Unit 2- Income And Career Planning

Question 1

The contract between insurance company and a person by which that person joins a risk sharing group

Answer 1

Policy

Question 2

Group of healthcare providers the band together to provide health services for set fees

Answer 2

Preferred provider organization

Question 3

Outlay of money, for example, by depositing it in the bank, or by buying stock in a company, with the object of making a profit

Answer 3

Investments

Question 4

A group health insurance plan that offers prepaid medical care to its members

Answer 4

Health maintenance organization

Question 5

The permanent policy for what you pay a specified premium each year for the rest of your life

Answer 5

Whole life

Question 6

The relationship of prices to the quantities a good or service sellers are willing to offer any point in time

Answer 6

Supply

Question 7

The amount of money spent on food, clothing, accommodations, and other basic necessities.

Answer 7

Cost of living

Question 8

The set amount that a policyholder must pay per lost an insurance policy, or your portion of a medical bill

Answer 8

Deductible

Question 9

Working for yourself

Answer 9

Self employment

Question 10

Cash inflow or the money you receive

Answer 10

Income

Question 11

Insurance policy on a persons life.

Answer 11

Life insurance

Question 12

Reasons for life insurance

Answer 12

Reasons for purchasing life insurance include: take care of the immediate expenses, upon the death of that person funeral costs, it helps a feeling maintain an adequate level of living if the wage earner dies, and it can pay off the mortgage on a home is there sufficient insurance

Question 13

Insurance that provides protection against loss of life for only a specified term, or period of time, also called temporary insurance

Answer 13

Term life

Question 14

The relationship between prices and the corresponding quantities of a good or service

Answer 14

Demand

Question 15

Diction against possible financial loss

Answer 15

Insurance

Question 16

Compensation in addition to direct wages or salaries, such as a company car, house loans, medical insurance, paid holidays, pension schemes, subsidized meals.

Answer 16

Fringe benefits

Question 17

Gives an average cost community rating of 100 and lower Index indicated a lower cost-of-living which is better

Answer 17

Index form

Question 18

The person named in a life insurance policy as the recipient of the insurance money in the event of the insureds death. With health insurance it is the subscriber or dependent who is eligible for service under a health plan

Answer 18

Beneficiary

Question 19

Coverage that provides regular cash income when you are unable to work due to pregnancy, non-work-related accident, or illness.

Answer 19

Disability insurance

Question 20

Someone who sets up and finances new commercial enterprises to make a profit

Answer 20

Entrepreneur

Question 21

This see a policyholder pays for insurance

Answer 21

Premium

Question 22

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

Answer 22

Health insurance

Question 23

Do you match of money the insurance company agrees to pay a claimant a beneficiary under the specific policy terms

Answer 23

Benefits

Question 24

Period of one month following the premium due date during which a policy remains in effect. If the premium is not paid, the policies canceled if it is a Health, disability income or term life plan

Answer 24

Grace period

Question 25

The person who holds an insurance policy

Answer 25

Policyholder

Question 26

Monetary compensation for work given

Answer 26

Wages/salary

Question 27

Person receives in her/his monthly paycheck before taxes. Based upon supplying demand.

Answer 27

Base salary