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Risk Management

Essential Vocab

Adjuster inspect property damage or personal injury claims to determine how much the insurance company should pay for the loss.
Deductible The amount you pay for covered health care services before your insurance plan starts to pay.
Insurer the party in an insurance contract that promises to pay compensation.
Policyholder the person who owns the insurance policy.
Policy a set of ideas or a plan of what to do situations that has been agreed to officially by a group of people, a business organization, a government, or a political party
Insured any person or entity legally entitled to receive the benefits of an insurance policy, typically claim payments.
Peril great danger, or something that is very dangerous
Risk the exposure a company or organization must factor(s) that will lower its profits or lead it to fail
Premium a price paid for above and beyond some basic or intrinsic value.
Replacement Cost the amount it will take to replace your property or belongings without any deduction for depreciation.
Bodily Injury pays for the medical costs of the people who are injured (not including yourself.
Collision an act or instance of colliding
Comprehensive Coverage an optional coverage that protects against damage to your vehicle caused by non-collision events that are outside of your control.
Uninsured Motorist a person has insurance coverage, but the limits may not be high enough to cover the full expenses of a claim.
Property Damage Liability helps pay to repair damage you cause to another person's vehicle or property.
No-fault Insurance designed to 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 the amount you pay for covered health care after you meet your deductible.
HMO (Health Management Organization) A type of health insurance plan that usually limits coverage to care from doctors who work for or contract with the HMO.
Limitations a limiting condition; restrictive weakness; lack of capacity; inability or handicap.
POS (Point 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 a cap, or limit, on the amount of money you have to pay for covered health care services in a plan year.
Medical Payments pays for the other party's medical expenses in accidents that you cause, but not medical expenses for you or your passengers.
Network A health plan that contracts with doctors, hospitals, pharmacies, and other health care providers to provide members of the plan with services and supplies at a discounted price.
accidental death and dismemberment benefit pays a benefit if you lose your life, limbs, eyes, speech or hearing due to an accident
beneficiary the person or entity that you legally designate to receive the benefits from your financial products.
cash value insurance the portion of your policy that earns interest and may be available for you to withdraw or borrow against in case of an emergency.ยน
medical examination a thorough physical examination; includes a variety of tests depending on the age and sex and health of the person
proceeds something that results or accrues.
Rider an addition to an existing insurance policy that allows you to add specific insurance products to your basic coverage.
Suicide Clause a time period when death benefits under a life insurance policy will not be paid out due to a suicide
term life insurance a contract between you and an insurance company for a defined period, typically between 10 and 30 years.
term of policy the maximum period the life cover in the policy will remain active
Underwriter any party, usually a member of a financial organization, that evaluates and assumes, for a fee, another party's risk in mortgages, insurance, loans, or investments
whole life insurance the insured person is covered for the duration of their life as long as premiums are paid on time.
act of god an accident or other natural event caused without human intervention that could not have been prevented by reasonable foresight or care.
appraisal an act or instance of appraising something or someone
declarations summarizes the insurance coverage provided by the policy.
collateral an item of value that a lender can seize from a borrower if he or she fails to repay a loan according to the agreed terms
hazard coverage that protects a homeowner and/or business owner against physical damages caused by unexpected and sudden events such as fires, severe storms, and other events.
loss a reduction in asset or property value or damage of said assets or property due to an accident, natural disaster, man-made disaster, or other risks.
homeowners policy covers damage to your home, property, personal belongings, and other assets in your home.
renters protects your personal property in a rented apartment, condo or home from unexpected circumstances such as theft, a fire or sewer backup damage.
Co payment The amount you pay for covered health care services before your insurance plan starts to pay.
Created by: 200484236
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