Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

MI Pre-Insurance Lic

H-K - Vocabulary Words

Health Insurance A broad group of policies offering protection against loss of income due to disability, and medical expenses due to sickness and accident.
Health Insurance Portability & Accountability Act (HIPAA) A federal law that allows credit for coverage of a preexisting condition when changing one group plan to another group plan.
Health Maintenance Organization (HMO) Organization that provides health services to individuals, (aka members). Contracts with a select group of doctors & other medical practitioners - providing services to members at agreed-upon costs, prepaid on behalf of the member
Health Reimbursement Account (HRA) Employer reimburses an employee for health expenses not covered by the plan, i.e. deductibles. Employer determines amount and shifts to employee. Employee decides how much will be spent from account
Health Savings Account A tax advantaged savings plan, covers current and future medical expenses. Must have a high-deductible policy. Employee decides how much will be spent from account.
Home Health Care Skilled or unskilled care taking place in the individual's home, usually part-time
Hospital Indemnity A limited type of health insurance that pays the insured a stipulated amount if confined overnight to a hospital, regardless of actual hospital expenses.
Immediate Annuity A contract that pays income benefits after a single premium is received.
Impairment Rider An attachment to a health insurance policy that excludes coverage for a preexisting condition for a specific person for a specific period of time.
Incontestable Clause A period of time, usually after the first two years the policy has been in force, in which the insurance company cannot deny a claim or void the policy based on misstatements or omissions on the application.
Increasing Term Insurance A type of term life insurance in which the death benefit increases over the policy's term. It is usually purchased as a cost of living rider to a whole life policy.
Indemnity A fundamental insurance concept in which the insured should not profit, but be restored in whole or in part, by payment, repair or replacement.
Indexed Whole Life A type of whole life insurance whose death benefit increases according to the rate of inflation, usually tied to the Consumer Price Index.
Individual Insurance Policies sold to individuals as opposed to group coverage. Sometimes called personal insurance.
Individual Retirement Accounts (IRA) A personal tax-advantaged savings account in which eligible individuals can contribute up a certain amount each year.
Inpatient A person who has been admitted to a hospital or skilled nursing facility.
Insurability The insurance company's assessment of an individual's risk profile..
Insurable Interest The possibility of financial loss that can be protected by purchasing an insurance policy. With life insurance, a policyowner must have insurable interest in the life of the insured.
Insurance A contractual means of transferring risk of loss to another party (insurer) who agrees, for consideration, to indemnify or pay a specified amount for covered losses suffered by the insured.
Insurance Code Laws, statues and regulations that govern the business of insurance in a specific state.
Insured The party to the insurance contract whom the company has agreed to indemnify
Insurer The party of the insurance contract who indemnifies the insured. AKA - Insurance Company
Insuring Clause A policy provision that defines the scope and limits of coverage. It's the insurance company's promise to pay according to the policy
Interest-Only Settlement A life insurance settlement option that pays the interest on policy proceeds (not lump sum) being invested by the insurance company. The death benefit will be paid out at some later specified date.
Interest Sensitive Whole Life A type of whole life insurance whose premiums vary based upon the insurer's investment experience, mortality risk and expense assumptions.
Intermediate Nursing Care A level of health care that is prescribed by a physician but usually performed by skilled medical personnel, such as an RN.
Investment Income Premiums invested by the insurance company earning interest, income or gains; the return from investing.
Irrevocable Beneficiary The recipient of a life or accident policy whose interest in the policy cannot be revoked or cancelled without written consent.
Joint & Survivor Annuity A contract offered by the life insurance industry that provides stipulated payments at regular intervals to two or more annuitants as long as one of them lives.
Joint Life Policy An insurance contract covering two or more lives that pays policy proceeds upon the death of the first insured. Then policy is terminated.
Juvenile Insurance Life insurance written on the life of a child. a competent party must own the policy, usually the parent or legal guardian.
Keogh Plan Type of qualified retirement plan for the self-employed and their employees.
Key Person Insurance A life or health policy covering a valuable employee whose absence would financially hurt the business.
Key Person Disability Insurance A health insurance contract that pays the key person a salary continuation in the event of disability or pays the employer if the key person becomes disabled.
Created by: Rosemj42
Popular Insurance sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards