Health Care and Life Insurance

Question 1

What is a PPO?

Answer 1

Preferred Provider Organization - providers that contract with a health insurance company

Question 2

What is stated as a proportion or percentage rather than a dollar amount when referring to health care share costs?

Answer 2

Coinsurance

Question 3

What is a variation of coinsurance that requires the insured to pay a specific dollar portion of the specific covered expense?

Answer 3

Copayment

Question 4

Which insurance provides reimbursement costs associated with intermediate and custodial care in a nursing facility or at home?

Answer 4

Long Term Care Insurance

Question 5

A document stating one’s specific wished concerning medical treatments in an emergency.

Answer 5

Living Will

Question 6

What is the name of the person or organization that receives life insurance proceeds?

Answer 6

Beneficiary

Question 7

Which type of life insurance is the least expensive. Term or whole/universal?

Answer 7

Term

Question 8

What is a more accurate way to determine life insurance needs?

Answer 8

Needs-based

Question 9

What is a health care proxy?

Answer 9

Legal document in which you can designate another person to make health care decisions on your behalf if you are rendered incapable of making those decisions for yourself.

Question 10

Define Durable Power of Attorney

Answer 10

Appoints someone to handle legal and personal finances in advance of incapacitating medical conditions.