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Insurance
Term | Definition |
---|---|
Comprehensive Insurance | Insurance that covers your car for reasons other than a collision. Ex: fire, theft |
Deductible | The money you pay out before the insurance company pays for the loss. "out of pocket" |
Benefit | The money paid by an insurance company for a loss. |
Beneficiary | The person who receives the money from an insurance policy. |
The higher the deductible, | the lower the premium. |
Insurance policy | Contract between the insured and the insurance company |
Premium | the amount of money you pay for insurance |
Claim | a formal request to an insurance company to pay for a loss |
Unemployment Insurance | insurance when you lose your job |
Worker's Compensation | insurance if you are injured on the job |
Medicare and Medicaid | Health coverage for older people and people with disabilities |
Exclusions | Losses that are not covered under the policy |
Life Insurance | Insurance that protects your dependents if you die |
Collision Insurance | Insurance that covers repairing your car if you are in an accident |
PPO | higher costs but more choices of doctors |
Cash-value life insurance | lets you borrow against the premiums paid |
Renter's Insurance | Covers contents of apartment. Does not cover building |
Supplemental Insurance | Insurance needed for extra things that the regular insurance policy does not cover. |
No-fault system | policyholders have their claims paid by their own car insurance companies no matter who caused the accident |
Group plans | cheaper than individual plans |
HMO | Have a primary physician, low cost, limited choice of doctors |