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Chapter 23
Health, Disability and Life Ins.
| Question | Answer |
|---|---|
| health insurance | a form of protection that eases the financial burden people may experience as a result of illness or injury |
| co-insurance | the percentage of medical expenses that the policyholder must pay in addition to the deductible amount |
| stop-loss | provision requiring a policyholder pay all costs up to a certain amount, after which the insurance company pays 10 percent of the remaining expenses covered |
| co-payment | a flat fee that one pays every time one receives a covered service |
| Blue Cross | an insurance company that provides hospital care benefits |
| Blue Shield | an insurance company that provides benefits for surgical and medical services performed by physicians |
| manage care | prepaid health plans that provide comprehensive health care to their members |
| HMO health maintenance organization | a health insurance plan that directly employs or contracts with selected physicians to provide health care services for a fixed prepaid monthly premium |
| PPO preferred provider organization | a group of doctors and hospitals that agree to provide specified medical services to members at prearranged fees |
| Point-0f-Service plan (POS) | health insurance plan that uses network of participating physicians and medical professionals who have contracted to provide services for certain fees. |
| medicare tax | a federally funded health insurance program available mainly to people over 65 and to people with certain disabilities |
| medicaid | a medical assistance program offered to certain low income |
| disability income insurance | insurance that provides a regular cash income when an employee is unable to work due to pregnancy or illness |
| beneficiary | a person named to receive benefits from an insurance policy |
| term insurance | insurance that provides protection against loss of life for only a specified term |
| whole life insurance | a permanent policy for which one pays a specified premium each year for the rest of one's life |
| cash value | in a whole life insurance policy, the accumulated savings to which one is entitled when and if one cancels the policy |
| endowment | life insurance that provides coverage for a specified period of time and pays money to the policyholder if he or she is living at the end of the endowment period |
Created by:
kshall
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