Intro To Health Insurance

Question 1

Medical expense insurance

Answer 1

Provides financial protections against the cost of medical care by reimbursing the insured, fully or in part for these costs. That’s called “reimbursement plans”

Question 2

Disability income insurance

Answer 2

Provides a replacement income when wages are lost due to a disability. Doesn’t cover med expenses for disability, but it just gives the insured money to pay their bills and shit

Question 3

Accidental death and dismemberment insurance (AD&D)

Answer 3

Gives insured a lump-sum benefit amount in the event of accidental death or dismemberment under accidental events.

Question 4

Renewability provisions

Answer 4

Define the rights of the insurer to cancel the policy at different points during the life of the policy.

Question 5

Premium factors, payment types

Answer 5

Annual, semiannual, quarterly, and monthly. Monthly is usually direct transaction from ones bank account to pay.

Question 6

Morbidity

Answer 6

Expected incident of sickness or disability within a given age group during a given period of time