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Finance > Chapter 23 > Flashcards

Chapter 23 Flashcards

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1
Q

a form of protection that eases the financial burden people may experience as a result of illness or injury

A

Health Insurance

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2
Q

the percentage of medical expenses that the policyholder must pay in addition to the deductible amount

A

Coinsurance

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3
Q

a provision that requires a policyholder to pay all costs up to a certain amount, after which the insurance company pays 100% of the remaining expenses covered

A

stop-loss

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4
Q

flat fee that you pay every time you receive a covered service

A

co-payment

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5
Q

An insurance company that provides hospital care benefits

A

blue cross

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6
Q

an insurance company that provides benefits for surgical and medical services performed by physicians

A

blue shield

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7
Q

prepaid health plans that provide comprehensive health care to their members

A

managed care

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8
Q

health insurance plan that directly employs or contracts with selected physicians and other medical professionals to provide health care services in exchange for a fixed, prepaid monthly premium

A

Health Maintenance Organization (HMO)

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9
Q

group of doctors and hospitals that agree to provide specified medical services to members at prearranged fees

A

Preferred Provider Organization (PPO)

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10
Q

health insurance plans that use a network of participating physicians and medical professionals who have contracted to provide services for certain fees

A

Point-of-service (POS) Plan

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11
Q

Federally funded health insurance program available to people over 65 or with certain disabilities

A

medicare

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12
Q

medical assistance program offered to certain low-income individuals and families

A

Medicaid

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13
Q

insurance that provides regular cash income when an employee is unable to work due to pregnancy, a non-work-related accident, or illness

A

Disability Income Insurance

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14
Q

person names to receive benefits from an insurance policy

A

Beneficiary (Insurance)

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15
Q

insurance that provides protection against loss of life for only a specified term

A

Term Insurance

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16
Q

a permanent policy for which one pays a specified premium each year for the rest of one’s life

A

Whole Life Insurance

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17
Q

life insurance that provides coverage for a specific period of time and pays a sum of money to the policyholder if he or she is living at the end of the endowment period

A

endowment

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18
Q

in a whole life insurance policy, the accumulated savings to which one is entitled when and if one cancels the policy

A

cash value

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19
Q

stop or interruption

A

lapse

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20
Q

daily meals

A

board

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21
Q

extra

A

supplement

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22
Q

facilities and organizations that provide care for the terminally ill

A

hospice

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23
Q

good or effective

A

valid

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24
Q

stop

A

suspend

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25
Q

suffering

A

hardship

26
Q

conditions

A

provisions

27
Q

Medical expense insurance covers all the following costs of being ill except…
A. Hospital stays
B. Lost income
C. Doctors’ visits
D. Medications

A

lost income

28
Q

Under basic health insurance, aesthesia is considered a…
A. Hospital expense
B. Surgical expense
C. Physician expense
D. Major medical expense

A

hospital expense

29
Q

Policies that base benefits on reasonable and customary charges take into consideration the…
A. Average fee for a service in a particular geographical area
B. Fee requirements of service providers
C. Size of the deductible
D. Provisions of co-insurance

A

Fee requirements of service providers

30
Q

Which is the statewide organization that provides hospital care benefits?
A. Blue Cross
B. Blue Shield
C. Medicare
D. Medicaid

A

blue cross

31
Q

One advantage of a preferred provider organization (PPO) over a health maintenance organization (HMO) is that the PPO covers…
A. Preventive services
B. Emergency care
C. Visits to any doctor
D. Home health care

A

visit any doctor

32
Q

Medicare’s hospital insurance covers…
A. Hospice care
B. Long-term nursing care
C. Routine checkups
D. Most immunizations

A

hospice care

33
Q

Workers compensation pays benefits to people when they…
A. pay Social Security
B. are covered by an HMO
C. Lose income because of illness
D. Are injured on the job

A

are injured on the job

34
Q

The ideal disability income insurance provides…
A. Payments that continue for life
B. 40% of the policyholders income
C. Coverage after accidents only
D. Benefits after a long elimination period

A

Payments that continue for life

35
Q

Which type of life insurance lets a policyholder change from term to permanent coverage?
A. Decreasing term
B. Multi Year level term
C. Renewable term
D. Conversion term

A

conversion term

36
Q

Beneficiaries wait two years before receiving full death benefits under a common policy feature called…
A. The inconsistency clause
B. A waiver of premium disability
C. The suicide clause
D. Double indemnity

A

the suicide clause

37
Q

_________ protects people who are ill or disabled against loss of income.

A

Disability income insurance

38
Q

________ is a government health program for low-income individuals and families.

A

Medicaid

39
Q

When you stay in a hospital, you are charged for the beds and meals. This is called room and ______.

A

board

40
Q

_______ means that the policyholder pays all costs up to a certain amount before coverage begins.

A

Stop-loss

41
Q

Facilities and organizations that provide care for the terminally ill are _______.

A

hospices

42
Q

A policyholder must pay a(n) _________ when he receives a covered service and the insurer will pay the balance.

A

co-payment

43
Q

A(n) ________ in coverage means you do not have insurance for a period of time.

A

lapse

44
Q

_________ includes both medical expense insurance and disability income insurance.

A

Health insurance

45
Q

A statewide insurance company that provides benefits for surgical and medical services performed by physicians is ________.

A

blue shield

46
Q

A(n) ___________ is a managed-care option based on the idea that preventice services will minimize future medical problems.

A

HMO (Health Maintenance Organization)

47
Q

The percentage of medical expenses that a policyholder must pay in addition to the deductible amount is called ___________.

A

coinsurance

48
Q

Vision care and prescription services that are usually available for an extra fee are known as _________ services in an HMO.

A

supplement

49
Q

__________ pays a benefit only if you die during the time period it covers.

A

Term insurance

50
Q

A(n) __________ is a managed care option in which you receive care from a pre-approved provider for little or nothing, or you can seek outside care for a higher fee.

A

POS (Point-of-service) plan

51
Q

___________ provides a death benefit and a savings component.

A

Whole life insurance

52
Q

It is important to carefully analyze and understand all the ___________ of your life insurance policy so you know the terms and benefits.

A

provisions

53
Q

Many disability insurance policies are ______ only until you turn 65.

A

valid

54
Q

The accumulated savings of a whole life insurance policy is known as the ________.

A

cash value

55
Q

________ is a government health program for people over 65 or with certain disabilities.

A

Medicare

56
Q

Some disability insurance policies will ________ premiums if you become disabled.

A

suspend

57
Q

A person named to receive the benefits from an insurance policy is known as the _________.

A

beneficiary

58
Q

A(n) ___________ is a managed-care option in which a group of doctors and hospitals agree to provide specified services to members at prearranged fees.

A

PPO (Preferred Provider Organization)

59
Q

Life insurance is necessary when your death might cause financial ________ for someone else.

A

hardship

60
Q

A statewide insurance company that provides hospital care benefits is _________.

A

blue cross

61
Q

__________ insurance pays a sum of money at the end of the specified time period to the policyholder or the beneficiary.

A

Endowment

62
Q

Prepaid health plans that provide comprehensive health care to their members are known as _________.

A

managed care

Finance (7 decks)

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