Insurance Risk: Question Preview (ID: 16527)

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Which statement(s) describe the relationship between risk and insurance?
a) Insurance can help protect a policyholder from losses that can come from risk
b) Only people who take risks need insurance
c) Risk levels can impact a person’s insurability
d) Both A and B

Which of the following factors do insurance companies use to determine the potential risk of an applicant?
a) Age, gender, and health
b) Age, health, and income
c) Gender, health, and income
d) Age, health, and geographic location

Which insurance professional calculates risk based on loss percentage and determines insurance rates and premiums?
a) Accountant
b) Actuary
c) Insurance agent
d) Underwriter

The most effective way for insurers to employ risk pooling is to:
a) Keep the risk pool as small as possible
b) Separate the riskiest people into their own risk pool
c) Group as many people as possible into the same risk pool
d) Keep every risk pool the same size

Covers medical expenses for you in case of an accident
a) Medicaid
b) Medical
c) Deductable
d) Medicare

a statement of the interest your bank paid on your savings for the year
a) withholding
b) Form W-2
c) Form 1099-INT
d) Form 1040EZ

A health care plan that is supported by the fed and state gvt. for low income families.
a) Medicaid
b) Medicare
c) Form W-2
d) Medical

tax charged on the profits made on the sale of something that was purchased at a lower price
a) Capital Gains Tax
b) payroll taxes
c) Federal Income Tax
d) Sales Tax

A small fixed amount required by a health insurer to be paid by the insured for each outpatient visit or drug prescription
a) Co-Pay
b) Risk
c) Claim
d) Coverage

allows participants to seek health care from any qualified medical provider
a) Managed care health insurance
b) Long-term care Insurance
c) Non-Managed care health insurance
d) No-Fault insurance

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