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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 |