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Chapter 10
Flashcard
23
Finance
10th Grade
05/14/2012

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Cards

Term
Risk
Definition
is a measure of the likelihood that something will be lost.
Term
Risk Managment
Definition
Is the process of measuring risk and finding ways to minimize or manage loss.
Term
Dependent
Definition
Is an individual who relies on someone else for financial support, such as child, spouse, or an elderly person.
Term
Policyholder
Definition
When you buy an insurance policy.
Term
Premium
Definition
When you pay a set amount of money.
Term
Deductible
Definition
Is the amount you must pay before insurance begins to pay.
Term
Fee-For-Service Plans
Definition
Pay for covered medical services after treatment provided.
Term
Coinsurance
Definition
Is a percentage of the service cost that patients pay.
Term
Inpatient
Definition
Is a person who care requires a stay in a hospital.
Term
Managed Care Plans
Definition
Contract with specific doctors, hospitals, and other health care providers to deliver medical services and preventive care to members at reduced cost.
Term
Co-Payment
Definition
Is a flat fee the patient must pay for medical services.
Term
Health Savings Account (HSA)
Definition
Is a tax advantaged savings account available to people enrolled in qualified High Deductible Health Plans (HDHPs).
Term
Exclusions
Definition
Refer to medical services that are not allowed.
Term
Preexisting Condition
Definition
Is an illness or an injury you had before signing up for health care insurance.
Term
Beneficiary
Definition
Is a person or organization named by the policyholder to recieve assets after the policyholder's death.
Term
Term Life Insurance
Definition
Provides protection only for a specific period of time.
Term
Whole Life Insurance
Definition
Provides basic lifetime protection so long as premiums are paid.
Term
Endowment insurance
Definition
Pays the face value of the policy to beneficiaries if the insured dies before the endowment period ends.
Term
Appraisal
Definition
Is an estimate of the current value of property.
Term
Depreciation
Definition
Is a decrase in the value of property as a result of age or wear and tear.
Term
Bodily Injury Liability
Definition
Is coverage that protects you when you are responsible for an auto accident that results in the injury or death of other parties.
Term
Property Damaged Liability
Definition
Protects you when you are responsible for an auto accident in which the property of others is damaged.
Term
No-Fault Auto Insurance
Definition
Eliminates the faultfinding process in settling claims.
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