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Wise Test Vocabulary Study Guide Rated A+ A fixed annual amount that an insured person must cover before their insurance company pays out a claim is called: Annual Deductible. This is the yearly amount or percentage that the insured must pay out-of- pocket, which the insurer will subtrac...

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  • August 1, 2024
  • 18
  • 2024/2025
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1 Wise Test Vocabulary Study Guide Rated A+ A fixed annual amount that an insured person must cover before their insurance company pays out a claim is called: ✔✔Annual Deductible. This is the yearly am ount or percentage that the insured must pay out -of-
pocket, which the insurer will subtract from the claim payment. An insurance program designed for individuals who cannot secure auto insurance due to poor driving records, requiring them to obtain covera ge at elevated rates through a state -run scheme, is known as: ✔✔Assigned Risk Pool. This pool includes those who must get insurance through a state program that mandates insurers to accept some of these high -risk drivers. Insurance that covers liability and various other aspects related to operating a motor vehicle is referred to as: ✔✔Automobile Insurance. The person who receives financial benefits, titles, or property from an insurance policy or will is called a: 2 ✔✔Beneficiary. The duration durin g which Medicare inpatient hospital benefits are provided starts when an enrollee first receives hospital care and ends after the enrollee has not been hospitalized for 60 consecutive days. For disability insurance, it represents the maximum duration benef its will be paid to the disabled person. This is known as the: ✔✔Benefit Period. The amount of money that accumulates in a whole life insurance policy, which the policyholder can access by borrowing or cashing in the policy, is called: ✔✔Cash Value. A request made by one party for compensation or payment under the terms of a contract, often for a disputed amount, is termed a: ✔✔Claim. Coverage that pays for repairs to a vehicle after an accident or provides cash if the car is irreparable is known a s: ✔✔Collision Insurance. This type of coverage is usually optional. 3 Evaluating various products by comparing their quality, features, and price to determine the best option is referred to as: ✔✔Comparison Shopping. A fixed minor fee that a patient p ays at the time of a doctor's visit is known as: ✔✔Co-Pay. The sum paid to a beneficiary upon the death of the insured individual is referred to as the: ✔✔Death Benefit. The specified amount of money that the insured must pay before their insurance b egins to cover medical expenses is called a: ✔✔Deductible. This amount is often set on an annual basis per person or family. Insurance that provides financial support to an individual who is unable to work due to injury for a set period is known as: ✔✔Disability Insurance.

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