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Insurance vocab
Term | Definition |
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Premium | The amount of money that must be paid for your health insurance. You and/or your employer usually pay it monthly, quarterly or yearly. |
Homeowner's Insurance | Provides financial coverage for losses due to damage or destruction of a home. |
Life Insurance | Provides coverage after the insured person's death, often paid out to a family member left behind (beneficiary) |
Health Insurance | Pays for hospital and medical treatment. |
Disability Insurance | Provides a monthly income when one becomes disabled (unable to work). |
Automobile Insurance | Provides coverage(money) for car accidents and damage to the owner's car. |
Title Insurance | Ensures that the property you are buying is free of any loans and the Title is available for purchase. |
Social Insurance | Protection for a person against economic/financial hazards such as unemployment, old age, or disability |
Medicare | A government program of medical care for the older people. |
Social Security | A program under the US government that provides retirement income, health care, for the aged, and disability coverage |
Worker's Compensation Insurance | This is it protect workers who are injured on the job. |
Malpractice Insurance | Insurance purchased by doctors and hospitals to cover the cost of being sued for malpractice (mistakes) |
Title | A formal document, such as a deed, that serves as evidence of ownership |
Contract | An agreement between two or more partiesthe; written form of an agreement |
Comprehensive | Complete; including all or nearly all elements or aspects of something |
Malpractice | Careless, wrong, or illegal actions by someone (such as a doctor) who is performing a professional duty |