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chapter 10 insurance
n/a
22
Business
11th Grade
12/06/2012

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Term
risk
Definition
is a measure of the likeihood that something will be lost.
Term
risk management
Definition
the process of measuring risk anf finding ways to minimize or manage loss.
Term
dependent
Definition
is an individual who relies on someone else for financial support, such as child, a spouse, or an elderly parent.
Term
policyholder
Definition
when you buy aan insurance policy.
Term
premium
Definition
to the insurance company on a regular basis.
Term
deductible
Definition
is the amount you must pay before insurance begins to pay.
Term
fee-for-service plan
Definition
pay for covered medical services aftwe treatment is provided.
Term
coinsurance
Definition
is a percentage of the srvice that cost that patients pay.
Term
impatient
Definition
is a person whose care requires a stay in a hospital.
Term
managed care plan
Definition
contract with specific doctoors, hospitals, and other health care providers to deliever medical services and preventine care to memebrs at reduced cost.
Term
co-payment
Definition
a flat fee that patient must pay for medical services.
Term
health savings account
Definition
is a tax advantage savings account availiable to people enrolled in qualified HDHPs
Term
exclusion
Definition
refer to medical services that are not covered.
Term
preexisting condition
Definition
is an illnessor an injury you had before signing up for health care insurance.
Term
beneficiary
Definition
is a person or organazationnamed by the policyholder to recieve assets after the policyholders 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
apraisal
Definition
is an estimate of the current value of property.
Term
depreciation
Definition
is a decrease in the value of property as a result of age 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
no-fault auto insurance
Definition
protects you when you are responsible for an auto accicedent inw hich the property of others is damaged.
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