company receiving the insurance protection.

• Insured

• Life Insurance

• Policy

• Policyholder

Multiple Choice

An agreement providing for the payment of a stipulated sum to one or more beneficiaries upon the death of the insured person.

• Insured

• Life Insurance

• Policy

• Policyholder

Multiple Choice

A written contract between the insurance company and the insured that explains the benefits and limitations of the protection purchased.

• Insured

• Life Insurance

• Policy

• Policyholder

Multiple Choice

The person or business that purchases an insurance policy.

• Insured

• Life Insurance

• Policy

• Policyholder

Multiple Choice

Payment to the insurance company for the insurance policy.

• Premium

• Settlement

• Term

Multiple Choice

The amount an insurance company agrees to pay on a claim.

• Premium

• Settlement

• Term

Multiple Choice

The time for which an insurance policy is in effect.

• Premium

• Settlement

• Term