WorksheetsInsurance Terminology Quiz
Total questions: 8
Worksheet time: 4mins
What is the definition of insurance according to the learning material?
The amount of money paid for an insurance policy
An arrangement in which an individual will receive financial protection or reimbursement of losses from an insurer
The contract between an insurance company and the insured individual
The amount of liability protection offered to an individual through an insurance policy
What does the term 'Policy' refer to in the context of insurance?
The payments an individual makes each time they get medical service
The amount of money you will pay out of pocket before the insurance company will make a payment
The contract between an insurance company and the insured individual
A formal request by a policyholder to their insurance company for compensation for a covered loss
What is a 'Premium' in the context of insurance?
The most a policyholder has to spend for covered services in a year
The amount of time after the premium is due in which a policyholder can make a premium payment without suffering a lapse in coverage
The amount of money paid for an insurance policy
The payments an individual makes each time they get medical service
What is the 'Grace Period' in insurance terms?
The amount of money you will pay out of pocket before the insurance company will make a payment
The amount of time after the premium is due in which a policyholder can make a premium payment without suffering a lapse in coverage
The most a policyholder has to spend for covered services in a year
The payments an individual makes each time they get medical service
What does 'Deductible' mean in an insurance policy?
The amount of liability protection offered to an individual through an insurance policy
The amount of money you will pay out of pocket before the insurance company will make a payment
The contract between an insurance company and the insured individual
The amount of money paid for an insurance policy
What is a 'Claim' in the context of insurance?
The amount of money paid for an insurance policy
The contract between an insurance company and the insured individual
A formal request by a policyholder to their insurance company for compensation for a covered loss
The amount of liability protection offered to an individual through an insurance policy
What are 'Copayments' in the context of medical services?
The amount of money you will pay out of pocket before the insurance company will make a payment
The most a policyholder has to spend for covered services in a year
The payments an individual makes each time they get medical service
The amount of money paid for an insurance policy
What is the 'Out-of-Pocket Maximum' in an insurance policy?
The amount of money paid for an insurance policy
The amount of liability protection offered to an individual through an insurance policy
The most a policyholder has to spend for covered services in a year
The payments an individual makes each time they get medical service
