MindTap Review Chapter 23

The waiting period for disability benefits can range from _______ days or longer.

30 to 90

Which of the following is a standard provision usually found in all life insurance policies?

Beneficiary clause, incontestable clause, and suicide clause

A traditional fee-for-service plan is less expensive than a managed care plan.

False

Basic health coverage often has a coinsurance provision requiring the insured to pay some portion of the bills.

False

Disability insurance is the most commonly purchased type of insurance.

False

Vision insurance usually pays for sunglasses and contact lenses.

False

Which of the following is often offered as part of a cafeteria-style plan?

Flex 125 Plan

Which of the following types of insurance is "temporary"?

Level term

What type of plan is available to people who qualify under state welfare and public assistance programs?

Medicaid

Which of the following is a supplemental private insurance policy?

Medigap

Which of the following would not be covered by basic health insurance? (Doctor office visit, physical exam, X-ray, or organ transplant)

Organ transplant

An insurance clause that caps or sets a maximum that the insured has to pay out of pocket is called

Stop-Loss Provision

Health maintenance organizations encourage preventive care, such as routine physical exams.

True

Medicare insurance is provided for people age 65 or older through the Social Security Administration.

True

Most health insurance is issued in the form of group health insurance.

True

Not everyone is eligible to buy an individual life insurance policy.

True

Portability allows you to convert a group policy to an individual policy.

True

Workers' compensation pays workers only when they are injured on the job

True

Which type of insurance plan has a premium and a death benefit that are not fixed?

Universal Life

Which type of insurance plan has an investment feature?

Variable Life