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4.02-Insurance Terms

Annual Deductible A portion of a covered loss not paid by the insurer during the insured's annual 12 month policy period
Cancer Insurance Coverage Pays benefits only if you're diagnosed with cancer, not for other illnesses
Claims notice by the insured to the insurance company that a loss has occurred and demand for payment for the loss
Collision Coverage Covers your vehicle for damage caused by impact with another vehicle or object or overturn of your vehicle.
Comprehensive Coverage-Other than Collision Provides protection from theft, fire, windstorm, hail, flood, falling objects, collision with a bird or animals.
Deductibles portion of a covered loss that is not paid by the insurer
Dental Insurance Coverage Available in group and individual plans
Disability Insurance Coverage income insurance provide monthly benefits to a disabled wage earner to reimburse the wage earner's income
Earth Movement Earthquakes, landslides, mudslides
Exclusions provision in an insurance policy eliminating coverage for certain risks or limiting coverage
Fire Insurance Coverage for losses to insured property resulting from fire or lightening
Group Insurance Coverage Provided by a group which is normally policy is active
Hazard a condition that makes a peril more likely to happen or that increases the seriousness of a loss
HMO-(POS) The POS plan is like a combination of the HMO and PPO plan
HMO Heath maintenance organization group managed health insurance where will need to receive most
Homeowners Insurance To protect the physical assets owned, leased, rented or used by individuals and families
Individual Insurance Coverage is available from most of the same insurer's that provide group coverage at much higher rates
Insurable Interest-Financial Responsibility Whenever the occurrence of a specific event such as fire or theft, results in a financial loss to a person organization.
Insurance is a social and contractual device that transfers the risk of financial loss from individuals or businesses to an insurer
Insurance Policy a document issued by an insurance company to its policyholder that provides details about what is covered
Insured one for whom insurance is written
Insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual
Liability Coverage Provides protect when you are held legally responsible coverage for bodily injury and property damage caused by an auto accident.
Long Term Medical Coverage provides for the daily custodial care as well as the long-term nursing care that an individual may meed outside of the hospital
Loss a decline in value. When there is a reduction in quantity, quality, or value of something, a loss is said to occur.
Major Exclusions for Coverage Provision in an insurance policy eliminating coverage caused and conditions listed in the policy that are not covered
Medicaid (Federal-State)-provides health insurance coverage to low income groups
Medical Payment Coverage(Med Pay) pays for medical expenses for you
Medicare Is part of the federal Social Security program. Covers most individuals that are age 65 or older
Mediated (Supplemental Coverage of 20%) Medicare supplement insurance, sold by private companies, can help pay some of the health care cost that Original Medicare doesn't cover, like co payments, coinsurance, and deductibles
Miscellaneous Coverage-Towing, Rental Vehicle, Custom Coverage This coverage is elective coverage by the insured that provides specific
Neglect If the insured fails to use reasonable means to protect the insured property from damage
Peril cause of a loss such as a fire, flood, theft and earthquake that can cause a loss of life to property and people.
Personal Auto Policy (PAP) Introduced in 1977. other policies prior however the PAP is written in plain language without technical terms and easier to understand.
Possible lengthy waiting periods Is the time that elapses after the insured’s policy is active, before specific exclusion will be covered
Power Failure if a utility interruption takes place that is not at the insured's home, coverage is not provided
PPO A health plan that has contracts with a network of "preferred" providers from which you can choose
Premiums the fee paid to an insurance company in return for the insuring of property and casualty insurance and life and health insurance to individuals or businesses
Property Coverage A-Dwelling located on the residence premises including any attached structures
Property Coverage B-Other structures Other structures (such as a detached garage, workshop, swimming pools, fences and gazebos)
Property Coverage C-Personal Property Coverage anything other than real property (land or anything attached to it)
Property Coverage D-Loss of Use Provides money for you and your family to live elsewhere when you cannot live in your home because of a covered loss
Property Damage Coverage Physical injury to or destruction of or loss of use of tangible property such as other vehicles, buildings, telephone poles, fences etc.
Renters Insurance offers the same protection as a homeowners policy. Roommates each must have their own renters insurance policy
Risk exists whenever there is uncertainty about the outcome
Traditional Health Insurance Contains basic coverage if a catastrophic loss occurs
Underinsured Motorist Coverage Pays from your coverage if you are in an accident with another motorist that has lower liability coverage than your coverage.
Uninsured Motorist Coverage Pays if you are struck by someone who does not have insurance. Also will pay if you are a victim in a hit-and what is run accident.
Vision Insurance Coverage Optometrists and ophthalmologists in a provider network offer eye exams, eyewear and other services covered by the vision insurance plan at no charge or at discounted fees compared with doctors outside the network
Water Damage Damages to the home from flooding
Created by: billy.lee73 on 2014-04-30

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