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Insurance Risk
Test Description: Review
Instructions: Answer all questions to get your test result.
1) Which statement(s) describe the relationship between risk and insurance?
A
Risk levels can impact a person’s insurability
B
Both A and B
C
Only people who take risks need insurance
D
Insurance can help protect a policyholder from losses that can come from risk
2) Which of the following factors do insurance companies use to determine the potential risk of an applicant?
A
Age, health, and income
B
Age, health, and geographic location
C
Gender, health, and income
D
Age, gender, and health
3) Which insurance professional calculates risk based on loss percentage and determines insurance rates and premiums?
A
Accountant
B
Underwriter
C
Insurance agent
D
Actuary
4) The most effective way for insurers to employ risk pooling is to:
A
Group as many people as possible into the same risk pool
B
Keep the risk pool as small as possible
C
Separate the riskiest people into their own risk pool
D
Keep every risk pool the same size
5) Covers medical expenses for you in case of an accident
A
Medicare
B
Medical
C
Medicaid
D
Deductable
6) a statement of the interest your bank paid on your savings for the year
A
Form 1099-INT
B
Form 1040EZ
C
Form W-2
D
withholding
7) A health care plan that is supported by the fed and state gvt. for low income families.
A
Form W-2
B
Medicaid
C
Medicare
D
Medical
8) tax charged on the profits made on the sale of something that was purchased at a lower price
A
Federal Income Tax
B
Sales Tax
C
Capital Gains Tax
D
payroll taxes
9) A small fixed amount required by a health insurer to be paid by the insured for each outpatient visit or drug prescription
A
Risk
B
Coverage
C
Co-Pay
D
Claim
10) allows participants to seek health care from any qualified medical provider
A
Non-Managed care health insurance
B
No-Fault insurance
C
Managed care health insurance
D
Long-term care Insurance
*select an answer for all questions
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