Life & Health Insurance Review

Who is the beneficiary in a life insurance policy?

• The person who pays the insurance premium

• The insurance company

• The person that will receive the payout upon the death of the insured

• The person who sells the insurance policy

What is a premium in the context of insurance?

• The amount of money received after the insured dies

• The payout given to the insurance agent

• The payment made to the insurance company to keep the policy active

• The cash value provided by a whole life insurance policy

What does term insurance cover?

• For a specific period and has cash value

• For the whole life of the insured and is more expensive

• For a specific period, usually has lower premiums, and has no cash value

• For the whole life of the insured and provides cash value along with death benefits

Which type of life insurance is more expensive but provides cash value along with death benefits?

• Term Insurance

• Health Insurance

• Whole Life Insurance

• Health Maintenance Organization (HMO)

What is the main difference between HMO and PPO health plans?

• HMO offers a network of jobs, while PPO offers a network of schools

• HMO is designed for short-term care, while PPO is for long-term care

• HMO has higher costs and greater flexibility, while PPO has lower costs and is less flexible

• HMO has lower costs and is less flexible, while PPO has higher costs and greater flexibility

Which type of insurance is specifically designed to cover the cost of medical care?

• Term Life Insurance

• Whole Life Insurance

• Health Insurance

• Auto Insurance

The payment you make to the insurance company to keep your policy active, typically paid monthly

• Claim
• Deductible
• Premium
• Coverage

Health Maintenance Organization (HMO)

• Health Maintenance Organization (HMO) is a type of health club membership.
• Based on a network of hospitals, doctors, and other health care providers that agree to coordinate care. 

• Designed to give you more flexibility in choosing which health care providers you see.

• A type of insurance plan that covers only emergency services.

What is the basic definition of life insurance?

• Amount of money those you designate as beneficiaries will receive when you die.

• An investment in the stock market
• A contract between an insurer and a policy owner that guarantees the insurer pays a sum of money to named beneficiaries when the insured dies

• A type of car insurance

Death benefit

• Payment made to beneficiaries upon the death of the insured

• Payment made to insured upon death
• Coverage for pre-existing conditions
• Monthly premium payment