Basic Insurance Terms-Economics and Financial Literacy

___________ is fair and just in the insurance world.

• Equitable

• Whole Life

• Insurance

• Risk

_______________is the amount paid, often in installments, for an insurance policy.

• Premium

• Whole life

• Term

• COBRA

______________ is the danger of probability of loss based on natural disasters, or actions by an individual or others.

• Risk

• Risk Management

• A premium

• COBRA

____________ is the overall systematic approach to analyzing risk and implementing controls which help mimize loss if the risk actually occurs.

• Risk

• Risk Management

• COBRA

• HIPPA

___________________ is the recipient of funds, property or other benefits as from an insurance policy or will.

• Beneficiary

• COBRA

• Payer

• Lawyer

____________ is the monetary value of a life insurance policy.

• Equity

• Face value

• Cash

• Credit

___________ is the death benefit of a life insurance policy.

• Face Value

• Payee

• Creditors

• Beneficiary

Consolidated Omnibus Budget Reconcilation Act; health benefit which gives certain former employees, retirees, spouses and dependent children the right to temporary continuation of health coverage at group rates.

• COBRA

• HIPPA

Health Insurance Portability and Accountability Act; title I protects health insurance coverage for workers and their families when they change or lose their jobs: title requires the establishment of national standards for electronic healthcare transactions and national identifiers for providers, health insurance plans and employers.

• COBRA

• HIPPA

_____________ is a condition or situation which increases the liklihood a person will be injured or become ill.

• High-risk

• Risk

• Low risk

• Medical condition