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WorksheetsRisky Business - Insurance
Total questions: 20
Worksheet time: 7mins
Premium
a policyholder's request for payment for a loss
the amount the policyholder must pay for insurance coverage
the possibility of incurring a loss
the profit made from insurance
A policyholder is
Another term for an insurance company
The person or company buying the insurance policy
The amount paid for insurance coverage
The out of pocket cost to the insured when a loss occurs is called...
Premium
Deductible
This professional analyzes statistics and uses them to calculate risks and premiums.
Agent
Actuary
Claims Clerk
Underwriter
A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury
emergency savings
coverage
claim
employee benefits
According to the Affordable Care Act, children can be on their parents' health insurance until what age?
Until they get a full time job
22
26
28
What role does insurance play in financial planning?
It guarantees that income and assets are protected
It helps build and maintain one's credit score
It helps cover day-to-day expenses
It grows in value and appreciates over time
Your health insurance copay is
Amount paid out of pocket before your insurance coverage
Paid by the insurer
Applied on an annual basis
A fixed amount of money you pay each time you use your plan
True or False: Insurance is based on the concept of shared risk, or risk pooling.
True
False
The total amount a policy holder will pay in one fiscal year...
Policy Maximum Fee
Deductible
Maximum Out of Pocket Expense
Total Beneficiary Expense
An employee of the insurance company that determines premium amounts.
Actuary
Underwriter
Undertaker
Insurance Agent
The purpose of insurance is
Transfer risk
Enable government funds
Ensure spending plan balances
Create a financial safety net
If you pay a higher deductible, this generally ______ your premium.
has not effect on
raises
lowers
