Health Insurance

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PART I
Directions: Using Microsoft® Word to save and submit your work, please provide detailed and elaborate responses to the following questions. Your responses should include examples from the reading assignments.
1. What are the five basic types of health insurance? What are their benefits and limitations?
There are five basic types of health insurance available under group and individual policies. Hospital expense insurance is the most common type of health insurance. This form of health insurance features partial or full payment of hospital bills. There is usually a cap for how much an individual can spend per day and the number of days.
Surgical expense insurance is generally combined with hospital insurance and is responsible for full …show more content…
It protects the policyholder from the higher amounts that accrue due to these more serious occurrences. Major medical is generally used as an add-on to basic health insurance because it can pick up in the areas that are not covered or exceed policy maximum fees. Because of the higher range of benefits and maximums, major medical has a deductible provision that requires the individual to pay the basic amount before the policy kicks in. It also features a coinsurance provision that entails the insured to share expenses above the deductible. The coinsurance is usually a percentage of the fees above the deductible where the insurance company covers only 75-80% and the rest is left for the policyholder to account …show more content…
What is life insurance? What is its purpose and principle?
Life insurance is a promise made by an insurance company to pay out an agreed upon sum of money in the even of the demise of the policyholder. This sum of money is paid to a designated individual or individuals. The purpose of this type of insurance is to reduce the financial burden the dead leave on their family. The principle behind life insurance is indemnity.
12. What are the two types of life insurance companies? Explain the basic features of each type.
The two types of life insurance include participating policies and non-participating policies. A non-participating policy are purchased from stock insurance companies that are owned by shareholders and do not pay out dividends to the consumer. A participating policy is sold by mutual companies and owned by the policyholders; therefore it does pay out dividends.
Though slightly more premium is required when purchasing through a mutual company, part of the premium is paid back in dividends to the policyholders.
13. List some of the important provisions found in most life insurance policies.
Naming of a beneficiary, the grace period, policy reinstatement, non-forfeiture clause, and the suicide clause are some of the provisions found in most life insurance
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