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Insurance Concepts
| Term | Definition |
|---|---|
| Adjuster | Inspect property damage or personal injury claims to determine how much the insurance company should pay for your loss. |
| deductible | the amount you pay for covered insurance services before your insurance plan starts to pay. |
| insurer | a person or company that promises to pay for damage; insures your property or services. |
| policyholder | a person or group in whose name an insurance policy is held. |
| policy | a plan of what to do in particular situations that has been to officially by a company, group of people or the government. |
| insured | Someone who is covered by insurance. |
| peril | an event that results in property damage. |
| risk | uncertainty of the occurrence of an event that can cause economic losses. |
| premium | the amount you pay each month to keep your insurance policy active. |
| bodily injury | pays for the medical costs of the people who are injured. |
| collision | a coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object. |
| comprehensive coverage | protects against damage to your vehicle caused by non-collision events that are outside of your control. |
| uninsured motorist | helps you pay for damages caused by a driver who doesn't have car insurance. |
| Property Damage Liability | helps cover the cost of repairs if you are at fault for a car accident that damages someone else's property. |
| No-fault insurance | cover your medical expenses and/or loss of income when you're involved in a car accident, regardless of who was at fault. |
| Liability insurance | protects you financially if you're responsible for someone else's injuries or property damage. |
| Claim | a request to the insurance company for payment after a policyholder experiences a loss covered by their policy. |
| co-insurance | an insured individual's share of the costs of a covered expense . |
| co-payment | The amount you pay for covered health care services before your insurance plan starts to pay. |
| Health Management Organization | An organized health care system that is accountable for both financing and delivering a broad range of comprehensive health services to an enrolled population. |
| Limitation | the total amount of money set out in any Funding Order. |
| Points of Service Plan | 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 | a health care professional who practices general medicine. |
| Maximum-out-of-pocket expense | the most that you'll have to pay for covered medical services in a given year. |
| Medical Payments | an additional coverage option for auto insurance policies in most states. |
| Network | the exchange of information among people with a common profession or interest. |
| Accidental Death and Dismemberment Benefit | only pays out a benefit when the insured is in a covered accident that causes death or specific serious injuries such as the loss of a limb, paralysis, or blindness. |
| beneficiary | the person or entity that you legally designate to receive the benefits from your financial products. |
| Cash Value insurance | earns interest and may be available for you to withdraw or borrow against in case of an emergency, your life insurance beneficiaries will receive a reduced payout when you die. |
| medical examination | the procedure of undergoing tests in a hospital or any other medical facility to learn about one's physical condition. |
| proceeds | the amount of money received from a particular event or activity or when something is sold |
| Rider | an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy. |
| Suicide Clause | the insurer won't pay out to beneficiaries for a suicidal death within that time. |
| Term Life Insurance | an agreement between the person who owns the policy (the owner) and an insurance company |
| term of Policy | the maximum period the life cover in the policy will remain active. |
| Underwriter | a financial expert who takes a look at your finances and assesses how much risk a lender will take on if they decide to give you a loan. |
| Whole Life Insurance | a permanent life plan that provides coverage throughout your entire life. |
| Act of God | a debt instrument that insurers issue to establish a financial reserve to fund claims from catastrophic events. |
| Appraisal | an independent assessment of the value of the property. |
| Declarations | to officially tell someone the value of goods you have bought, or the amount of money you have earned because you might have to pay tax. |
| Collateral | an asset that a borrower uses to secure a loan. |
| Hazard | the risks that someone or something becomes more inclined to take because they have reason to believe that an insurer will cover the costs of any damages. |
| Loss | damage or injury the policyholder suffers due to a peril |
| Homeowner's policy | coverage that is required by all mortgage lenders for all borrowers. |
| Renter's insurance | protects your personal property in a rented apartment, condo or home from unexpected circumstances such as theft, a fire or sewer backup damage |
Created by:
ashley guerrero 1
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