Chapter 20 Insurance Test Review

In general, The lower the policy or coverage deductible, the lower the premium

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

If a medical service at a dental office costs $200 and the patient's pays a flat fee of $40, this would be an example of

You will reduce your chances of large premium increase if you drive safely and avoid speeding tickets.

A deductible is the amount of money paid to an insurance company regularly for a policy.

Many organizations, employer or union offer the group health (medical) insurance.

When buying auto insurance, the driver classification is determined by all of the following except:

Maintenance to automobiles such as oil changes, tires and batteries are covered under comprehensive insurance

Insurance is a financial service used to protect against loss.

____________________ health (medical) insurance may be available through an employer, union, or another organization.

If you check into the hospital in the morning and are released the next morning, you are considered an _____ patient.

Managed care health-care plans that allows the insured to choose a doctor outside the plan for an extra cost is

All Employers are required to provide Worker's Compensation to cover medical care for a person injured on the job.

Insurance that offers protection by covering specific medical expenses.. illness, injury,.. is called health insurance.

Types of government sponsored health insurance are all of the following except

The possibility of loss, damage, or injury is ____.

In general, The lower the policy or coverage deductible, the higher the premium.

Henry's wheels were stolen in the students car park. Which of the following insurance would be needed to cover the loss?

The four common methods of risk management: 

The two options of coverage available on a Home Insurance Policy are:

____ insurance typically covers the costs of serious illnesses and high-cost procedures and injuries.

Texas is an at fault state and requires all drivers to have liability insurance.

In the state of Texas renters are required to purchase insurance that includes the following: 

Property risks affect personal or real property.

Texas law requires minimum liability insurance coverage.

Young, single _______________ are involved in more serious accidents than other classes of drivers.

____ value covers the cost of replacing what is lost without deducting depreciation.

A premium is an amount of money regularly paid to an insurance company for a policy.

When buying insurance for a home or vehicle, the agent you select is key to the quality of service you receive.

What is the minimum liability coverage required in the state of Texas?

Insurance coverage that pays the insured for injuries or property damaged caused by a hit-and-run driver is

Personal risks affect a person directly, or disability of an immediate family member.

Young adults may remain on their parents health insurance plan until they turn:

The policyholder is the _________________________

Disability insurance pays a portion a worker a portion of his income b/c of a work related illness or injury.

2. ____________________ is the process of measuring risk and finding ways to minimize or manage loss.

A(n) ____________________ is the amount paid toward medical expenses before the insurance company begins to pay.

You are involved in an acident on your way to school. Which of the following will you do:

A ____ insurance plan includes prescriptions, hospital stays, and inpatient tests.

A ____ insurance plan includes prescriptions, hospital stays, and inpatient tests.