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Insurance

CFM

TermDefinition
Beneficiary A person who derives advantage from something, especially a trust, will, or life insurance policy.
Broker A person who buys and sells goods or assets for others.
Claim Insurance claim is a formal request to an insurance company asking for a payment based on the terms of the insurance policy
Collision Coverage Collision insurance is a type of auto insurance coverage. Collision Insurance will reimburse the insured for any damage sustained to their personal automobile that is due to the fault of the insured driver.
Comprehensive Coverage Comprehensive coverage is an optional car insurance coverage designed to pay for certain repairs that aren't related to collisions.
Co-Payments A payment made by a beneficiary (especially for health services) in addition to that made by an insurer.
Death Benefit The amount paid to a beneficiary upon the death of an insured person.
Deductible A specified amount of money that the insured must pay before an insurance company will pay a claim
Dental Insurance Dental insurance is designed to pay a portion of the costs associated with dental care.
Disability Insurance Disability insurance offers income protection to individuals who become disabled for a long period of time, and as a result can no longer work during that time period.
Effective Date An effective date or as of date is the date upon which something is considered to take effect, which may be a past, present or future date. This may be different from the date upon which the event actually occurs or is recorded.
HMO A health maintenance organization (HMO) is an organization that provides health coverage with providers under contract. A Health Maintenance Organization (HMO) differs from traditional health insurance by the contracts it has with its providers.
HRA The HRA is an employer-sponsored plan that can be used to reimburse a portion of you and your eligible family member's out-of-pocket medical expenses, such as deductibles, coinsurance and pharmacy expenses.
Liability Coverage Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims.
Living Benefits A rider that provides long-term care benefits for an insured person who is terminally ill, when attached to a life insurance contract.
Medicare Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD).
Power of Attorney The authority to act for another person in specified or all legal or financial matters. A legal document giving power of attorney to someone.
Premiums Premium is an amount paid periodically to the insurer by the insured for covering his risk.
Primary Physician A primary care physician is a physician who provides both the first contact for a person with an undiagnosed health concern as well as continuing care of varied medical conditions, not limited by cause, organ system, or diagnosis.
Term Life Insurance Life insurance that pays a benefit in the event of the death of the insured during a specified term.
Vision Insurance Vision Care Insurance a financial protection plan that requires the policyholder to pay a monthly fee in exchange for reduced-cost fees on some eye health and vision correction services and products.
Whole Life Insurance Life insurance that pays a benefit on the death of the insured and also accumulates a cash value.
Created by: gdelong267
 

 



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