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insurance
--Finance
| Term | Definition |
|---|---|
| Beneficiary | a Beneficiary is a person who derives advantage from something, especially a trust, will, or life insurance policy. |
| Broker | A broker is an independent agent or firm that acts as an intermediary, connecting buyers and sellers to facilitate transactions in exchange for a commission |
| Claim | A claim is an assertion, statement, or demand that something is true, real, or rightfully yours, often requiring evidence to be proven |
| Collision Coverage | Collision coverage is an optional auto insurance coverage that pays to repair or replace your vehicle if it is damaged in a collision with another object or vehicle, regardless of fault. |
| Comprehensive Coverage | Comprehensive coverage is an optional auto insurance component that pays for repairs or replacement of your vehicle due to non-collision incidents, |
| Co-Payments | Co-Payments is a flat fee that you pay on the spot each time you go to your doctor or fill a prescription |
| Death Benefit | A death benefit is the guaranteed, usually tax-free, sum of money paid by an insurance company to designated beneficiaries when the insured person passes away |
| Deductible | A deductible is the fixed, out-of-pocket amount you must pay for covered services, repairs, or damages before your insurance company begins to pay. |
| Dental insurance | Dental insurance is a type of health coverage designed to help individuals and families manage the cost of oral health care. |
| Disability Insurance | Disability insurance is a type of coverage that replaces a portion of your income—typically 60% to 80%—if an illness or injury prevents you from working. |
| Effective date | An effective date is the precise day—and sometimes time—when an insurance policy begins, initiating coverage and insurer liability. It acts as the official start date for benefits, ensuring you are covered for losses on or after this date but not before |
| HMO | HMO a type of health insurance plan that provides coverage through a specific, local network at agreed-upon, lower rates. It requires obtaining referrals to see specialists, with no coverage for non-emergency out-of-network care. |
| HRA | HRA is an employer-funded, tax-advantaged group health plan that reimburses employees for qualified medical expenses. Employers own the account, set contribution amounts, and define covered expenses |
| Liability Coverage | Liability insurance is a type of coverage that protects you financially if you are responsible for injuring others or damaging their property |
| Living Benefits | Living benefits in insurance are features of a life insurance policy that allow the policyholder to access a portion of the death benefit or accumulated cash value while they are still alive |
| Medicare | Medicare is a federal health insurance program in the United Stat |
| Power of Attorney | A Power of Attorney (POA) is a legal document that authorizes a trusted person to act on behalf of another person regarding financial, legal, or health matters. |
| Premiums | A premium is the amount of money an individual or business pays to an insurance company to maintain active coverage |
| Primary Physician | Primary Physician is the doctor designated to manage your care, treat common medical conditions, and authorize specialist visits |
| Term Life Insurance | Term life insurance is a simple, affordable policy that provides coverage for a specific period—typically 10, 20, or 30 years. It pays a tax-free cash benefit to beneficiaries if the policyholder dies during that term |
| Vision Insurance | Vision insurance is a type of supplemental health benefit designed to reduce out-of-pocket costs for routine eye care, prescription eyewear, and contact lenses |
| Whole Life Insurance | Whole life insurance is a type of permanent life insurance that covers you for your entire life, featuring fixed premiums, a guaranteed death benefit, and a tax-deferred cash value component that grows over time |
Created by:
Helll
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