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Insurance
| Term | Definition |
|---|---|
| Beneficiary | a person or group that receives benefits, profits, or advantages. 2. a person designated as the recipient of funds or other property under a will, trust, insurance policy, etc. |
| Broker | sells, solicits, or negotiates insurance for compensation |
| Claim | A formal request to an insurance company asking for a payment based on the terms of the insurance policy |
| Collision Coverage | reimburse the insured for any damage sustained to their personal automobile that is due to the fault of the insured driver. |
| Comprehensive Coverage | protects you against damages to your car that are the result of covered perils not related to a collision. |
| Co-Payments | A type of insurance policy where the insured pays a specified amount of out-of-pocket expenses for health-care services such as doctor visits and prescriptions drugs at the time the service is rendered, with the insurer paying the remaining costs. |
| Death Benefit | a contract between an insured and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of the insured person. |
| Deductible | the amount of expenses that must be paid out of pocket before an insurer will pay any expenses. |
| Dental insurance | designed to pay a portion of the costs associated with dental care. |
| Disability Insurance | A program managed by the Social Security Administration that insures a worker in case of a mishap. |
| Effective date | the date on which the insurance company becomes liable under the contract |
| HMO | Health Maintenance Organization. An organization that provides health coverage with providers under contract. |
| HRA | Health Reimbursement Account. Employer-funded plans that reimburse employees for incurred medical expenses that are not covered by the company's standard insurance plan. |
| Liability Coverage | Any type of insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence. |
| Living Benefits | benefits available before death, in such events as long-term, catastrophic or terminal illness. |
| Medicare | A federal health insurance program, administered by the Social Security Administration, that provides health care for the aged. |
| Power of Attorney | A legal document giving one person (called an "agent") the power to act for another person. |
| Premiums | Agreed upon fees paid for coverage of medical benefits for a defined benefit period. |
| Primary Physician | Your main doctor. |
| Term Life Insurance | life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. |
| Vision Insurance | is a type of health insurance that entitles you to specific eye care benefits defined in the policy. |
| Whole Life Insurance | a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. |
Created by:
grosario18
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