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Insurance
| Term | Definition |
|---|---|
| Beneficiary | a person who derives advantage from something, especially a trust, will, or life insurance policy |
| Broker | an individual who receives commissions from the sale and service of insurance policies. |
| Claim | a request made by the insured for insurer remittance of payment due to loss incurred and covered under the policy agreement. |
| Collision Coverage | is auto coverage that reimburses the insured for damage sustained to their personal automobile, due to the fault of the insured driver. |
| Comprehensive Coverage | is a coverage that helps pay to replace or repair your vehicle if it's stolen or damaged in an incident that's not a collision. |
| Co-Payments | a cost sharing mechanism in group insurance plans where the insured pays a specified dollar amount of incurred medical expenses and the insurer pays the remainder. |
| Death Benefits | the amount paid to a beneficiary upon the death of an insured person. |
| Deductible | Portion of the insured loss (in dollars) paid by the policy holder |
| Dental Insurance | policies providing only dental treatment benefits such as routine dental examinations, preventive dental work, and dental procedures needed to treat tooth decay and diseases of the teeth and jaw. |
| Disability Insurance | is intended to replace some of a working person's income when a disability prevents them from working. |
| Effective Date | date at which an insurance policy goes into force. |
| HMO (Health Maintenance Organizations) | a medical group plan that provides physician, hospital, and clinical services to participating members in exchange for a periodic flat fee. |
| HRA | health reimbursement account, consists of employer-funded plans that reimburse employees for incurred medical expenses that are not covered by the company's standard insurance plan. |
| Liability Coverage | is any insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence. |
| Living Benefits | during a terminal or catastrophic illness, especially one where health insurance does not cover all the bills. They are also called accelerated benefits |
| Medicare | a state assistance program, passed under Title XVIII of the Social Security Amendments of 1965, to provide hospital and medical expense insurance to those over 65 years of age. |
| Power of Attorney | the authority to act for another person in specified or all legal or financial matters. |
| Premiums | Money charged for the insurance coverage reflecting expectation of loss. |
| Primary Physicians | is 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 payable only if death of insured occurs within a specified time, such as 5 or 10 years, or before a specified age. |
| Vision Insurance | limited benefit expense policies. Provides benefits for eye care and eye care accessories |
| Whole Life Insurance | life insurance that may be kept in force for a person's entire life and that pays a benefit upon the person's death, whenever that may be. |
Created by:
jscheffer18
Popular Insurance sets