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WISE Insurance

TermDefinition
Insurance A contract that provides financial protection against losses or damages.
Annual deductible The amount a policyholder must pay out-of-pocket before insurance coverage kicks in.
Assigned risk pool A group of high-risk individuals who are unable to obtain insurance through standard means.
Automobile insurance Insurance coverage for cars, trucks, and other vehicles.
Beneficiary A person or entity designated to receive benefits from an insurance policy or trust.
Benefit period The length of time during which an insurance policy will provide benefits.
Cash value The amount of money that accumulates in a permanent life insurance policy.
Claim A request made to an insurance company for payment based on the terms of the policy.
Collision insurance Coverage that pays for damage to a vehicle resulting from a collision.
Comparison shopping The practice of comparing prices and features of similar products or services.
Co-pay A fixed amount paid by a patient for a specific medical service, with the remainder covered by insurance.
Death benefit The amount paid to a beneficiary upon the death of the insured.
Deductible The amount a policyholder must pay before the insurance company pays a claim.
Disability insurance Insurance that provides income in the event a policyholder is unable to work due to a disability.
Face value The nominal value of a bond or insurance policy, as stated on the certificate.
Homeowners insurance Insurance that provides coverage for a home and its contents.
Comprehensive Insurance coverage that protects against a wide range of risks, including theft and damage.
Insurance Benefit The amount payable by an insurance company for a covered loss.
Insured A person or entity covered by an insurance policy.
Long-term care insurance Insurance that covers the cost of long-term care services, such as nursing homes.
Managed care health insurance Health insurance that contracts with healthcare providers to provide services at reduced costs.
Mortgage insurance Insurance that protects lenders against default on mortgage loans.
No-fault insurance Insurance that pays for damages regardless of who is at fault in an accident.
Non-managed care health insurance Health insurance that allows patients to choose their healthcare providers without restrictions.
Over insured Having more insurance coverage than is necessary for a particular risk.
Premium The amount paid for an insurance policy, typically on a monthly or annual basis.
Property damage liability insurance Insurance that covers damages caused to another person's property.
Renter's insurance Insurance that provides coverage for a tenant's personal property.
Risk The possibility of loss or injury.
Term life insurance Life insurance that provides coverage for a specific period of time.
Under-insured Having insufficient insurance coverage to fully protect against potential losses.
Unemployment insurance Insurance that provides financial assistance to individuals who are unemployed.
Universal variable life insurance A type of permanent life insurance that combines features of whole life and term insurance.
Whole life insurance A type of permanent life insurance that provides coverage for the insured's entire life.
Dependent A person who relies on another for financial support.
Created by: moonpool13
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