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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 | entitles a creditor to receive a payment, or payments, from a debtor in circumstances specified in a contract between them |
| Collision Coverage | will reimburse the insured for any damage sustained to their personal automobile that is due to the fault of the insured driver. |
| Comprehensive Coverage | is available to protect you against vehicle damages not caused by a collision |
| 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 | is an insurance coverage for individuals to protect them against dental costs. It insures against the expense of treatment and care of dental disease and accident to teeth |
| 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 | is the date upon which something is considered to take effect, which may be a past, present or future date. |
| HMO | a health insurance organization to which subscribers pay a predetermined fee in return for a range of medical services from physicians and healthcare workers registered with the organization. |
| HRA | Health Reimbursement Arrangement, is an IRS-approved, employer-funded, tax-advantaged employer health benefit plan that reimburses employees for out-of-pocket medical expenses and individual health insurance premiums. |
| Liability Coverage | is any insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence. |
| Living Benefits | can help offer peace of mind at a critical time. It entitles the policy owner to an early (accelerated) payout of policy death benefits, if the insured is diagnosed to have a life expectancy of 12 months or less. |
| Medicare | is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease |
| 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 physician who provides both the first contact for a person with an undiagnosed health concern as well as continuing care of varied medical conditions, not limited by cause, organ system, or diagnosis. |
| 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 and products. |
| Whole Life Insurance | life insurance that pays a benefit on the death of the insured and also accumulates a cash value |
Created by:
Makhdar17
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