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Wise Test Vocabulary Study Guide questions with 100% correct answers
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Wise Test Vocabulary Study Guide questions with 100% correct answers
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Wise Test Vocabulary Study GuideAnnual Deductible - correct answer ✔✔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 - correct answer ✔✔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 - correct answer ✔✔Insurance providing liability and other coverages for the
operation of a motor vehicle.
Beneficiary - correct answer ✔✔The recipient of funds, titles, property, and other benefits
Benefit Period - correct answer ✔✔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 - correct answer ✔✔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 - correct answer ✔✔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 - correct answer ✔✔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 - correct answer ✔✔A method of judging the benefits of different products by
comparing several factors, such as quality, features, and cost.
Co-Pay - correct answer ✔✔a small fixed fee paid by the patient at the time of an office visit
Death Benefit - correct answer ✔✔The amount payable upon the death of the person whose life is
insured.
Deductible - correct answer ✔✔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 - correct answer ✔✔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 - correct answer ✔✔The payment to the bondholder at the maturity of the bond.
Homeowners Insurance - correct answer ✔✔Protects against most types of property losses and liabilities
related to home ownership
Insurance - correct answer ✔✔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 - correct answer ✔✔the amount that is paid by an insurance company to a beneficiary
under specific situations
Insured - correct answer ✔✔An individual who is covered by an insurer
Long-term care insurance - correct answer ✔✔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
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