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Insurance Concepts
| Term | Definition |
|---|---|
| Accidental Death and Dismemberment Benefit | Life- a plan that pays a benefit if you lose your life, limbs, eyes, speech or hearing due to an accident. |
| Beneficiary | Life - the person or entity that will receive the money from your policy's death benefit when you pass away. |
| Adjuster | General - a person who investigates an insurance claim to determine if the insurer should pay for damage or injuries, and if so, how much they should pay. |
| Deductible | General - The amount you pay for covered health care services before your insurance plan starts to pay. |
| Insurer | General - A person or company that underwrites an insurance risk; the party in an insurance contract undertaking to pay compensation. |
| Policyholder/Insured | General - The person, group, or property for which an insurance policy is issued. The condition of having insurance. |
| Policy | General - An insurance policy is a legally binding contract between an insurance company and the person who buys the policy, commonly called the "policyholder", who also is often the person insured. |
| Peril | General - an event, like a fire or break-in, that may damage your home or belongings. |
| Risk | General - uncertainty of the occurrence of an event that can cause economic losses |
| Premium | General - An amount to be paid for an insurance policy. |
| Replacement Cost | General - The amount of money needed to repair or replace your belongings |
| Bodily Injury | Auto- bodily harm, sickness, or disease, including resulting death. |
| Collision | Auto- an instance of one moving object or person striking violently against another, a crash |
| Comprehensive Coverage | Auto- 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 |
| Uninsured Motorist | Auto- someone without auto insurance. |
| Property Damage Liability | Auto- helps pay to repair damage you cause to another person's vehicle or property. |
| No-fault Insurance | Auto- when a driver is hurt in an auto accident, they need to file a claim with their own insurance company for medical expenses and/or loss of income, does not matter who is at fault |
| Liability Insurance | Auto- protects you financially if you're responsible for someone else's injuries or property damage. |
| Claim | Health- A formal request to an insurance company asking for a payment based on the terms of the insurance policy. |
| Co-insurance | Health- a type of insurance in which the insured pays a percentage of the payment made against a claim |
| Co-payment | Health- a contribution made by an insured person toward the cost of medical treatment or other services, fixes fees |
| HMO (Health Management Organization) | Health- medical insurance group that provides health services for a fixed annual fee. |
| Limitations | Health- the highest amount your insurer will pay for a claim that your insurance policy covers. |
| POS (Point of Service Plan) | Health- A type of plan in which you pay less if you use doctors, hospitals, and other health care providers that belong to the plan's network. |
| Primary Care Physician | Health- A physician who directly provides or coordinates a range of health care services for a patient. |
| Maximum Out-of-Pocket Expense | Health- a cap, or limit, on the amount of money you have to pay for covered health care services in a plan year, it it is met, company need to pay 100% for rest of plan year |
| Medical Payments | Health- an additional coverage option for auto insurance policies in most states. |
| Network | Health- The facilities, providers and suppliers your health insurer or plan has contracted with to provide health care services. |
| Cash Value Insurance | Life - the portion of your policy that earns interest and may be available for you to withdraw or borrow against in case of an emergency. |
| Medical Examination | Life - covers your medical history; you'll answer health-related questions and undergo a basic physical exam |
| Proceeds | Life- benefit proceeds paid out by any insurance policy as a result of a claim. |
| Rider | Life- optional, extra terms that go into effect along with your basic policy, at an additional cost. |
| Suicide Clause | Life- prevents the insurer from paying out the claim if the insured's death was due to self injury within a certain period from the start of the policy |
| Term Life Insurance | Life- a contract between you and an insurance company for a defined period, typically between 10 and 30 years. |
| Term of Policy | Life- the lifetime of an insurance policy. |
| Underwriter | Life- the main link between an insurance company and an insurance sales agent. |
| Whole Life Insurance | Life- a type of permanent life insurance |
| Act of God | Property- an accident or other natural event caused without human intervention that could not have been prevented by reasonable foresight or care. |
| Appraisal | Property- a professional assessment of a property's value. |
| Declarations | Property- summarizes the insurance coverage provided by the policy. |
| Collateral | Property- assets that are provided as security to ensure satisfaction of a future dues |
| Hazard | Property- any action, condition, habit, circumstance, or situation that makes a peril more likely to occur |
| Loss | Property- the basis of a claim for damages under the terms of a policy. |
| Homeowner’s Policy | Property- pays for losses and damage to your property if something unexpected happens, like a fire or burglary. |
| Renter’s Insurance | Property- protects your personal property in a rented apartment, condo or home from unexpected circumstances |
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202216856
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