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Insurance Terms: Lessons 1 & 2

Authored by Laura Chabarria

Business

9th - 12th Grade

Used 13+ times

Insurance Terms: Lessons 1 & 2
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

an arrangement in which an individual will receive financial protection or reimbursement of losses from an insurer

Insurance

Policy

Coverage

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the contract between an insurance company and the insured individual

Insurance

Policy

Coverage

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the amount of liability protection offered to an individual through an insurance policy​​​​​​​

Policy

Coverage

Premium

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the amount of time after the premium is due in which a policyholder can make a premium payment without suffering a lapse (break) in coverage​​​​​​​

Grace Period

Deductible

Copays

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the amount of money you will pay out of pocket before the insurance company will make a payment​​​​​​​

Deductible

Claim

Copays

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a formal request by a policyholder to their insurance company for compensation for a covered loss​​​​​​​

Claim

Deductible

Out-of-Pocket Maximum

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the payments an individual makes each time they get medical service​​​​​​​

Deductible

Copays

Out-of-Pocket Maximum

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