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Lawson-EPF
Unit 6 Vocabulary-Insurance
| Question | Answer |
|---|---|
| claim | a formal request from the customer to an insurance company asking for a payment based on the terms of the insurance policy |
| coinsurance | a percentage you pay each time you receive medical treatment, after you have paid the deductible |
| collision coverage | auto insurance that protects you against costs to repair your own vehicle after a crash |
| comprehension coverage | auto insurance that protects you against costs to repair or replace you vehicle after events out of your control such as weather, vandalism, theft, etc. |
| copay | a fixed dollar amount that you agree to pay each time you receive medical treatment, such as a doctor's visit or prescription |
| coverage limit | the maximum amount an insurance company will pay if you file a claim |
| Declaration Page | the page of a car insurance policy which includes a summary of the description of the insurance coverage provided and gives the maximum dollar limit the insurer will pay for a claim under each coverage |
| deductible | the amount of money you agree to pay towards your losses before your insurance will begin paying |
| disability insurance | a type of insurance paid to an individual if they are injured or are unable to work for a specified length of time |
| extended warranty | an additional form of protection that can be purchased to extend/enhance a manufacturer's warranty on consumer goods, like phones and electronics, as well as vehicles |
| Flexible Spending Account (FSA) | an account set up through an employer to cover health costs with pretax dollars that has very little or no rollover from year to year |
| Homeowners Insurance | a form of property insurance, available to property owners, that covers losses to the physical structure as well as to their personal property, and protects the insured person from liability claims |
| Health Savings Account (HSA) | an account where you contribute pre-tax dollars for expected medical expenses |
| liability coverage | auto insurance that protects you against medical costs for the bodily injury of others and damages to the property of others if you are at fault in an accident |
| life insurance | insurance paid to named beneficiaries when the insured person dies |
| loss | when someone with insurance endures a negative outcome, such as injury or theft, and expects payment form the insurance company to compensate them |
| Medicaid | a federal and state assistance program that pays for health care services for people who cannot afford them |
| Minimum Liability Limit | the lowest amount of auto insurance coverage one can have to be allowed to drive in each state |
| Out of Pocket Maximum | the maximum of money you will have to spend on health care in a year, after which the insurance company agrees to cover all costs |
| Preferred Provider Organization (PPO) | a health insurance plan in wheihc providers agree to deliver services for discount fees; patients can go to any provided, but using the nonparticipating providers results in higher costs to the patient |
| premium | the specified amount of payment required periodically by an insurer to provide coverage under a plan for a defined period of time |
| quote | an estimate of what premium you would pay for a certain insurance coverage plan |
| Renters Insurance | a form of property insurance, available to renters, that covers losses to their personal property and protects the insured person from liability claims |
| Social Security | a federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals |
| Uninsured/Underinsured Coverage | auto insurance that protects you against another driver not having enough coverage to pay the entirety of your losses |
Created by:
billie.perkins