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Wise Test Vocabulary Study Guide Questions & answers
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Wise Test Vocabulary Study GuideAnnual Deductible - ANS-yearly fixed amount or percentage of an insurance claim that
is the responsibility of the insured, and which the insurance company will deduct from
the claim payment
Assigned Risk Pool - ANS-consists of people who are unable to obtain automobile
insurance due to poor driving or accident records and must obtain coverage at high
rates through a state program that requires insurance companies to accept some of
them.
Automobile insurance - ANS-Insurance providing liability and other coverages for the
operation of a motor vehicle.
Beneficiary - ANS-The recipient of funds, titles, property, and other benefits
Benefit Period - ANS-Period of time for which payments for Medicare inpatient hospital
benefits are available. A benefit period begins the first day an enrollee is given inpatient
hospital care (nursing care or rehabilitation services) by qualified provider and ends
when the enrollee has not been inpatient for 60 consecutive days. For disability
insurance, it is the maximum amount of time that benefits will be paid to the injured or ill
person for a disability.
Cash Value - ANS-The amount of money saved in a whole life policy that the
policyholder can take by either borrowing against or cashing in the policy
Claim - ANS-A request, demand, or assertion of rights by a seller against a buyer, or
vice versa, for consideration, compensation, or payment under the terms of a legally
binding contract, such as for a disputed change.
Collision Insurance - ANS-This covers the car of the insured person and pays for repairs
after an accident or cash compensation if the car can't be repaired. This type of
coverage is usually optional
Comparison shopping - ANS-A method of judging the benefits of different products by
comparing several factors, such as quality, features, and cost.
Co-Pay - ANS-a small fixed fee paid by the patient at the time of an office visit
, Death Benefit - ANS-The amount payable upon the death of the person whose life is
insured.
Deductible - ANS-Specified amount of money that the insured must pay for covered
medical expenses before the insurance policy begins to pay; usually annual amount per
individual or family
Disability Insurance - ANS-A type of insurance paid to an individual if he/she is injured
and is unable to work for a specified length of time.
Face Value - ANS-The payment to the bondholder at the maturity of the bond.
Homeowners Insurance - ANS-Protects against most types of property losses and
liabilities related to home ownership
Insurance - ANS-A contract whereby one party (insurer) agrees to indemnify or
guarantee another party (insured) against a loss by a specified future contingency or
peril in return for payment of a premium.
Insurance Benefit - ANS-the amount that is paid by an insurance company to a
beneficiary under specific situations
Insured - ANS-An individual who is covered by an insurer
Long-term care insurance - ANS-Insurance coverage that provides a daily monetary
benefit to people who are chronically ill and who require living assistance either at home
or in a residential facility
Managed care health insurance - ANS-health insurance plans that contract with health
care providers and medical facilities to provide care for members at reduced costs.
Mortgage insurance - ANS-Includes insurance against financial loss by reason of the
nonpayment of principal, interest and other sums agreed to be paid under the terms of
any note or bond or other evidence of indebtedness secured by a mortgage, deed of
trust, or other instrument constituting a lien or charge on real estate.
No-fault insurance - ANS-A system under which drivers must have coverage for their
own protection. It also limits the damages for which an injured party can sue. Under this
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