Shared Flashcard Set

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Chapter 10
cards
23
Business
11th Grade
12/06/2012

Additional Business Flashcards

 


 

Cards

Term
Risk
Definition
A situation involving exposure to danger
Term
Risk management
Definition
Risk Management is a magazine dedicated to issues of interest to practicing risk managers.
Term
Dependent
Definition
A person who relies on another
Term
Policyholder
Definition
A person or group in whose name an insurance policy is held.
Term
premium
Definition
1.An amount to be paid for an insurance policy
Term
deductible
Definition
Able to be deducted, from taxable income or tax to be paid
Term
fee-for-service plan
Definition
Also known as traditional "indemnity" coverage, FFS plans reimburse policyholders for the care they receive.
Term
coinsurance
Definition
insurance issued jointly by two or more underwriters.
Term
inpatient
Definition
A patient who stays in a hospital while under treatment
Term
managed care plan
Definition
An insurance plan that requires patients to see doctors and hospitals that have a contract with the managed care.
Term
co-payment
Definition
The copayment or copay is a payment defined in the insurance policy and paid by the insured person each time a medical service.
Term
health savings account
Definition
Plan that allows you to contribute pre-tax money to be used for qualified medical expenses
Term
Exclusion
Definition
2.An item or risk specifically not covered by an insurance policy or other contract.
Term
preexisting condition
Definition
A pre-existing condition is a risk with extant causes that is not readily compensated by standard, affordable insurance premiums....
Term
beneficiary
Definition
A person who derives advantage from something, esp. a trust, will, or life insurance policy.
Term
term life insurance
Definition
Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time.
Term
whole life insurance
Definition
insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount...
Term
endowment insurance
Definition
life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time
Term
appraisal
Definition
An expert estimate of the value of something
Term
depreciation
Definition
Decrease in the value of a currency relative to other currencies
Term
bodlily injury lialbility
Definition
Legal liability for causing physical injury
Term
property damgae lialbility
Definition
A type of insurance coverage that pays for the policyholder's monetary loss if they are found liable for damages to a third party
Term
no-fault auto insurance
Definition
A form of auto insurance required by law in some states, including Michigan.
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