Shared Flashcard Set

Details

insurance
flashcards
22
Finance
10th Grade
05/14/2012

Additional Finance Flashcards

 


 

Cards

Term
risk
Definition
is a measure of the likelihood that something will be lost
Term
risk management
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 a child, a spouse, or an elderly parent
Term
policyholder
Definition
when you buy insurance
Term
premium
Definition
to the insurance company on a regular basis
Term
deductible
Definition
is the amount you must pay before insurance begings to pay
Term
free for service plans
Definition
pay for covered medical services after treatment is provided
Term
inpatient
Definition
is a person whose care required a stay in a hospital
Term
managed care plans
Definition
contract with specific doctors, hospitals and other heath care provider 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 service
Term
health saving account
Definition
is a tax advantaged 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
is an illness oran injury you had before signing up for health care insurance
Term
beneficiary
Definition
is a person or organization named by the policy holder to receive 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
appraisal
Definition
is an estimate of current value of property
Term
depreciation
Definition
is a decrease in the value of property as 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 result 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 faultfingding process in settling claims
Supporting users have an ad free experience!