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Insurance Vocab
| 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 | State or assert that something is the case, typically without providing evidence or proof. |
| Collision Coverage | A coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object, such as a fence or a tree. |
| Comprehensive Coverage | Pays to repair or replace a covered vehicle that's stolen or damaged by something other than collision or rolling over. |
| Co-Payments | A payment made by a beneficiary (especially for health services) in addition to that made by an insurer. |
| Death Benefits | A payout to the beneficiary of a life insurance policy, annuity or pension when the insured or annuitant dies. |
| Deductible | A specified amount of money that the insured must pay before an insurance company will pay a claim. |
| Dental Insurance | An insurance coverage for individuals to protect them against dental costs. |
| Disability Insurance | A type of insurance that will provide income in the event a worker is unable to perform their work and earn money due to a disability. |
| Effective Date | The date upon which something is considered to take effect |
| HMO | Health maintenance organization. |
| HRA | Health reimbursement account |
| Liability Coverage | Covers the costs of the other driver's property and bodily injuries if you're found at fault in an accident. |
| Living Benefits | All or a portion of the death benefit that the policyholder may receive prior to death. |
| Medicare | The United States federal government health insurance program for Americans who are 65 years of age and older. |
| 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 |
| 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 type of health insurance plan under which vision care, such as eye examination, and vision aids, such as glasses or contacts, are at least partially covered. |
| Whole Life Insurance | Life insurance that pays a benefit on the death of the insured and also accumulates a cash value. |
Created by:
jbowers21
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