UOPX Material - University of Phoenix



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

|2. |Deductible | |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 | |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 | |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 | |The amount of money a policyholder pays for an insurance policy |

|6. |Preferred Provider Organization | | A flat fee that a policyholder must pay for each received service |

|7. |Point-of-Service Plan | |The legal responsibility for the financial cost of another person’s losses or injuries |

|8. |Medicare | |The protection provided the terms of an insurance policy |

|9. |Medicaid | |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 | |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 |

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| |Collision |

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| |Comprehensive Physical Damage |

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|Home and Property |Replacement value |

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| |Actual Cash Value |

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| |Liability Coverage |

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| |Personal Property Floater |

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|Disability |Employer Disability Plans |

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| |Private Income Insurance Programs |

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| |Social Security disability |

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| |Workmen’s Compensation |

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|Life |Term Life |

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| |Whole Life |

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