Introduction to Business

Chapter 35: Life and Health Insurance

Chapter Practice Review Quizzes

1
What is a beneficiary?
A)a person who purchases a life insurance policy
B)a company who issues a life insurance policy
C)a company who issues a health insurance policy
D)a person who receives proceeds from a life insurance policy
2
Which type of life insurance provides both savings and death benefits?
A)universal insurance
B)whole life insurance
C)cash-value insurance
D)term insurance
3
Which type of life insurance has a premium that stays the same and is paid throughout the policyholder's life?
A)universal insurance
B)whole life insurance
C)cash-value insurance
D)term insurance
4
Which type of life insurance invests the cash value part of the premium in such things as stocks and bonds rather than savings?
A)universal insurance
B)variable life insurance
C)cash-value insurance
D)term insurance
5
Which type of insurance covers a person for a specific period of time?
A)universal insurance
B)variable life insurance
C)cash-value insurance
D)term insurance
6
Which term refers to the percentage of medical expenses that a policyholder must pay beyond the deductible?
A)coinsurance
B)copayment
C)premium
D)cash value
7
Which term refers to a fee paid each time a service is used?
A)coinsurance
B)copayment
C)premium
D)cash value
8
Which is a serious health condition diagnosed before a person obtains health insurance?
A)coinsurance
B)copayment
C)premium
D)pre-existing condition
9
Which type of insurance pays for a serious illness or accident?
A)hospital expense insurance
B)surgical expense insurance
C)major medical insurance
D)medical expense insurance
10
Which item is NOT covered by hospital expense insurance?
A)x-rays
B)nursing care
C)doctor's care
D)tests
11
Which type of health insurance is the least expensive for most people?
A)group health insurance
B)government health insurance
C)major medical insurance
D)surgical expense insurance
12
What type of insurance plan provides health care at its own health center for a fixed fee per month?
A)group health organization
B)government health organization
C)a preferred provider organization
D)a health maintenance organization
13
Which is the name for a group of doctors and hospitals that provide medical services to members at prearranged fees?
A)group health organization
B)government health organization
C)a preferred provider organization
D)a health maintenance organization
14
What is the U.S. government's major health insurance program for the elderly called?
A)HMO
B)Medicare
C)Medicaid
D)PPO
15
Which is a federally and state-funded health-care plan for people who are unable to pay for insurance or health care?
A)HMO
B)Medicare
C)Medicaid
D)PPO
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