A beneficiary is an individual, organization, or legal entity designated to receive assets, funds, or other benefits.

an independent individual or firm that acts as an intermediary connecting buyers and sellers to facilitate a transaction.

an assertion that something is true or a demand for something believed to be due.

an auto insurance policy that pays to repair or replace your vehicle if it is damaged in a crash, regardless of who caused the accident.

comprehensive coverage

including all or nearly all elements, details, or aspects of a subject.

a fixed, flat fee that you pay out-of-pocket for a specific medical service or prescription medication.

the payout paid to a designated beneficiary upon the policyholder's death.

the specific amount of money you must pay out-of-pocket for covered expenses before your insurance policy kicks in to pay for the rest.

a policy that covers a portion of the costs associated with oral and dental care in exchange for regular premium payments

the specific day on which a legal document, contract, policy, or statute officially becomes operative and enforceable.

(Health Maintenance Organization) is a type of health insurance plan that provides care through a strict network of doctors and hospitals

(Health Reimbursement Arrangement) is an employer-funded plan that reimburses employees for qualified medical expenses

the state of being legally responsible for something, or a financial obligation/debt.

policy features that allow you to access a portion of your life insurance death benefit while you are still alive, rather than waiting for after you pass away.

the U.S. federal health insurance program for people age 65 and older, and for younger individuals with certain disabilities or permanent kidney failure.

is a legal document that allows you (the "principal") to appoint a trusted person (the "agent" or "attorney-in-fact") to make legal, financial, or medical decisions and manage your affairs on your behalf.

an amount paid over and above a standard value, price, or rate.

your main point of contact for overall health and wellness

a type of policy that provides financial coverage for a set period, or "term" (typically 10 to 30 years).

a supplemental wellness plan that helps manage the costs of routine eye care, such as annual exams, prescription glasses, and contact lenses.

a type of permanent life insurance that provides lifelong coverage with a guaranteed death benefit and fixed premiums.

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insurance vocab

Term	Definition
beneficiary	A beneficiary is an individual, organization, or legal entity designated to receive assets, funds, or other benefits.
broker	an independent individual or firm that acts as an intermediary connecting buyers and sellers to facilitate a transaction.
claim	an assertion that something is true or a demand for something believed to be due.
collision coverage	an auto insurance policy that pays to repair or replace your vehicle if it is damaged in a crash, regardless of who caused the accident.
comprehensive coverage	including all or nearly all elements, details, or aspects of a subject.
co payments	a fixed, flat fee that you pay out-of-pocket for a specific medical service or prescription medication.
death benefits	the payout paid to a designated beneficiary upon the policyholder's death.
deductible	the specific amount of money you must pay out-of-pocket for covered expenses before your insurance policy kicks in to pay for the rest.
dental insurance	a policy that covers a portion of the costs associated with oral and dental care in exchange for regular premium payments
effective date	the specific day on which a legal document, contract, policy, or statute officially becomes operative and enforceable.
HMO	(Health Maintenance Organization) is a type of health insurance plan that provides care through a strict network of doctors and hospitals
HRA	(Health Reimbursement Arrangement) is an employer-funded plan that reimburses employees for qualified medical expenses
liability coverage	the state of being legally responsible for something, or a financial obligation/debt.
living benefits	policy features that allow you to access a portion of your life insurance death benefit while you are still alive, rather than waiting for after you pass away.
medicare	the U.S. federal health insurance program for people age 65 and older, and for younger individuals with certain disabilities or permanent kidney failure.
power of attorney	is a legal document that allows you (the "principal") to appoint a trusted person (the "agent" or "attorney-in-fact") to make legal, financial, or medical decisions and manage your affairs on your behalf.
premiums	an amount paid over and above a standard value, price, or rate.
primary physician	your main point of contact for overall health and wellness
term life insurance	a type of policy that provides financial coverage for a set period, or "term" (typically 10 to 30 years).
vision insurance	a supplemental wellness plan that helps manage the costs of routine eye care, such as annual exams, prescription glasses, and contact lenses.
whole life insurance	a type of permanent life insurance that provides lifelong coverage with a guaranteed death benefit and fixed premiums.

Created by: ccarver26

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