Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
MI Pre-Insurance Lic
H-K - Vocabulary Words
| Term | Definition |
|---|---|
| Health Insurance | A broad group of policies offering protection against loss of income due to disability, and medical expenses due to sickness and accident. |
| Health Insurance Portability & Accountability Act (HIPAA) | A federal law that allows credit for coverage of a preexisting condition when changing one group plan to another group plan. |
| Health Maintenance Organization (HMO) | Organization that provides health services to individuals, (aka members). Contracts with a select group of doctors & other medical practitioners - providing services to members at agreed-upon costs, prepaid on behalf of the member |
| Health Reimbursement Account (HRA) | Employer reimburses an employee for health expenses not covered by the plan, i.e. deductibles. Employer determines amount and shifts to employee. Employee decides how much will be spent from account |
| Health Savings Account | A tax advantaged savings plan, covers current and future medical expenses. Must have a high-deductible policy. Employee decides how much will be spent from account. |
| Home Health Care | Skilled or unskilled care taking place in the individual's home, usually part-time |
| Hospital Indemnity | A limited type of health insurance that pays the insured a stipulated amount if confined overnight to a hospital, regardless of actual hospital expenses. |
| Immediate Annuity | A contract that pays income benefits after a single premium is received. |
| Impairment Rider | An attachment to a health insurance policy that excludes coverage for a preexisting condition for a specific person for a specific period of time. |
| Incontestable Clause | A period of time, usually after the first two years the policy has been in force, in which the insurance company cannot deny a claim or void the policy based on misstatements or omissions on the application. |
| Increasing Term Insurance | A type of term life insurance in which the death benefit increases over the policy's term. It is usually purchased as a cost of living rider to a whole life policy. |
| Indemnity | A fundamental insurance concept in which the insured should not profit, but be restored in whole or in part, by payment, repair or replacement. |
| Indexed Whole Life | A type of whole life insurance whose death benefit increases according to the rate of inflation, usually tied to the Consumer Price Index. |
| Individual Insurance | Policies sold to individuals as opposed to group coverage. Sometimes called personal insurance. |
| Individual Retirement Accounts (IRA) | A personal tax-advantaged savings account in which eligible individuals can contribute up a certain amount each year. |
| Inpatient | A person who has been admitted to a hospital or skilled nursing facility. |
| Insurability | The insurance company's assessment of an individual's risk profile.. |
| Insurable Interest | The possibility of financial loss that can be protected by purchasing an insurance policy. With life insurance, a policyowner must have insurable interest in the life of the insured. |
| Insurance | A contractual means of transferring risk of loss to another party (insurer) who agrees, for consideration, to indemnify or pay a specified amount for covered losses suffered by the insured. |
| Insurance Code | Laws, statues and regulations that govern the business of insurance in a specific state. |
| Insured | The party to the insurance contract whom the company has agreed to indemnify |
| Insurer | The party of the insurance contract who indemnifies the insured. AKA - Insurance Company |
| Insuring Clause | A policy provision that defines the scope and limits of coverage. It's the insurance company's promise to pay according to the policy |
| Interest-Only Settlement | A life insurance settlement option that pays the interest on policy proceeds (not lump sum) being invested by the insurance company. The death benefit will be paid out at some later specified date. |
| Interest Sensitive Whole Life | A type of whole life insurance whose premiums vary based upon the insurer's investment experience, mortality risk and expense assumptions. |
| Intermediate Nursing Care | A level of health care that is prescribed by a physician but usually performed by skilled medical personnel, such as an RN. |
| Investment Income | Premiums invested by the insurance company earning interest, income or gains; the return from investing. |
| Irrevocable Beneficiary | The recipient of a life or accident policy whose interest in the policy cannot be revoked or cancelled without written consent. |
| Joint & Survivor Annuity | A contract offered by the life insurance industry that provides stipulated payments at regular intervals to two or more annuitants as long as one of them lives. |
| Joint Life Policy | An insurance contract covering two or more lives that pays policy proceeds upon the death of the first insured. Then policy is terminated. |
| Juvenile Insurance | Life insurance written on the life of a child. a competent party must own the policy, usually the parent or legal guardian. |
| Keogh Plan | Type of qualified retirement plan for the self-employed and their employees. |
| Key Person Insurance | A life or health policy covering a valuable employee whose absence would financially hurt the business. |
| Key Person Disability Insurance | A health insurance contract that pays the key person a salary continuation in the event of disability or pays the employer if the key person becomes disabled. |
Created by:
Rosemj42
Popular Insurance sets