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MFLD MOD6

Module 6 Insurance

TermDefinition
Claim paperwork submitted to the insurance company describing accident, injury, or loss.
Coinsurance Method by which an individual and a health insurance company share the total cost of the individual’s medical care after the deductible has been met.
Collision coverage covers damage from an accident with another vehicle, object, or rollover.
Comprehensive coverage covers all physical damage except those caused by collision.
Copayment a specific flat fee paid each time a person visits the doctor.
Cost/benefit analysis, risk/reward relationship tool used to choose among alternatives involves weighing the cost of a product or service against the benefit it will provide.
Coverage protection from a specified type of loss and the amount paid for the loss.
Deductible the amount a person must pay each year before medical insurance begins to pay for covered expenses.
Disability Insurance provides money when an individual is sick/injured and unable to work.
Health insurance provides money to pay for medical expenses when sick or injured.
In-kind income provision of a product or service rather than cash.
Insurance Risk management tool that limits financial loss due to illness, injury, or damage in exchange for a premium; usually provides protection against large-scale financial loss.
Insurance premium the payment a person makes to an insurance company in exchange for its promise of protection and help.
Liability injury or damage caused to other people or their property.
Liability insurance covers injury or damage caused to other people or their property.
Life insurance insurance that pays upon death; certain types accumulate cash and can be used as an investment vehicle.
Long-term care insurance Coverage that provides nursing-home care, home-health care, personal or adult day care for individuals above the age of 65 or with a chronic or disabling condition that needs constant supervision.
Medical payment insurance medical payment insurance pays for needed treatment in the case of injury sustained in an automobile accident.
Moral hazard act of insuring increased the likelihood it will occur.
Policy contract that specifies what risks are covered and what will be paid for a loss.
Policy holder one who owns the policy.
Premium fee paid to insurance company under specified terms.
Property Insurance covers damage to property.
Risk investment, personal, insurance the probability of making a profit or losing money on one’s investment; the chance an investment will decrease in value; possible losses involving income or standard of living. The possibility of a loss from perils to people or property covered by insuran
Risk management deliberately and systematically using various strategies for controlling against potential personal or financial loss from pure risks.
Risk tolerance the amount of uncertainty or possibility of loss the individual can bear.
Shared risk insurance principle: Using premiums from many policy-holders to reimburse the losses of a few, so that no one suffers a financially devastating loss.
Umbrella insurance insurance in excess of coverage of underlying policies (homeowners, auto).
Uninsured/Underinsured covers injury or damage caused by a driver without insurance or with inadequate insurance.
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