Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Risk/Insurance Unit4
Arkansas Unit 4: Basic Queries
| Term | Definition |
|---|---|
| 401(K) | an employer-sponsored retirement plan in which the employee, and usually the employer, make payments into a fund that the employee manages |
| 403(B) | an employer-sponsored retirement plan for nonprofit organizations in which the employee, and usually the employer, make payments into a fund that the employee manages |
| Annuity | an investment vehicle in which, in exchange for payment of premiums, an insurer, bank, or entity agrees to pay a specified income for a specified period of time |
| Beneficiary | a person or legal entity designated to receive a life insurance death benefit |
| Benefit period | a specified amount of time during which benefits will be paid |
| Cash Value | the overpayment that accumulates in a permanent life insurance policy |
| Compound Interest | interest paid on the ever increasing total of principal and interest |
| COBRA | a federal law that enables eligible individuals to continue health coverage at their own expense after losing their job or the relationship with the person through whose job they were insured |
| Copayment | in health insurance, a small part of the charge for a doctor visit, paid by the insured at the time of service |
| Custodial care | assistance with the activities of daily living; also called personal care |
| Deferred annuity | an annuity designed to be paid to the insured in the future, usually in retirement |
| Defined benefit plan | a retirement plan in which the employee knows in advance what benefit will be paid |
| Disability insurance | insurance that replaces income loss because of disability |
| Fixed annuity | an annuity that pays a stable return based on current interest rates; also called a fixed rate of annuity |
| Group plan | a contract under which everyone belonging to a specified group is insured |
| HMO | a network of health care providers affiliated with, or employed by an insurer; generally the least expensive health plan available |
| HIPPA | a federal law that permits employees to take their health insurance eligibility with them when they change jobs |
| Individual Retirement Account (IRA) | a retirement savings and investment plan into which deductible payments are made |
| Integrated policy | a long-term care policy specifying a total dollar amount that may be spent on specified levels of care |
| Law of Large numbers | the principle of minimizing risk of financial loss by spreading the expense of paying out claims over many customers over a period of many years |
| Long-term care insurance | insurance covering the cost of extended care of people who have difficulty with basic daily activities |
| Managed care | any system of insurers and health providers that coordinates fees and payments in an attempt to lower the cost of medical care |
| Medicaid | a government medical assistance program based on need |
| Medicare | a government medical assistance program for retired and/or disabled persons |
| Medigap | any of a number of private health insurance plans designed to cover the expenses that Medicare does not |
| Pension plan | the most traditional kind of retirement plan, in which the employee knows in advance how much of a benefit they will be paid |
| Point of Service Organization (PSO) | a managed-care plan that requires a primary care physician to refer the insured to preferred providers |
| Pre-existing condition | a medical condition for which a new insured has been treated recently, which may be excluded from coverage for a specified time |
| Preferred Provider Organization (PPO) | a managed-care plan in which physicians and other providers form a network offering care at a reduced rate |
| Primary Care Physician (PCP) | the doctor designated by the insured to be most directly responsible for his or her care |
| SEP-IRA | an employer-sponsored retirement plan into which only the employer can make payments |
| Skilled care | care given by physicians or by registered nurses or certified therapists under a physician’s supervision |
| Tax-deferred | a term that describes investments on which earnings are not taxed until retirement |
| Term insurance | an insurance policy limited to a specific length of time |
| Univeral Life | permanent insurance in which premiums are adjustable and the death benefit varies |
| Variable annuity | an annuity that allows its purchaser to invest in stocks and bonds and manage the annuity based on changing tax needs |
| Variable life | permanent insurance in which the policy account is invested in the stock market, and the cash value and death benefit depend on how well the account performs |
| Vested | the designation for an employee who has earned the right to accumulated retirement benefits |
| Whole Life | permanent insurance in which the same premiums are paid for a specified period in return for a predetermined death benefit |
Created by:
tholt
Popular Insurance sets