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Insurance
| Term | Definition |
|---|---|
| Beneficiary | any individual, organization, or legal entity designated to receive assets, funds, or property from a will, trust, insurance policy, or financial account upon the owner's death or under specific contract terms |
| Broker | an independent agent or firm that acts as an intermediary, facilitating transactions between buyers and sellers to earn a commission, fee, or markup |
| Claim | an assertion that something is true, or a formal demand for something you believe you are entitled to, such as money, property, or a legal right. It is a versatile term with specific meanings depending on the context |
| Collision Coverage | an optional auto insurance policy that pays to repair or replace your vehicle if it is damaged in a crash with another vehicle or object |
| Comprehensive Coverage | an optional auto insurance policy feature that pays to repair or replace your vehicle after non-collision, non-accident damage, such as theft, vandalism, fire, natural disasters, or hitting an animal. |
| Co-Payment | fixed, predetermined fee you pay for a covered healthcare service or medication |
| Death Benefits | financial payouts (survivor benefits/life insurance), the resolution of suffering, and a profound, positive shift in perspective for the living |
| Deductible | the amount of money you must pay out-of-pocket before your insurance provider begins to pay for covered claims. Generally, policies with higher deductibles have lower monthly premiums, and vice versa |
| 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 | a type of insurance that replaces a portion of an individual's earned income if they become unable to work due to a non-work-related illness, injury, or medical condition |
| Effective Date | the specific calendar day when a legally binding document—such as a contract, law, or insurance policy—officially goes into operation and becomes enforceable. |
| HMO(Health Maintenance Organization) | is a type of health insurance plan that provides care through a specific, local network of doctors and hospitals |
| HRA(Health Reimbursement Arrangement) | an employer-funded health benefit. Your employer sets aside a fixed amount of money that you can use to get tax-free reimbursements for qualified medical expenses, such as deductibles, copays, and sometimes insurance premiums |
| Liability Coverage | protects individuals and businesses from financial loss if they are found legally responsible for causing bodily injury or property damage to third parties. |
| Living Benefits | reduced financial stress, deeper relationships, and improved physical and mental well-being |
| Medicare | s the United States' federal health insurance program primarily for people age 65 and older. |
| Power of Attorney | a legal document that authorizes a trusted person (the "agent" or "attorney-in-fact") to act on your behalf (the "principal") regarding financial, legal, or medical matters |
| Premiums | the amount paid to keep an insurance policy or financial contract active |
| Primary Physician | the main healthcare provider for routine, non-emergency care |
| Term Life Insurance | provides temporary financial protection for a set period (typically 10 to 30 years). If you pass away during the term, your beneficiaries receive a tax-free death benefit to cover debts, mortgage payments, or lost income. |
| Vision Insurance | a supplemental wellness policy that covers routine eye care—such as annual exams, prescription glasses, and contact lenses—that standard medical health insurance typically excludes |
| Whole Life Insurance | a permanent policy that provides lifelong coverage, a guaranteed death benefit, and fixed premiums |
Created by:
zwestbrook27
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