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PFL Unit 5
Vocabulary for PFL Unit 5
| Term | Definition |
|---|---|
| Risk management | Reducing the possibility of loss. |
| Premium | Payment to the insurance company for a policy |
| Deductible | The amount of money an individual pays out-of-pocket for expenses before his insurance plan starts to pay. |
| Claim | A formal request for payment, based on the terms of the insurance policy. |
| Policy limits | The maximum amount of money the insurance company will pay for a claim. |
| Health insurance | A policy purchased in exchange for coverage on medical care including doctor's appointments, emergency room and urgent care visits, hospital stays, and medications. |
| Copayment | An out-of-pocket expense paid by the insured for health care services, most frequently for doctor visits and prescription drugs; a specified dollar amount paid at the time the service is received. |
| Coinsurance | A percentage of the cost of the medical service an insured person must pay. |
| Out-of-pocket maximum | The most you will pay for covered medical expenses under your insurance plan; the insurance plan then pays 100% of covered medical expenses. |
| Employer-provided health plan | Group health insurance provided by an employer that typically covers the employee, their spouse, and children. |
| Health insurance contribution | A portion of an employee's insurance premium that is paid by the employer as a benefit. |
| Life insurance | A policy that pays out a sum of money either on the death of the insured person or after a set period; meant to provide for the beneficiary after the policyholder's death. |
| Short-term disability insurance | A plan that pays you a portion of your income for a short period of time after you run out of sick leave. |
| Government-provided health plan | Insurance policies that are available through state or federal programs such as Medicare for the elderly or disabled, Medicaid for people with a low income, and children's health insurance program (CHIP). |
| Individual health plan | An insurance policy purchased by the individual (rather than through an employer). |
| Health Insurance Marketplace | A government-run program that helps people get health insurance and uses insurance financial aid if they qualify for it. |
| Flexible spending account (FSA) | A special account you put money into that you can use to pay for certain out-of-pocket healthcare costs; funds put into this account are not taxed and do not roll over from year to year. |
| Health savings account (HSA) | A medical savings account you can contribute to if your insurance plan has a higher deductible; unused funds roll forward to the next year. |
| Auto insurance | Insurance purchased for cars, trucks, and other road vehicles. Its primary use is to provide protection against physical damage and/or bodily injury resulting from traffic collisions. |
| Liability coverage (automobile) | A required auto insurance policy that pays for people's expenses in the other car(s) involved in an accident you caused; it doesn't cover your injuries or damage to your property. |
| Collision coverage (automobile) | A policy that pays the costs related to you and your car in the event of an collision. |
| Totaled | A condition wherein it would cost more to fix a car than it is worth; the insured person is paid for the actual cash value of the car. |
| Comprehensive coverage (automobile) | A policy that pays the cost of replacing or repairing your car if it's stolen or damaged by fire, vandalism, hail, falling objects, or an event other than a collision. |
| Long-term care insurance | Provides constant care to an individual age 65 or older with a disabling condition. |
| Term life insurance | A life insurance policy with a fixed premiums which provides coverage for a limited period of time; after the term is over and the premiums are no longer paid, there is no death benefit. |
| 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; acts as both insurance and a savings/investment account. |
| Accidental death and dismemberment insurance (AD&D) | An insurance policy that pays benefits to the beneficiary if the cause of death is an accident or if the insured person, due to an accident, loses sight, or the use of limbs, fingers, or toes. |
| Homeowner's insurance | A form of insurance that protects the insured home against loss from theft, liability, and most common disasters. |
| Renter's insurance | A form of insurance that protects the insured apartment against loss from theft, liability, and most common disasters. |
| Extended warranty | Offsets the cost to fix or replace a product should it break or suffer damage; goes into effect after the product's manufacturer's warranty expires. |
| Guaranteed Auto Protection (GAP) insurance | An insurance policy that pays the difference between what a car owner owes on the vehicle and what the car is worth. |
| Fraud | Wrongful or criminal deception intended to result in personal or financial gain. |
| Identity theft | A crime in which someone uses your Social Security number or other personal identification information to open new accounts, make purchases, or get your tax refund check. |
| Identity theft protection | Monitoring and recovery services that help consumers detect signs of fraud and recover from it. |
| Credit monitoring | A service that tracks your credit activity at one or more of the three major credit reporting agencies. |
| Identity monitoring | A service that alerts you when your personal information is used. |
| Data breach | An incident in which personal information is either intentionally or unintentionally made available in an unsecured environment. |
| Phishing | An attempt to obtain personal information by posing as a trustworthy entity in an electronic communication such as phone calls, emails, and text messages. |
| Skimmer | Illegal card readers that are attached to legitimate card readers (such as those at ATMs or gas pumps) to collect your personal information from your debit or credit card when you swipe it. |
Created by:
joann.roe
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