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Insurance
| Question | Answer |
|---|---|
| Beneficiary | a person or thing that receives help or an advantage from something |
| Broker | is an intermediary who connects a buyer and a seller to facilitate a transaction, earning a fee or commission for their service. |
| Claim | formal demand or right to receive payment, property, or legal remedy, often arising from a contractual obligation |
| Collision Coverage | optional car insurance policy that pays to repair or replace your vehicle if it is damaged in a crash with another vehicle or object |
| Comprehensive Coverage | auto insurance protects your vehicle against damage from events outside of your control, excluding collisions |
| Co-payments | a fixed, out-of-pocket flat fee you pay for a specific covered healthcare service or prescription. |
| Death Benefit | a guaranteed payout paid to designated beneficiaries or survivors when a policyholder or employee passes away. |
| Deductible | the amount of money you must pay out-of-pocket before your insurance provider begins to pay for covered claims. |
| Dental Insurance | a contract with an insurer that helps pay for oral health services in exchange for premiums |
| Disability Insurance | a policy that replaces a portion of your income—typically 60% to 80%—if you become unable to work due to a non-work-related illness, injury, or pregnancy. |
| Effective date | the exact date and time your coverage officially starts and the policy becomes active |
| HMO | (Health Maintenance Organization) is a type of health insurance plan that provides care through a specific, local network of doctors and hospitals. |
| HRA | A Health Reimbursement Arrangement (HRA) is an employer-funded, tax-advantaged benefit plan that reimburses employees for qualified medical expenses |
| Liability coverage | liability coverage protects you financially if you are legally responsible for accidentally injuring someone or damaging their property. |
| Living Benefits | provides policyholders with access to a portion of their death benefit while still alive, rather than only paying out upon death. |
| Medicare | a federal health insurance program in the United States for people age 65 or older and younger people with disabilities |
| Power of Attorney | a legal document that lets you appoint a trusted person (your "agent" or "attorney-in-fact") to make legal, financial, or medical decisions on your behalf. |
| Premiums | an amount paid in exchange for a service, privilege, or coverage |
| Primary Physician | a general medicine professional—typically a doctor, physician assistant, or nurse practitioner—who acts as your main point of contact for health care |
| Term Life Insurance | provides temporary financial protection for a set period (typically 10 to 30 years |
| Vision Insurance | a supplemental wellness benefit designed to reduce out-of-pocket costs for routine eye care, including eye exams, glasses, and contact lenses. |
| Whole life insurance | type of permanent life insurance that never expires, as long as you pay the premiums. |
Created by:
Gjimenez27