University of Phoenix Material

Insurance Worksheet

Directions:
Match the following words with the correct definition. Enter the letter of
the correct definition in the Answer column.

| |Term |Answer|Definition |
|1. |Premium |e |The set amount that a policyholder must pay before|
| | | |benefits are paid under an insurance policy |
|2. |Deductible |f |A network of participating medical providers who |
| | | |have contracted to provide services for certain |
| | | |fees. You can receive care from providers outside |
| | | |of your network, but it will be at a higher fee. |
|3. |Copayment |a |Federally funded health insurance program |
| | | |available primarily to people over 65 or those |
| | | |with a disability. Additional insurance may be |
| | | |purchased to supplement coverage. |
|4. |Coverage |h |Health plan that provides a wide range of services|
| | | |for a fixed monthly premium. Preventive services |
| | | |are typically fully covered under this type of |
| | | |plan. Must receive care from providers covered |
| | | |under the plan. |
|5. |Health Maintenance |D |The amount of money a policyholder pays for an |
| |Organization | |insurance policy |
|6. |Preferred Provider |I | A flat fee that a policyholder must pay for each |
| |Organization | |received service |
|7. |Point-of-Service |B |The legal responsibility for the financial cost of|
| |Plan | |another person's losses or injuries |
|8. |Medicare |C |The protection provided the terms of an insurance |
| | | |policy |
|9. |Medicaid |J |Managed care plan in which a group of doctors and |
| | | |hospitals agree to provide care at rates |
| | | |preapproved by the insurer. Premiums may be |
| | | |slightly higher than other plans because there is |
| | | |more flexibility in seeing other plan-approved |
| | | |doctors without referrals |
|10. |Liability |G |State administered program offered to low-income |
| | | |people and families. |



Directions:

For each type of insurance listed, explain in at least 50 words the
characteristics of each listed type of coverage. Be sure to paraphrase and
to cite any sources as needed.

|Type of Insurance |Description of Coverage |
|Auto |Bodily Injury Coverage this covers a certain amount of the other drivers|
| |medical bills if they receive any injuries treatment it also cover some |
| |of your own bill. |
| | |
| | |
| |Collision |
| |A insurance policy which pays for damage caused to the property of |
| |others including results of a motor vehicle accident property damage |
| |coverage is often mandatory. |
| | |
| |Comprehensive Physical Damage |
| |Pays for losses from incidents other than collisions coves if car was |
| |stolen or damaged by weather or animal's. |
| | |
| | |
| | |
|Home and Property |Replacement value is what you would pay for items at today's cost |
| | |
| | |
| | |
| | |
| |Actual Cash Value is what you would pay for a similar item at today's |
| |cost minus depreciation |
| | |
| | |
| | |
| | |
| |Liability Coverage helps protect you if you or your family member is |
| |found legally responsible for injuring someone else's property. |
| | |
| | |
| |Personal Property Floater a personal property floater is a separate |
| |insurance policy that covers a valuable item. Insured persons can set |
| |the coverage amount on a personal property floaters so it will fully |
| |replace a valuable like jewelry artwork firearms furs silverware and |
| |other expensive pieces of property. |
| | |
| | |
|Disability |Employer Disability Plans is an important benefit for many employees, |
| |providing income replacement to enable employees who are disabled to pay|
| |bills, including mortgages and college expenses, and to maintain an |
| |accustomed standard of living. |
| | |
| | |
| | |
| |Private Income Insurance Programs is insurance purchased through |
| |an insurance company that pays you a predetermined benefit when you are |
| |too sick or too injured to work. |
| | |
| | |
| | |
| |Social Security disability is a Social Security program that pays |
| |monthly benefits to you if you become disabled before you reach |
| |retirement age and can't work |
| | |
| | |
| | |
|