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Insurance
| Term | Definition |
|---|---|
| Beneficiary | The person named to receive money or benefits from an insurance policy. |
| Broker | An independent professional who helps clients find and buy the best insurance policy. |
| Collision Coverage | Auto insurance that pays to repair your car after an accident with another vehicle or object. |
| Comprehensive Coverage | Auto insurance that covers damage to your car caused by non-collision events like theft, fire, or vandalism. |
| Co-Payments | A fixed, flat fee you pay out of pocket at the time of receiving a medical service. |
| Death Benefit | The amount of money paid to beneficiaries when a life insurance policyholder passes away. |
| Deductable | The amount of money you must pay out of pocket before your insurance starts paying. |
| Dental Insurance | A health plan specifically designed to pay for teeth cleanings, x-rays, and dental work. |
| Disability Insurance | A policy that replaces a portion of your income if you cannot work due to illness or injury. |
| Effective Date | The exact date and time when your insurance policy coverage officially begins. |
| HMO | A health network that requires you to use their specific doctors and get referrals to see specialists. |
| HRA | An employer-funded account that repays employees tax-free for medical expenses. |
| Liability Coverage | Insurance that pays for injuries or damage you accidentally cause to other people or their property. |
| Living Benefits | A feature allowing a life insurance policyholder to access funds while they are still alive. |
| Medicare | A federal health insurance program mainly for people aged 65 and older or younger people with specific disabilities |
| Power of Attorny | A legal document giving someone else the power to make financial or medical decisions for you. |
| Premiums | The regular monthly or annual payment you make to keep your insurance policy active |
| Primary Physician | Your main doctor who provides general healthcare and coordinates your overall medical treatments. |
| Term Life Insurance | Life insurance that provides coverage for a specific period, such as 10, 20, or 30 years. |
| Vision Insurance | A health plan that helps pay for eye exams, prescription glasses, and contact lenses. |
| Whole Life Insurance | Life insurance that lasts for your entire lifetime and builds cash value over time. |