Font size
WorksheetsHealth Insurance Concepts and Terms
Total questions: 42
Worksheet time: 27mins
A specific amount paid each time someone visits the primary physician is called
Co-Pay
Premium
Deductible
A regular payment each month to the insurance company is called
Deductible
Premium
Coinsurance
Which of the following adequately describes the main difference between group health insurance and individual health insurance?
Those enrolled in a group health insurance plan pay less in premiums than those in an individual plan
Those enrolled in a group health insurance plan pay more in premiums than those in an individual plan
Those enrolled in a group health insurance plan receive less coverage than those in an individual plan
In health insurance, what is meant by the term "network"?
Hospitals owned by the same company
Health care professionals that are part of a health plan's group of provider's
Physicians who charge the same rate for the same type of procedure
Which terms describes what you must pay each year before your health plan begins paying?
Deductible
Rider
Co-Payment
______________ insurance provides financial protection against overwhelming medical expenses
Health
Car
Comprehensive
Medical
This type of insurance pays for people over 65 or with certain disabilities
Medicare
Medicaid
In-Network means
doctors are working for the insurance company instead of the government
doctors can charge up to $60 per office visit
doctors have agreed to charge a certain amount for their services
you can only use doctors on the insurance company's list
What is a copayment?
A percentage of costs you pay after meeting your deductible
A fixed amount paid for certain services, often without needing to meet the deductible
The total amount you pay for insurance premiums
The amount you pay before insurance starts covering costs
Which of the following best describes a premium in health insurance?
A fixed amount paid for each doctor visit
The monthly fee paid to maintain health insurance coverage
A percentage of costs you pay after meeting your deductible
The maximum amount you pay in a year
What is the primary function of a health insurance premium?
To cover all medical expenses
To maintain active health insurance coverage
To pay for each doctor visit
To reduce the deductible amount
Which of the following is typically not included in the out-of-pocket maximum?
Deductibles
Coinsurance
Copayments
Monthly premiums
Term Life insurance
Individual Disability income
Beneficiary
A ledger or proposal used in the sale of a life insurance policy that shows both guaranteed and nonguaranteed elements.
The person who receives the proceeds from the policy when the insured dies.
The length of time over which the insurance benefits will be paid for each illness, disability or hospital stay.
The method of determining primary coverage for a dependent child, under which the plan of the parent whose birthday occurs first in the calendar year is designated as primary.
What is the main purpose of insurance?
to follow the law
to get weathly
For investment purposes
To reduce risk
What do higher out-of-pocket costs in an insurance plan generally mean for monthly premiums?
Smaller monthly premiums
Variable monthly premiums
Higher monthly premiums
No change in monthly premiums
What is the main advantage of having health insurance through an employer?
Automatic qualification for premium subsidies
No need for out-of-pocket payments
Access to a wider network of doctors
Employers pay a portion of workers’ insurance premiums
What is a key consideration when comparing health insurance plans?
Out-of-pocket costs
Color of the insurance card
Number of advertisements
Brand popularity
What does a health insurance 'network' refer to?
The geographical area covered by the plan
The medical providers and facilities contracted with to provide care
The internet infrastructure of the insurance company
A group of policyholders
Why are costs lower when you go to an in-network doctor?
In-network doctors receive government subsidies
In-network doctors are less experienced
Insurance companies negotiate lower rates with in-network providers
In-network doctors only offer basic services
What might a plan with higher out-of-pocket costs and lower monthly premiums be better suited for?
Individuals planning to have a baby
Individuals with chronic conditions
Individuals who frequently visit doctors
Individuals in good health who rarely see a doctor
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 insurance is specifically designed to cover the cost of medical care?
Term Life Insurance
Whole Life Insurance
Health Insurance
Auto Insurance
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
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
A formal request made by the insurance policyholder to the insurance company for payment or services covered by the insurance policy.
Claim
Accident
Premium
Coverage
This type of insurance pays for eye doctor visits, contacts and glasses.
Dental
Vision
Prescription
Cancer
This type of insurance pays for people over 65 or with certain disabilities
Medicare
Medicaid
Medicaid insurance takes care of people....
Who are over 65 in nursing homes
Who are low-income
Who gets your death benefit once you die?
Insurance Company
Business Partner
Your Beneficiaries
Your Pets
Charity
When do you need life insurance?
If you're married
If you're a single parent
If you have kids
If you don't have a spouse and/or kids
You don't need it.
