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Insurance

TermDefinition
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 a demand or request for something considered one's due
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 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. Comprehensive typically covers damage from fire, vandalism or falling objects
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 able to be deducted, especially from taxable income or tax to be paid
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, 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 an employer-funded plan that reimburses employees for medical expenses not covered by company-sponsored insurance. Because the employer funds the plan, any distributions are considered tax deductible to the employer.
Liability Coverage a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims.
Living Benefits all or a portion of the death benefit that the policyholder may receive prior to death. The policyholder usually elects to receive living benefits during a terminal or catastrophic illness
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, 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 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: Cjackson19