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Insurance
chapter 10
23
Business
10th Grade
05/14/2012

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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 finanical support , such as a child a spouse or an ederly parent
Term
Policyholder
Definition
when you buy an insurance policy and you become
Term
Premium
Definition
to the insurance company on a regular basis .
Term
deductible
Definition
is the amount you must pay before insurance beings to pay
Term
Fee-for-service plan
Definition
pay for covered medical services after treatment is provided .
Term
Coinsurance
Definition
is a precentage of the service cost that patients pay.
Term
inpatient
Definition
is a person whose care requires a stay in a hospital .
Term
Managed care plans
Definition
contract with specific doctores , hospital , 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-advantages savings account available to people enrolled in qualified high deductible health plans
Term
Exclusions
Definition
refer to medical services that not covered .
Term
Preexting condition
Definition
is an illness or an injury you had before signing up for health care insurance
Term
Beneficary
Definition
is a person or organization named by the policyholder to receive assets att
Term
Term life insurance
Definition
provides protection oly 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 decrease in the value of property as a result of age or wear and tear .
Term
Bodily injury liability
Definition
is coverage tha protects you when you are responsible for an auto accident taht results in the injury or death of other parties
Term
Property damage liabilty
Definition
protects you when you are responsible for an auto accident in which the property of others is damaged
Term
Nofault auto insurance
Definition
eliminates the faultfinding process in settling claims .
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