Question
Which defines insurance?(1 point)
Responses
a program that manages risk by avoiding it
a program that manages risk by avoiding it
a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event
a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event
a risk control strategy that encourages taking action to reduce the likelihood of a loss occurring.
a risk control strategy that encourages taking action to reduce the likelihood of a loss occurring.
an agreement between two individuals to protect each other against negative events
What is a premium?(1 point)
Responses
the maximum amount a policy will pay out in any one year
the maximum amount a policy will pay out in any one year
the amount paid by the policyholder before the insurance policy starts paying on the claim
the amount paid by the policyholder before the insurance policy starts paying on the claim
the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached
the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached
the amount paid by the policyholder to the insurer on a regular basis for the policy
What is a deductible?(1 point)
Responses
the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached
the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached
the amount paid by the policyholder to the insurer on a regular basis for the policy
the amount paid by the policyholder to the insurer on a regular basis for the policy
the amount paid by the policyholder before the insurance policy starts paying on the claim
the amount paid by the policyholder before the insurance policy starts paying on the claim
the maximum amount a policy will pay out in any one year
What is an individual health plan?
(1 point)
Responses
Health insurance policies for those who do not have access to employer-provided health plans or who do not qualify for government-provided plans, offered through a marketplace, and purchased by individuals for themselves and their families.
Health insurance policies for those who do not have access to employer-provided health plans or who do not qualify for government-provided plans, offered through a marketplace, and purchased by individuals for themselves and their families.
A selection of health plans offered to an employee by the employer.
A selection of health plans offered to an employee by the employer.
A selection of plans offered by the government.
A selection of plans offered by the government.
The largest market sector of the health care insurance industry
Which is the largest health care program in the United States?(1 point)
Responses
Medicare
Medicare
DOD TRICARE
DOD TRICARE
Medicaid
Medicaid
The ACA
Responses
a program that manages risk by avoiding it
a program that manages risk by avoiding it
a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event
a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event
a risk control strategy that encourages taking action to reduce the likelihood of a loss occurring.
a risk control strategy that encourages taking action to reduce the likelihood of a loss occurring.
an agreement between two individuals to protect each other against negative events
What is a premium?(1 point)
Responses
the maximum amount a policy will pay out in any one year
the maximum amount a policy will pay out in any one year
the amount paid by the policyholder before the insurance policy starts paying on the claim
the amount paid by the policyholder before the insurance policy starts paying on the claim
the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached
the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached
the amount paid by the policyholder to the insurer on a regular basis for the policy
What is a deductible?(1 point)
Responses
the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached
the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached
the amount paid by the policyholder to the insurer on a regular basis for the policy
the amount paid by the policyholder to the insurer on a regular basis for the policy
the amount paid by the policyholder before the insurance policy starts paying on the claim
the amount paid by the policyholder before the insurance policy starts paying on the claim
the maximum amount a policy will pay out in any one year
What is an individual health plan?
(1 point)
Responses
Health insurance policies for those who do not have access to employer-provided health plans or who do not qualify for government-provided plans, offered through a marketplace, and purchased by individuals for themselves and their families.
Health insurance policies for those who do not have access to employer-provided health plans or who do not qualify for government-provided plans, offered through a marketplace, and purchased by individuals for themselves and their families.
A selection of health plans offered to an employee by the employer.
A selection of health plans offered to an employee by the employer.
A selection of plans offered by the government.
A selection of plans offered by the government.
The largest market sector of the health care insurance industry
Which is the largest health care program in the United States?(1 point)
Responses
Medicare
Medicare
DOD TRICARE
DOD TRICARE
Medicaid
Medicaid
The ACA
Answers
GPT-4o mini
Here are the correct responses for each question:
1. Which defines insurance?
- **a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event**
2. What is a premium?
- **the amount paid by the policyholder to the insurer on a regular basis for the policy**
3. What is a deductible?
- **the amount paid by the policyholder before the insurance policy starts paying on the claim**
4. What is an individual health plan?
- **Health insurance policies for those who do not have access to employer-provided health plans or who do not qualify for government-provided plans, offered through a marketplace, and purchased by individuals for themselves and their families.**
5. Which is the largest health care program in the United States?
- **Medicaid**
If you have more questions or need further clarification, feel free to ask!
1. Which defines insurance?
- **a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event**
2. What is a premium?
- **the amount paid by the policyholder to the insurer on a regular basis for the policy**
3. What is a deductible?
- **the amount paid by the policyholder before the insurance policy starts paying on the claim**
4. What is an individual health plan?
- **Health insurance policies for those who do not have access to employer-provided health plans or who do not qualify for government-provided plans, offered through a marketplace, and purchased by individuals for themselves and their families.**
5. Which is the largest health care program in the United States?
- **Medicaid**
If you have more questions or need further clarification, feel free to ask!