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MM Chap 6 Terms

Study guide for chapter 6 Test Money Matters

Risk The chance of injury, damage, or economic loss
Loss a physical injury, damage to property, or disappearance of property or other assets
Probability The likelihood of a risk resulting in a loss
Risk Assessment the process of identifying risks and deciding how serious they are
Risk Reduction finding ways to lower your chance of incurring a loss
Risk Avoidance stopping behavior that leads to a risk
Risk transfer passing risk to another party
Premium the price you pay for insurance coverage
Risk assumption accepting the consequences of risk
Self-insure setting aside money to be used in the event of injury or loss of assets
Health Insurance a plan for sharing the risk of medical costs resulting from injury or illness
Fee-for-Service Plan a type of health insurance plan that allows patients to choose any doctor or other provider for medical services
Health Maintenance Organization (HMO) a group plan that provides prepaid medical care for its members
Preferred Provider Organization (PPO) a network of independent healthcare providers that band together to provide health care services for a set fee
Stop-loss-provision an insurance clause that sets a maximum that the insured has to pay out of pocket during any calendar year
Disability insurance insurance that provides income to replace a portion of normal earnings
Life insurance insurance that pays money to a beneficiary upon the death of the insured person
Beneficiary the person designated to receive money from a life insurance policy
Temporary life insurance a policy that remains in effect for a specific period of time
Permanent life insurance a policy that remains in effect for the insured’s lifetime and builds cash value
Homeowners Insurance a policy that protects property owners from risk of loss to their real and personal property
Liability coverage protection against injuries suffered by others while on your property or as a result of your actions
Home inventory a list of items of value in your home; use for insurance purposes
Replacement value the cost of replacing an item regardless of its actual cash (market) value
Renters insurance a policy that protects renters from personal property and liability risks
Auto insurance a policy that protects a car owner from losses as a result of accidents and other events
Collision coverage a policy that protects against damage to your own vehicle if you hit another car or lose control and rollover
Comprehensive coverage protection against damages to your car from causes other than collision or rolling over
Personal injury protection coverage for medical, hospital, and funeral costs of the insured and passengers in the event of an accident, regardless of who is at fault.
Uninsured/underinsured motorist coverage protection against damages caused by a motorist with no or insufficient insurance
Umbrella liability Insurance a supplement to your basic auto and homeowners coverage that expands limits and includes additional risks
Created by: mrstephens



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