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900 Vocabulary
PF
| Term | Definition |
|---|---|
| insurance | an agreement in which an individual will receive financial protection or reimbursement of losses from an insurer |
| policy | the contract between an insurance company and the insured individual |
| coverage | the amount of liability protection offered to an individual through an insurance policy |
| premium | the amount paid for an insurance policy |
| grace period | the amount of time after the premium is due in which a policyholder can make a premium payment without suffering a lapse (break) in coverage |
| deductible | the amount of money you will pay out of pocket between the insurance company will make a payment |
| claim | a formal request by a policyholder to their insurance company for compensation for a covered loss |
| copays | (also copayments or coinsurance) the payments an individual makes each time they get medical serve |
| out-of-pocket maximum | the most a policyholder has to spend for covered services in a year |
| liability insurance | protections against claims resulting from personal injury or property damage as the result of an auto accident |
| collision insurance | protection for damage to your care resulting from a collision with another car or object |
| comprehensive insurance | protection for loss or damage to your vehicle caused by something other than a collision (such as vandalism) |
| uninsured/underinsured motorist protection | protection for you and passengers if you’re hit by an uninsured or underinsured motorist, or if you are the victim of a hit-and-run |
| personal injury protection (PIP) | a component of auto insurance that pays for medical expenses, lost wages, and other financial losses of the driver and passengers of the policyholder’s vehicle |
| homeowner’s insurance | protection for losses to a private residence and the possessions within it, as well as liability coverage against accidents in the home or on the property |
| renters insurance | protection for destroyed or stolen personal property for a renter |
| umbrella insurance | optional extended liability coverage that can be added to auto and homeowners policies |
| health insurance | coverage for an individual’s (or family’s) medical expenses from illness or injury |
| Affordable Care Act (ACA) | also known as Obamacare; the health care reform law enacted in 2010, intended to make affordable health insurance more available |
| subsidizing | the practice of employers paying for a portion of their employees’ insurance premiums |
| Health Insurance Marketplace | a platform where individuals, families, and small businesses can compare health insurance plans |
| high-deductible health plan (HDHP) | a health plan with a high minimum deductible for medical expenses |
| health savings account (HSA) | a tax-exempt savings account dedicated to health care costs; only available for individuals on a high-deductible health plan (HDHP) |
| lifetime limit | the maximum amount of lifetime benefits a person can receive from their insurance company |
| beneficiaries | people who are designated by the policyholder to receive the death benefit of a life insurance policy |
| death benefit | benefit paid to the beneficiaries after the policyholder dies |
| term life insurance | life insurance for a specified amount of time; at the death of the policyholder, the insurance company pays the death benefit to the beneficiaries |
| whole life insurance (or cash value) | life insurance that lasts for the life of the policyholder and uses a portion of the premium as an investment |
| self-insured | having enough money saved and invested so a spouse or loved one could live off of it when you die, eliminating the need for life insurance |
| dependent | a person who relies on someone for financial support |
| actuarial life table | life expectancy chart used by insurance agents to figure out life insurance premiums for an individual based on a variety of factors |
| disability insurance | a type of insurance that will replace a portion of the policyholder’s income in the event that the policyholder becomes disabled and is unable to work |
| elimination period | the period of time between when a doctor confirms a disability and when the policyholder receives a disability payment |
| identity theft | the act of fraudulently gaining and using the personal information of someone else, usually for financial gain |
| long-term care insurance | a type of insurance that covers some or all of the costs of nursing home care, assisted living, in-home care, and other end-of-life care |
| supplemental insurance | plans to cover expenses and services on typical policies |
Created by:
dupreejp
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