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Unit 9 Vocab
| Term | Definition |
|---|---|
| Insurance | contract under which, for consideration, the insurance company agrees to compensate the insured for a specific loss |
| Insurer | company that agrees, for a consideration, to compensate the insured for a specific loss |
| Policy | written contract between a person buying insurance and the insurance company; states exactly what losses will be compensated for, and the amount of compensation |
| Policy Holder | individual or group of people who have purchased insurance |
| Insured | person whose life or property is insured who may or may not be the policyholder |
| Beneficiary | person who is named in an insurance policy to receive benefits paid by the insured in the event of a loss |
| Rider | attachment to an insurance policy that modifies the policy’s terms. |
| Insurable Interest | a person’s right to take out insurance on another person because that person can show he or she would suffer financial loss or hardship in the event of a death of the insured or a loss of property |
| Premium | amount of money paid to an insurance company for insurance coverage |
| Face Value | amount of protection stated in a life insurance policy, meaning the amount of money a beneficiary would receive if the insured died |
| Cash Value | amount of money a person can take by either borrowing against or cashing in an insurance policy |
| Life Insurance | contract that provides monetary compensation for losses suffered as a result of someone’s death |
| Straight Life Insurance (Whole) | requires the payment of premiums throughout the insured’s life and pays its face value to the beneficiary |
| Annuity | guaranteed retirement that is purchased by paying either a lump-sum premium or making periodic payments to an insurer |
| Term Insurance | insurance that is issued for a particular period, usually five to ten years. It has no cash or loan value, and the premium increases at the end of each term because the insured is older and is considered a greater risk |
| Endowment Insurance | provides protection for a stated time, generally 20 to 30 years. The face value of the policy is paid to the insured at the end of the agreed-upon period. |
| HMO | organizations that contract with doctors and other healthcare providers to offer healthcare services for members. Members pay monthly premiums and must choose from a list of doctors provided by the HMO |
| Medicare | federally funded health insurance program |
| Medicaid | Healthcare plan for low-income people that is funded by both state and federal funds and administration by the state |
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everettc1
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