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Insurance
| Term | Definition |
|---|---|
| Beneficiary | The person, entity or trust designated to receive the death benefit of a life insurance policy upon the insured person's passing |
| Broker | A licensed insurance professional who works on behalf of a client, rather than a single insurance company, to identify, negotiate, and secure the best policy options from various carriers |
| Claim | A formal request by a policyholder to an insurance company asking for payment or reimbursement based on the terms of an active insurance policy, typically filed after a covered loss or event |
| Collision Coverage | Optional car insurance that pays to repair or replace the policyholder's vehicle if it is damaged in an accident with another vehicle or object, regardless of fault |
| Comprehensive Coverage | Optional auto insurance that covers damage to a vehicle caused by non-collision events, including theft, vandalism, fire, natural disasters, or contact with animals |
| Co-Payments | A fixed, flat fee paid out-of-pocket by the insured at the time of receiving a covered medical service |
| Death Benefit | The total sum of money paid to the designated beneficiary when the insured person dies, provided the policy is active |
| Deductible | The specific amount of money an insured person must pay out-of-pocket for covered services or losses before the insurance company begins to pay |
| Dental insurance | Coverage designed to pay a portion of the costs for oral health care |
| Disability Insurance | A policy designed to replace a portion of an employee's income if they cannot work due to a non-work-related illness, injury, or pregnancy |
| Effective date | The specific, legal date on which an insurance policy begins |
| HMO | A type of managed health plan that requires members to stay within a specific network of providers for non-emergency care |
| HRA | An employer-funded, tax-advantaged account that reimburses employees for qualified out-of-pocket medical expenses |
| Liability Coverage | Auto insurance that pays for bodily injuries or property damage caused to others in an accident |
| Living Benefits | allow the policyholder to access a portion of the death benefit while still alive |
| Medicare | A federal health insurance program primarily for people 65 or older |
| Power of Attorney | A legal document that authorizes a chosen agent to act on behalf of another in financial or medical matters if they become incapacitated |
| Premiums | The amount an individual pays to an insurance company at regular intervals to keep an insurance policy active |
| Primary Physician | the main doctor who coordinates a patient’s overall healthcare, provides preventive care, and issues referrals for specialists |
| Term Life Insurance | A life insurance policy that provides coverage for a specific period and pays a death benefit only if the insured dies during that term |
| Vision Insurance | A wellness benefit plan designed to cover or reduce costs for routine eye exams, prescription glasses, and contact lenses |
| Whole Life Insurance | A type of permanent life insurance that lasts for the policyholder's entire life, includes a guaranteed death benefit, and builds cash value over time on a tax-deferred basis |
Created by:
etampubolon260