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Insurance
| Term | Definition |
|---|---|
| Beneficiary | A person who derives advantage from something, especially a trust, will, or life insurance policy |
| Broker | A person who buys and sells goods or assets for others |
| Claim | State or assert that something is the case, typically without providing evidence or proof |
| Collision Coverage | A type of auto insurance coverage, Collision Insurance will reimburse the insured for any damage sustained to their personal automobile that is due to the fault of the insured driver. This type of insurance is often added as an extension of a basic policy |
| Comprehensive Coverage | Comprehensive coverage may help protect your car against damages that are not related to a collision, such as: Theft, Vandalism, Fire |
| Co-Payments | A payment made by a beneficiary (especially for health services) in addition to that made by an insurer |
| Death Benefit | The amount paid to a beneficiary upon the death of an insured person |
| Deductible | Able to be deducted, especially from taxable income or tax to be paid |
| Dental Insurance | Designed to pay a portion of the costs associated with dental care |
| Disability Insurance | Disability insurance offers income protection to individuals who become disabled for a long period of time, and as a result can no longer work during that time period |
| Effective Date | The date upon which something is considered to take effect, which may be a past, present or future date. This may be different from the date upon which the event actually occurs or is recorded |
| HMO | Health maintenance organizations represent “pre-paid” or “capitated” insurance plans in which individuals or their employers pay a fixed monthly fee for services instead of a separate charge for each visit or service |
| HRA | An employer-sponsored plan that can be used to reimburse a portion of you & your eligible family's out-of-pocket medical expenses. Not an insurance program. A financial reimbursement plan funded by your employer |
| Liability Coverage | Part of the general insurance system of risk financing to protect the "insured" from the risks of liabilities by lawsuits & similar claims. Protects the insured in the event they are sued for, claims that come within the coverage of the insurance policy |
| Living Benefits | A rider that provides long-term care benefits for an insured person who is terminally ill, when attached to a life insurance contract |
| Medicare | A federal health insurance program for people who are 65 or older, certain younger people with disabilities |
| Power of Attorney | The authority to act for another person in specified or all legal or financial matters |
| Premiums | An amount to be paid for an insurance policy, a sum added to an ordinary price or charge |
| Primary Physician | A physician who provides both the first contact for a person with an undiagnosed health concern as well as continuing care of varied medical conditions, not limited by cause, organ system, or diagnosis |
| Term Life Insurance | Life insurance that pays a benefit in the event of the death of the insured during a specified term |
| Vision Insurance | A financial protection plan that requires the policyholder to pay a monthly fee in exchange for reduced-cost fees on some eye health and vision correction services and products |
| Whole Life Insurance | Life insurance that pays a benefit on the death of the insured and also accumulates a cash value |
Created by:
Hreiman16
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