Insurance
What ratio of Americans have a "pre-existing" condition that would have denied them health insurance previous to the law? 1 in 2
1 and 2
There are 3 types of cash value policies. They are: 1. Whole 2. Variable 3. Universal
3,whole, univeral, variable
What percentage of personal bankruptcies are due to medical bills? 60%
60
CHIP is designed to provide health care coverage for children of families who cannot afford individual health coverage, but make too much money to qualify for Medicaid.
CHIP
CHIP stands for Children's Health Insurance Programs.
Children's Health Insurance Programs.
1. Insurance allows individuals to collectively share the cost of such losses by paying their money into one large pool of money, making it more affordable for everyone to cover a financial loss if it occurs.
Insurance
2. Insurance is defined as the equitable transfer of the risk of a loss from an individual to an insurer in exchange for a premium.
Insurance premium
What is the name of the act that everyone refers to as Obamacare? Affordable Care Act
affordable care act
A annual renewable policy's premiums are adjusted, usually higher, each year when the policy is reviewed and renewed.
annual renewble
Auto Insurance is probably the most common form of insurance.
auto insurance
9. The life insurance policy pays the beneficiary of the policy when the person who was actually insured dies, assuming all premiums have been properly paid.
beneficiary
2. There are three kinds of cash value policies.
cash value
A decreasing term policy is where the face value decreases each year.
decreasing
7. Deductible the amount of that loss you are going to suffer yourself before the insurance company pays their portion of the loss.
deductible
Disability Insurance pays you a percentage of your earned income during the time period you are unable to work because of a disability.
disability insarance
6. Exclusions are specific types of losses which will not be covered in the homeowner's policy.
exclusions
5. The premium an individual will have to pay for a potential loss to be covered cannot be so expensive the insurer is really not taking on any risk.
expersive
he three kinds of term policies are: 1. decreasing 2. Level premium 3. Annual renewable
face value , annual renawable, level premium
Your monthly premium on an individual health policy will most likely be higher than it would be if you were part of a group.
individual , group
When did the Supreme Court uphold the law? June 28, 2012
june 28,2012
A level premium policy is when your premium in year one is going to be the same as it will in the final year of the policy.
level premium
Life Insurance is used to provide financial support in the event of your death to your dependents so their lives can continue, at least financially, after you are gone.
life insurance
re there penalties for not carrying health insurance? YES
yes
Auto Insurance may cover both legal liability claims against the driver if possibly he is at fault for causing the accident, and loss of or damage to the insured's vehicle itself.
auto insurace
9. Health Insurance is used to cover the costs of medical treatments, such as surgeries, hospital stays, some doctor visits, and in some cases, prescription costs.
heath insurance
A driver with claims on a previous policies will have higher premiums on future policies.
higher
Younger drivers have higher premiums because they are less experienced and tend to take more risks.
higher
31. The lower your credit score, the higher your premium will be.
lower,higher
hen did President Obama sign this law? March 23, 2010
march 23,2010
Medicaid is an insurance program designed for low-income individuals in low-income households.
medicaid
Medicare is a federal funded government health plan for individuals over the age of 65.
medicare
Does Obamacare replace private insurance, medicaid or medicare? NO
no
. What are the 4 ways in which you can enroll for Obamacare? 1.Online 2.By phone 3.In person 4.By mail
online , in person, by phone , by mail
3. Premium an amount of money we might pay to an insurance company on a monthly or an annual basis for the payment of that insurance.
premium
There are seven basic principles to insurance and risk management.
seven
. The least expensive types of life insurance are term policies.
term
10. What are two basic types of life insurance policies? 1. Term 2. Cash Value
term, cash value
There are three ways to buy a term policy.
three
. There are two elements of cost for insuring a risk. One is calculation of the probability of loss, which is done by the insurer, and the other is called attendant cost.
two, probability of loss, attendant cost
Does every American have to have insurance under the law? YES
yes