WorksheetsGeneral and Health Insurance Terms
Total questions: 30
Worksheet time: 15mins
Deductible
The amount you must pay out-of-pocket before insurance starts to pay
A request for payment from the insurer
Claim
A list of covered drugs
A formal request to the insurance company for payment for a covered loss or medical cost
Co-payment (copay)
A fixed amount you pay for a covered service after meeting your deductible
The maximum you will pay in a plan year
Providers that are not contracted with your insurance plan
In-Network
Out-of-Network
Co-insurance
Your share of the cost for a covered service, after you’ve paid your deductible
The maximum total you will pay in a year
Out-of-pocket maximum
The most your insurer will pay in a year
The most you will have to pay for covered services in a year
Ensures benefits from multiple health insurance plans are coordinated to avoid duplication.
Balance Billing
Coordination of Benefits (COB)
Claim Submission
Coverage that pays for injuries to other people or damage to their property if you are at fault in an accident.
Collision Coverage
Comprehensive Coverage
Liability Coverage
Coverage that pays to repair or replace your vehicle after a crash
Collision Coverage
Liability Coverage
Comprehensive coverage is designed to cover damage from which type of event?
Collisions with other vehicles
Events other than a collision, such as theft, vandalism, fire, or natural disasters
Personal Injury Protection (PIP) typically covers:
Repairs to your car after a collision
Medical expenses and lost wages for you and your passengers, regardless of fault
Damage from theft or vandalism
Deductible
The amount of money you pay out-of-pocket for a covered claim before your insurance begins to pay
The amount you pay for your policy on a regular basis
Agent
A person who inspects vehicle damage
A person who sells insurance policies and represents one or more companies
A person who sets legal limits for coverage
Claim
The duration of your policy
A formal request to your insurance company for payment after a loss or incident
A list of coverage limits
When a vehicle is damaged so severely that the cost of repair is more than its current value,
the vehicle is considered:
Covered
Limited
Totaled
The legal contract between the policyholder and the insurance company.
Premium
Policy
Rider
Underwriting
The amount paid to the insurance company to keep the policy active.
Grace period
Surrender value
Premium
Cash value
UNDERWRITING involves which activity by insurers?
Paying the death benefit to beneficiaries
Evaluating health, lifestyle, and other factors to determine eligibility and premium cost
The person or entity named to receive the death benefit when the insured person dies.
Insured
Beneficiary
Policyholder
A SECENDARY BENEFICIARY receives the death benefit under which circumstance?
If premiums are overdue
If the primary beneficiary dies before the insured
If the policyholder surrenders the policy
Social Security is a form of insurance --
It is taken out of your Paycheck under "FICA".
(Federal Insurance Contributions Act)
True
False
Your employer will usually provide ....
Car insurance
Health Insurance
Homeowners Insurance
Which type of permanent life insurance allows for flexible premiums and death benefits?
Term life insurance
Whole life insurance
Universal life insurance
Grace period insurance
Pay this to keep your insurance active ....
Deductible
Premium
Cash
Credit
Who is the person covered by the policy?
Insured
Beneficiary
Underwriter
Policyholder
What is a rider in the context of life insurance?
The legal contract between two people
An addition to an insurance policy that provides extra benefits or coverage
When it comes to insurance, what example best illustrates a RIDER?
Accelerated death benefit for terminal illness
Life Insurance
Someone who rides a bike
Surrender value refers to which amount?
The total premiums paid to date
The death benefit paid to the beneficiary
The cash value a policyholder receives if they cancel the policy before it matures
The underwriting fee assessed at policy issue
What type of insurance would help your family or beneficiaries if you die?
Rainy Day Insurance
Football Insurance
Death Insurance
Life insurance
Which pair correctly matches the concept with its description?
Beneficiary—Something really funny
Underwriting—writing under water
Premium—amount paid to keep the policy active
