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Insurance
| Term | Definition |
|---|---|
| Beneficiary | a person who derives advantage from something, especially a trust, will, or life insurance policy |
| Broker | a person who buys and sells goods or assets for others |
| Claim | a demand or request for something considered one's due |
| Collision Coverage | a coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object, such as a fence or a tree. |
| Comprehensive Coverage | a coverage that helps pay to replace or repair your vehicle if it's stolen or damaged in an incident that's not a collision. Comprehensive typically covers damage from fire, vandalism or falling objects |
| Co-Payments | a payment made by a beneficiary (especially for health services) in addition to that made by an insurer |
| Death Benefit | the amount paid to a beneficiary upon the death of an insured person. |
| Deductible | able to be deducted, especially from taxable income or tax to be paid |
| Dental Insurance | an insurance coverage for individuals to protect them against dental costs |
| Disability Insurance | a type of insurance that will provide income in the event a worker is unable to perform their work and earn money due to a disability |
| Effective Date | the date upon which something is considered to take effect, which may be a past, present or future date. |
| HMO | a health insurance organization to which subscribers pay a predetermined fee in return for a range of medical services from physicians and healthcare workers registered with the organization. |
| HRA | an employer-funded plan that reimburses employees for medical expenses not covered by company-sponsored insurance. Because the employer funds the plan, any distributions are considered tax deductible to the employer. |
| Liability Coverage | a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims. |
| Living Benefits | all or a portion of the death benefit that the policyholder may receive prior to death. The policyholder usually elects to receive living benefits during a terminal or catastrophic illness |
| Medicare | the United States federal government health insurance program for Americans who are 65 years of age and older |
| Power of Attorney | the authority to act for another person in specified or all legal or financial matters |
| Premiums | an amount to be paid for an insurance policy |
| Primary Physician | a physician who provides both the first contact for a person with an undiagnosed health concern as well as continuing care of varied medical conditions, not limited by cause, organ system, or diagnosis |
| Term Life Insurance | life insurance that pays a benefit in the event of the death of the insured during a specified term |
| Vision Insurance | A type of health insurance plan under which vision care, such as eye examination, and vision aids, such as glasses or contacts, are at least partially covered. |
| Whole life Insurance | life insurance that pays a benefit on the death of the insured and also accumulates a cash value |
Created by:
Cjackson19
Popular Insurance sets