Shared Flashcard Set

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Insurance
chapter 10
23
Finance
11th Grade
05/14/2012

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Cards

Term
risk
Definition
measure of the likelihood that something will be lost
Term
risk management
Definition
process of measuing risk and finding ways to minimize or manage loss
Term
dependent
Definition
an individual who relies on someone else for financial support,such as a child, a spouse, or an elderly parent
Term
policyholder
Definition
when you buy a insurance policy
Term
premium
Definition
payed set amount of money
Term
deductable
Definition
amount you must pay before insurance begins to pay
Term
Fee-for-service plans
Definition
pay for covered medical services after treatment is provided
Term
coinsurance
Definition
percentage of the service cost that patients pay
Term
inpatient
Definition
person whose care requires a stay in a hospital
Term
Managed care plans
Definition
contract with specific doctors to deliver medical services and preventive care to members at reduced costs
Term
co-payment
Definition
is a flat fee the patient must pay for medical services
Term
HSA
Definition
a tax advantage savings account available to people enrolled in qualified High Deductible Health Plans
Term
exclusions
Definition
refer to medical services that are not covered
Term
preexisting condition
Definition
an illness or injury you had before signing up for health care insurance
Term
beneficiary
Definition
person or organization named by the policyholder to receive 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
an estimate of the current value of property
Term
depreciation
Definition
a decrease in the value of property as a result of age or wwear and tear
Term
bodily injury liability
Definition
coverage that protects you when you are seponsibile for an auto accident that results in the injury or death of other parties
Term
property damage 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 proces in settling claims
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