Insurance Worksheet

Term

Answer

Definition

1.

Premium

A. The set amount that a policyholder must pay before benefits are paid under an insurance policy

2.

Deductible

B. 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

C. 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

D. 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 Organization

E. The amount of money a policyholder pays for an insurance policy

6.

Preferred Provider Organization

F. A flat fee that a policyholder must pay for each received service

7.

Point-of-Service Plan

G. The legal responsibility for the financial cost of another person’s losses or injuries

8.

Medicare

H. The protection provided the terms of an insurance policy

9.

Medicaid

I. 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

J. State administered program offered to low-income people and families.

Type of Insurance

Description of Coverage

Auto

Bodily Injury Coverage

Collision

Comprehensive Physical Damage

Home and Property

Replacement value

Actual Cash Value

Liability Coverage

Personal Property Floater

Disability

Employer Disability Plans

Private Income Insurance Programs

Social Security disability

Workmen’s Compensation

Life

Term Life

Whole Life