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Risk/Insurance Unit4

Arkansas Unit 4: Basic Queries

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
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