Insurance Terms Quizs part 3

Actuarial Life Table

• A chart used to determine life insurance premiums based on various factors.

• A table that lists the average lifespan of different species.

• A graph showing the population growth over time.

• A document outlining the rules for insurance claims.

Supplemental Insurance

• Plans to cover expenses and services not on typical policies.

• A type of insurance that only covers accidents.

• Insurance that is mandatory for all citizens.

• A policy that provides coverage for natural disasters.

Long-Term Care Insurance

• A type of insurance that covers some or all of the costs of nursing home care, assisted living, in-home care, and other end-of-life care.

• A type of insurance that only covers hospital stays and surgeries.

• A type of insurance that provides coverage for dental and vision care only.

• A type of insurance that is exclusively for young adults and does not cover elderly care.

Term Life Insurance

• Life insurance that covers the policyholder for their entire life.

• Life insurance for a specified amount of time; at the death of the policyholder, the insurance company pays the death benefit to the beneficiaries.

• Life insurance that only pays out if the policyholder is diagnosed with a terminal illness.

• Life insurance that accumulates cash value over time.

Whole Life Insurance (or Cash Value)

• Life insurance that lasts for a specific term and pays out only if the policyholder dies during that term.

• Life insurance that lasts for the life of the policyholder and uses a portion of the premium as an investment.

• A type of insurance that provides coverage for health-related expenses only.

• A policy that pays out a fixed amount upon the policyholder's retirement.

Death Benefit

• A benefit paid to the policyholder during their lifetime.

• A benefit paid to the beneficiaries after the policyholder dies.

• A benefit that covers funeral expenses only.

• A benefit that is paid out only if the policyholder is diagnosed with a terminal illness.

Self-Insured

• Having enough money saved and invested so a spouse or loved one could live off of it when you die, eliminating the need for life insurance.

• A type of insurance policy that covers specific risks for a limited time.

• A financial strategy that involves purchasing multiple life insurance policies.

• A method of saving that requires regular contributions to a retirement account.

Identity Theft

• The act of fraudulently gaining and using the personal information of someone else, usually for financial gain.

• A legal process to reclaim stolen property.

• A method of securing personal information online.

• A type of insurance against financial loss.

Beneficiaries

• Individuals who pay premiums for insurance policies.

• People who are designated by the policyholder to receive the death benefit of a life insurance policy.

• Agents who sell insurance policies to clients.

• Companies that underwrite insurance policies.

Disability Insurance

• A type of insurance that will replace a portion of the policyholder’s income in the event that the policyholder becomes disabled and is unable to work.

• A type of insurance that covers medical expenses for injuries sustained at work.

• A type of insurance that provides a lump sum payment upon the policyholder's death.

• A type of insurance that protects against loss of property due to theft or damage.