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Ch.8

Insurance

TermDefinition
Risk A measure of the likelihood that something will be lost
Pure Risk A risk with a possibility of loss but no possibility of gain
Speculative Risk A risk that may result in either financial gain or financial loss
Risk Management The process of measuring risk and finding ways to minimize or manage loss
Insurance A form of risk management that pools the premiums of a large group of people to cover the expenses of the smaller number within the group who suffer losses
Premium An amount of money reguarly paid to an insurance company for a policy
Dependent An individual who relies on someone else for financial support, such as a child, a spouse, or an elderly parent
Policyholder A person who has purchased insurance
Deductible The amount you must pay toward your medical expenses before your insurance company begins to pay
Fee-for-service plan A health-care plan that pays for covered medical services after treatment is provided
Coinsurance A percentage of the service costs that patients pay
Inpatient A person whose care requires a stay in a hospital
Managed Care Plan A type of health-care plan in which the insurance company contracts with specific doctors, hospitals, and other health-care providers to deliever medical services and preventive care to members at reduced cost
Copayment A flat fee the patient must pay for medical services
Health Savings Account (HSA) A tax-advantaged savings account availbable to people enrolled in qualified high deductible health plans (HDHPs)
Exclusions A medical service that is not covered in an insurance plan
Preexisting Condition An illness or an injury a person has before signing up for health-care insurance
Beneficiary A person or organization named by a policyholder to receive the death benefit of an insurance policy after the policyholder's death
Term life Insurance A type of insurance that provides protection only for a specific period of time
Whole life insurance A type of insurance that provides basic lifetime protection so long as premiums are paid
Endowment Insurance A type of insurance that pays the face value of the policy to beneficiaries if the insured dies before the endowment period ends
Umbrella policy An insurance policy that covers loss amounts that are higher than those covered by primary policies
Depreciation A decrease in the value of property as a result of age or wear and tear
Endorsement An attachment to existing insurance coverage, such as a family policy, to protect a computer, a television, and other expensive items taken to college
Bodily injury liability Insurance coverage that protects you when you are responsible for an auto accident that results in the injury or death of other parties
Property damage liability Insurance coverage that protects you when you are respnsible for an auto accident in which the property of others is damaged
No-fault auto insurance A type of insurance plan that eliminates the faultfinding process in settlling claims
Created by: Jakea Harris