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Insurance
| Term | Definition |
|---|---|
| Beneficiary | a person who derives advantage from something, especially a trust, will, or life insurance policy |
| Broker | a person who buys and sells goods or assets for others |
| Claim | state or assert that something is the case, typically without providing evidence or proof |
| Collision Coverage | Collision insurance is a type of auto insurance coverage. Collision Insurance will reimburse the insured for any damage sustained to their personal automobile that is due to the fault of the insured driver |
| Comprehensive Coverage | Comprehensive coverage, known as "other than collision" coverage in Virginia, is an optional car insurance coverage designed to pay for certain repairs that aren't related to collisions |
| Co-Payments | a payment made by a beneficiary (especially for health services) in addition to that made by an insurer |
| Death Benefit | the amount paid to a beneficiary upon the death of an insured person |
| Deductible | a specified amount of money that the insured must pay before an insurance company will pay a claim |
| Dental Insurance | Dental insurance is designed to pay a portion of the costs associated with dental care |
| Disability Insurance | offers income protection to individuals who become disabled for a long period of time, and as a result can no longer work during that time period |
| Effective Date | An effective date or as of date is the date upon which something is considered to take effect, which may be a past, present or future date |
| HMO | A health maintenance organization (HMO) is an organization that provides health coverage with providers under contract |
| HRA | The HRA is an employer-sponsored plan that can be used to reimburse a portion of you and your eligible family member's out-of-pocket medical expenses |
| Liability Coverage | Liability insurance is a part of the general insurance system of risk financing to protect the purchaser |
| Living Benefits | A rider that provides long-term care benefits for an insured person who is terminally ill, when attached to a life insurance contract |
| Medicare | Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities |
| Power of Attorney | the authority to act for another person in specified or all legal or financial matters |
| Premiums | an amount to be paid for an insurance policy |
| Primary Physician | A primary care physician is a physician who provides both the first contact for a person with an undiagnosed health concern |
| Term Life Insurance | life insurance that pays a benefit in the event of the death of the insured during a specified term |
| Vision Insurance | A financial protection plan that requires the policyholder to pay a monthly fee in exchange for reduced-cost fees on some eye health and vision correction services |
| Whole Life Insurance | life insurance that pays a benefit on the death of the insured and also accumulates a cash value |
Created by:
droehner19
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