8.1 and 8.2 Study Guide-Personal Finance

An dependent is an individual who does NOT rely on someone else for financial support.

Why do people use COBRA insurance?

Liability risks are results from the possibility of losing money or other property as a result of legal proceedings.

A form of risk management that pools the premiums of a large group of people to cover the expenses of the smaller number

Coinsurance is a percentage of the service costs that patients pay.

Managed Care Plan is a type of health-care plan in which the insurance compan contracts with specific doctors, etc.

Risk is not a measure of likelihood that something will be lost.

What is an advantage of Fee-for-service health insurance plans?

A health care plan that pays for covered mendical sevices after treatment is provided is

Is the amount you must pay toward your medical expenses before your insurance company begins to pay is

What are some personal risks?

Speculative Risk is

A health savings account is a tax-advantagement savings account available to people enrolled in high deductible plans.

What is the purpose of disabilty insurance?

Premium is

Sue Foster recently bought some gold to hold as an investment. What kind of risk did she incur?

Why is a health savings account reffered as a tax-advantaged account?

The process of measuring risk and finding ways to minimize or manage loss is Risk Management.

A person who has purchased insurance is

Three Examples of Property risk:

What coverage does the typical health insurance policy provide?

What are some stragedies for dealing with risk?

Exclusion is

Impatient is a person whose care requires them to leave a hospital

Preexisting condition is not an illness or injury a person has before signing up for a health-care insurance.

A copayment is a flat fee the patient must pay for medical services.

A risk with a possibility of loss but no possibility of gain.