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insurance
| Question | Answer |
|---|---|
| beneficiary | individual, organization, or entity designated to receive assets, money, or benefits from a legal arrangement, such as a will, trust, life insurance policy, or retirement account |
| broker | authorized intermediary—person or firm—who facilitates transactions between buyers and sellers, typically earning a commission, fee, or markup for their services |
| claim | A request to an insurance company to pay for a covered service or event |
| collision coverage | optional auto insurance policy that pays to repair or replace your vehicle if it is damaged in a collision with another vehicle or object |
| comprehensive coverage | optional, non-collision coverage that pays for damage to your vehicle from theft, vandalism, fire, natural disasters, or animal collisions |
| co-payments | fixed, out-of-pocket amount paid by an insured person for covered healthcare services, such as doctor visits or prescriptions, usually at the time of service |
| death benefits | financial payouts (survivor benefits/life insurance), the resolution of suffering, and a profound, positive shift in perspective for the living |
| deductible | specific amount of money you pay out-of-pocket for covered services or damages before your insurance plan begins to pay |
| dental insurance | a type of health coverage designed to pay a portion of the costs for oral health care, including preventive, basic, and major procedures |
| disability insurance | replaces a portion of your income—typically 60% to 80%—if a non-work-related illness, injury, or pregnancy prevents you from working |
| effective date | exact date and time an insurance policy becomes active, marking when coverage begins, premiums accrue, and the insurer becomes responsible for claims |
| HMO | type of health insurance plan that restricts coverage to medical care provided by doctors and hospitals within a specific network |
| HRA | employer-funded, tax-advantaged health benefit plan that reimburses employees for qualified medical expenses |
| liability coverage | protects individuals and businesses from financial losses if they are found legally responsible for causing bodily injury or property damage to third parties |
| living benefits | features in life insurance policies that allow policyholders to access a portion of their death benefit while still alive, typically triggered by a terminal, chronic, or critical illness diagnosis |
| Medicare | federal health insurance program in the U.S. primarily for people aged 65 or older, as well as younger individuals with specific disabilities, ALS, or permanent kidney failure |
| power of attorney | legal document that authorizes a trusted person (the "agent" or "attorney-in-fact") to manage the financial, legal, or medical affairs of another (the "principal") |
| premiums | amount paid, usually monthly or annually, to an insurance company to keep a policy active |
| primary physician | acts as your main, long-term healthcare partner for non-emergency situations, providing preventive care, diagnosing illnesses, managing chronic conditions, and coordinating referrals to specialists |
| term life insurance | provides temporary, affordable coverage for a set period—typically 10 to 30 years—paying a tax-free death benefit to beneficiaries if the policyholder dies during that term |
| vision insurance | supplemental wellness benefit designed to reduce out-of-pocket costs for routine eye care, including eye exams, glasses, and contact lenses |
| whole life insurance | a type of permanent life insurance that provides lifelong coverage with fixed premiums, a guaranteed death benefit, and a tax-deferred cash value component that grows over time |
Created by:
mazzarella26