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Insurance
lalalalal
23
Internet/New Media
10th Grade
05/14/2012

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Cards

Term
RISK
Definition
Measure of the likelihood that somethingnwill be lost
Term
RISK MANAGEMENT
Definition
Process of measuring risk and finding ways to minimize or manage loss
Term
DEPENDENT
Definition
Indivisual who relies on someone else for financial support
Term
POLICYHOLDER
Definition
Person who owns an insurance policy
Term
PREMIUM
Definition
Amount of moneypaid to an insurance company for a policy on a regular basis
Term
DEDUCTABLE
Definition
 Amount you will be required to pay before insurance pays for any services
Term
FEE-FOR-SERVICE
Definition
Health insurance plan that pays fro covered medical services after treatment is provided
Term
COINSURANCE
Definition
A percentage the policyholdermust pay for certain services
Term
INPATIENT
Definition
Person whose care requires a stay in the hospital
Term
MANAGE CAR PLAN
Definition
Health care plan that contracts with specific doctors and other health care providers, hospitals, and clinics to provide a range of medical services and preventive care to members of the plan at reduced cost
Term
CO-PAYMENT
Definition
Flat fee the policyholder must pay for certain services
Term
HSA
Definition
Tax-advantage savings account availible to people enrolled in qualified high deductable health plans
Term
EXCLUSION
Definition
Service that is not covered in an insurance plan
Term
PREEXISTING CONDITION
Definition
An illness or injury a person has before signing up for a health care plan
Term
BENEFICIARY
Definition
Person named by the policyholder to recieve the dealth benefit of an insurance policy
Term
TERM LIFE INSURANCE
Definition
Insurance that covers the policyholder for a specific period of time
Term
WHOLE LIFE INSURANCE
Definition
Insurance that provides the policyholder with basic lifetime protection so long as premiums are paid
Term
ENDOWMENT INSURANCE
Definition
Insurance that pays the face value of the policy to beneficiaries if the insured dies before the endowment period ends
Term
APPRAISAL
Definition
Estimate of the current value of property
Term
DEPRECIATION
Definition
Decrease in the value of property as a result of age or wear a tear
Term
BODILY INJURY LIABILITY
Definition
Coverage that protects insured persons when they are liable for an auto accident that injured or killed others
Term
PROPERTY DAMAGE LIABILITY
Definition
Coverage that protects insured persons when they are liable for an auto accident where the property of others is damaged
Term
NO-FAULT AUTO INSURANCE
Definition
Coverage that eliminates the fault finding process in setting claims by having each policyholder make claim after an accident
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