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Ch.8
Insurance
| Term | Definition |
|---|---|
| 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
Popular Finance sets