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WorksheetsLife & Health Insurance Review
Total questions: 15
Worksheet time: 8mins
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
Health Maintenance Organization (HMO)
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.
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
Death benefit
Payment made to beneficiaries upon the death of the insured
Factors to consider when choosing an insurance plan
Favorite food
Age
Family health history
Occupation
Deductible
The amount you must pay before insurance begins contributing to your medical bills.
Suzie has 3 daughters and has long term financial goals. She wants to provide a death benefit to her beneficiaries. What term would be more beneficial? Whole term insurance or term life insurance plan?
What is term life insurance?
Insurance for the terminally ill
Insurance that expires after a specified period of time
Insurance that allows you to set all of the terms of the contract
Preferred Provider Organization (PPO)
Insurance plan that restricts members to only see providers within the plan's network.
Designed to give you more flexibility in choosing which health care providers you see.
Insurance plan that covers all out-of-network healthcare costs.
Type of health insurance plan that requires referrals for any medical services.
