Module 6 Insurance
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Claim | paperwork submitted to the insurance company describing accident, injury, or loss.
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| Coinsurance | Method by which an individual and a health insurance company share the total cost of the individual’s medical care after the deductible has been met.
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| Collision coverage | covers damage from an accident with another vehicle, object, or rollover.
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| Comprehensive coverage | covers all physical damage except those caused by collision.
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| Copayment | a specific flat fee paid each time a person visits the doctor.
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| Cost/benefit analysis, risk/reward relationship | tool used to choose among alternatives involves weighing the cost of a product or service against the benefit it will provide.
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| Coverage | protection from a specified type of loss and the amount paid for the loss.
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| Deductible | the amount a person must pay each year before medical insurance begins to pay for covered expenses.
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| Disability Insurance | provides money when an individual is sick/injured and unable to work.
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| Health insurance | provides money to pay for medical expenses when sick or injured.
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| In-kind income | provision of a product or service rather than cash.
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| Insurance | Risk management tool that limits financial loss due to illness, injury, or damage in exchange for a premium; usually provides protection against large-scale financial loss.
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| Insurance premium | the payment a person makes to an insurance company in exchange for its promise of protection and help.
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| Liability | injury or damage caused to other people or their property.
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| Liability insurance | covers injury or damage caused to other people or their property.
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| Life insurance | insurance that pays upon death; certain types accumulate cash and can be used as an investment vehicle.
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| Long-term care insurance | Coverage that provides nursing-home care, home-health care, personal or adult day care for individuals above the age of 65 or with a chronic or disabling condition that needs constant supervision.
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| Medical payment insurance | medical payment insurance pays for needed treatment in the case of injury sustained in an automobile accident.
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| Moral hazard | act of insuring increased the likelihood it will occur.
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| Policy | contract that specifies what risks are covered and what will be paid for a loss.
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| Policy holder | one who owns the policy.
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| Premium | fee paid to insurance company under specified terms.
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| Property Insurance | covers damage to property.
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| Risk investment, personal, insurance | the probability of making a profit or losing money on one’s investment; the chance an investment will decrease in value; possible losses involving income or standard of living. The possibility of a loss from perils to people or property covered by insuran
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| Risk management | deliberately and systematically using various strategies for controlling against potential personal or financial loss from pure risks.
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| Risk tolerance | the amount of uncertainty or possibility of loss the individual can bear.
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| Shared risk | insurance principle: Using premiums from many policy-holders to reimburse the losses of a few, so that no one suffers a financially devastating loss.
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| Umbrella insurance | insurance in excess of coverage of underlying policies (homeowners, auto).
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| Uninsured/Underinsured | covers injury or damage caused by a driver without insurance or with inadequate insurance.
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To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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