Health Insurance Fundamentals: Coverage Types, Premium Structures, and Risk Management

Flashcard

Learn Mode

Match

Library

Create

Flashcards

Library

Match (Coming Soon)

Business - Insurance

jake12testoswi Created by 10 mon ago

Cards in this deck(40)

Why should you have insurance? To eliminate _____

How much should be in your emergency savings? _____ months of income

How does insurance work? It's a contract through a company to reduce _____ and help with financial protection.

How do companies have money? Because of your _____

If you're young and healthy, what type of insurance would you be looking for? A low _____ insurance

If you're old or critical, what would you be looking for? A high _____ so deductibles are lower.

Why is it important to have health insurance? To reduce the risk of high _____ prices.

What are three places you can get health insurance? Employers, Medicaid, and _____ by insurance company.

What is the difference between copay and coinsurance? Copay is a flat rate, while coinsurance is a _____ amount.

What do the metals represent in insurance plans? They represent your _____ value.

What relationship do premiums and deductibles have? They have an _____ relationship.

What does it mean to have to stay 'in network' with health insurance? You must stay within the _____ of that hospital branch.

What are HSA and FSA accounts for? They are accounts to use _____ money for health expenses.

What are 5 factors insurance companies use to set health insurance premiums? Age, location, tobacco use, type of plan, and number of _____ on plan.

What's the benefit of Term-Life insurance? It is way _____

What's the benefit of whole life insurance? It offers a _____ payout.

What is liability insurance? It covers damage to the _____ person.

What is collision coverage? It covers your damage due to _____

What is comprehensive coverage? It covers everything else, like _____

What's the coverage limit on your car insurance plan? _____

What happens if you cause damage that goes over the limit? You have to pay it _____

What's the minimum car insurance you need? _____ insurance

What are 5 factors that determine your car insurance plan? Age, marital status, car mileage, car make, and driving _____

What should you do if you get in a wreck? Exchange information and contact _____

What is an HMO? It is the most strict, only covers _____ network.

What is an EPO? Same as HMO but _____ is not needed.

What is a PPO? It is flexible but has a higher _____

What is a POS? It covers out of network but _____ is needed.

What is the definition of insurance? It is a financial product to eliminate _____

What is the definition of a policy? It is the _____

What is the definition of coverage? It refers to the risk covered and money _____

What is the definition of a premium? It is what you owe _____

What is the definition of a claim? It is a formal request to an insurance company asking for _____

What is the definition of a deductible? It is the out of pocket money you _____

What is the definition of coinsurance? The insured person must pay a fixed _____ of the loss.

What is the definition of disability insurance? It is a payment to replace earnings of a _____ or injured person.

What is the definition of long-term care insurance? It is a payment for extended _____ care.

What is the definition of a beneficiary? It is who receives money after the insured person _____

What is the definition of Medicaid? It is federal health assistance for people with very _____ income.

What is the definition of actuarial value? It is the percentage the company will pay, shown by _____

Ask Our AI Tutor

Get Instant Help with Your Questions

Need help understanding a concept or solving a problem? Type your question below, and our AI tutor will provide a personalized answer in real-time!

How it works

Ask any academic question, and our AI tutor will respond instantly with explanations, solutions, or examples.

Get Started

Browse questions and discover topic-based flashcards
Practice with engaging flashcards designed for each subject
Strengthen memory with concise, effective learning tools

Discover By Topic

Health Insurance Fundamentals: Coverage Types, Premium Structures, and Risk Management

Related Decks