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Insurance
| Term | Definition |
|---|---|
| Beneficiary | any person, entity (such as a charity), or trust legally designated to receive money, assets, or other benefits. |
| Broker | a person or firm that acts as an intermediary or "middleman" between a buyer and a seller to facilitate a transaction. |
| Claim | an assertion that something is true or a demand for something believed to be due. |
| Collision Coverage | an optional auto insurance add-on that pays to repair or replace your vehicle after a crash with another car or a stationary object |
| Comprehensive Coverage | refers to an insurance plan that protects against a wide array of unforeseen risks. |
| Co-Payments | a fixed, out-of-pocket dollar amount you pay for a covered healthcare service or prescription medication. |
| Death Benefit | the specific amount of money paid by an insurance company, pension plan, or employer to a designated beneficiary upon the death of the insured person. |
| Deductible | the specific amount of money you must pay out-of-pocket for covered expenses before your insurance policy starts paying. |
| Dental insurance | a policy that shares the cost of your oral health care in exchange for a monthly premium. |
| Disability Insurance | income protection policy that replaces a portion of your paycheck if a qualifying injury, illness, or mental health condition prevents you from working. |
| Effective date | the specific day on which a legal document, contract, policy, or law officially becomes operative, binding, and enforceable. |
| HMO | (Health Maintenance Organization) |
| HRA | (Health Reimbursement Arrangement) |
| Liability Coverage | type of insurance that financially protects you if you are legally responsible for causing accidental injury to someone else or damaging their property. |
| Living Benefits | features in life insurance policies that allow you to access a portion of your death benefit while you are still alive. |
| Medicare | is a federal health insurance program primarily for people aged 65 and older, certain younger individuals with disabilities, and anyone with End-Stage Renal Disease (ESRD) or ALS |
| Power of Attorney | (POA) is a legal document that allows you (the "principal") to appoint a trusted person (the "agent" or "attorney-in-fact") to make decisions or manage affairs on your behalf |
| Premiums | a sum of money paid in exchange for a service, privilege, or product. |
| Primary Physician | (PCP) is the licensed medical professional you see for routine checkups, everyday illnesses, and ongoing health management. |
| Term Life Insurance | is a policy that provides coverage for a specific number of years (the "term"). If you pass away during that period, |
| Vision Insurance | a supplemental policy that helps cover the costs of routine eye care, such as annual exams, prescription glasses, and contact lenses. It differs from traditional health insurance, |
| Whole Life Insurance | is a type of permanent life insurance that provides lifelong coverage, a guaranteed death benefit, and a built-in cash value savings component that grows tax-deferred over time. |
Created by:
aconti29