Ins

Question 1

True or False: Health insurance typically covers preventive services.

Answer 1

True

Question 2

Fill in the blank: The _______ is the amount an insured person must pay out-of-pocket before the insurance company pays its share.

Answer 2

deductible

Question 3

What type of life insurance provides coverage for a specific period?

Answer 3

Term life insurance

Question 4

Which of the following is NOT a type of health insurance plan? (A) HMO (B) PPO (C) ETF

Answer 4

C) ETF

Question 5

What does the acronym HMO stand for in health insurance?

Answer 5

Health Maintenance Organization

Question 6

True or False: Whole life insurance accumulates cash value over time.

Answer 6

True

Question 7

What is a premium in the context of insurance?

Answer 7

The amount paid for an insurance policy.

Question 8

Fill in the blank: A _______ is a legal contract between the insurer and the insured.

Answer 8

policy

Question 9

What does the term ‘beneficiary’ refer to in life insurance?

Answer 9

The person or entity designated to receive the death benefit.

Question 10

Which type of insurance policy allows for flexible premiums and death benefits?

Answer 10

Universal life insurance

Question 11

True or False: A pre-existing condition can affect your eligibility for health insurance coverage.

Answer 11

True

Question 12

What is the difference between in-network and out-of-network providers?

Answer 12

In-network providers have a contract with the insurance company, while out-of-network providers do not.

Question 13

Fill in the blank: A _______ is a cost-sharing requirement where the insured pays a percentage of the covered expenses.

Answer 13

coinsurance

Question 14

What is the purpose of an insurance underwriter?

Answer 14

To evaluate risk and determine the terms of insurance coverage.

Question 15

Which of the following is a common exclusion in life insurance policies? (A) Suicide (B) Accidental death (C) Terminal illness

Answer 15

A) Suicide

Question 16

True or False: Long-term care insurance is designed to cover nursing home costs.

Answer 16

True

Question 17

What does the term ‘exclusion rider’ refer to in insurance?

Answer 17

A provision that excludes coverage for specific conditions or circumstances.

Question 18

Fill in the blank: The _______ period is the time after a policy is issued during which the insured can cancel the policy for a full refund.

Answer 18

free look

Question 19

What is the role of a claims adjuster?

Answer 19

To investigate and evaluate insurance claims.

Question 20

Which of the following is typically covered under most health insurance plans? (A) Routine check-ups (B) Cosmetic surgery (C) Experimental treatments

Answer 20

A) Routine check-ups

Question 21

True or False: Group health insurance is often less expensive than individual health insurance.

Answer 21

True

Question 22

What is a waiting period in health insurance?

Answer 22

The time an insured must wait before certain benefits become available.

Question 23

Fill in the blank: An _______ is a type of insurance that provides coverage for medical expenses due to accidents.

Answer 23

accident insurance

Question 24

What is the purpose of a health savings account (HSA)?

Answer 24

To allow individuals to save money tax-free for medical expenses.