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Insurance

TermDefinition
Beneficiary a person who derives advantage from something, especially a trust, will, or life insurance policy
Broker an individual who receives commissions from the sale and service of insurance policies.
Claim a request made by the insured for insurer remittance of payment due to loss incurred and covered under the policy agreement.
Collision Coverage is auto coverage that reimburses the insured for damage sustained to their personal automobile, due to the fault of the insured driver.
Comprehensive Coverage is a coverage that helps pay to replace or repair your vehicle if it's stolen or damaged in an incident that's not a collision.
Co-Payments a cost sharing mechanism in group insurance plans where the insured pays a specified dollar amount of incurred medical expenses and the insurer pays the remainder.
Death Benefits the amount paid to a beneficiary upon the death of an insured person.
Deductible Portion of the insured loss (in dollars) paid by the policy holder
Dental Insurance policies providing only dental treatment benefits such as routine dental examinations, preventive dental work, and dental procedures needed to treat tooth decay and diseases of the teeth and jaw.
Disability Insurance is intended to replace some of a working person's income when a disability prevents them from working.
Effective Date date at which an insurance policy goes into force.
HMO (Health Maintenance Organizations) a medical group plan that provides physician, hospital, and clinical services to participating members in exchange for a periodic flat fee.
HRA health reimbursement account, consists of employer-funded plans that reimburse employees for incurred medical expenses that are not covered by the company's standard insurance plan.
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 during a terminal or catastrophic illness, especially one where health insurance does not cover all the bills. They are also called accelerated benefits
Medicare a state assistance program, passed under Title XVIII of the Social Security Amendments of 1965, to provide hospital and medical expense insurance to those over 65 years of age.
Power of Attorney the authority to act for another person in specified or all legal or financial matters.
Premiums Money charged for the insurance coverage reflecting expectation of loss.
Primary Physicians is 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 payable only if death of insured occurs within a specified time, such as 5 or 10 years, or before a specified age.
Vision Insurance limited benefit expense policies. Provides benefits for eye care and eye care accessories
Whole Life Insurance life insurance that may be kept in force for a person's entire life and that pays a benefit upon the person's death, whenever that may be.
Created by: jscheffer18
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