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Risk Management
Essential Vocab
| Term | Definition |
|---|---|
| Adjuster | inspect property damage or personal injury claims to determine how much the insurance company should pay for the loss. |
| Deductible | The amount you pay for covered health care services before your insurance plan starts to pay. |
| Insurer | the party in an insurance contract that promises to pay compensation. |
| Policyholder | the person who owns the insurance policy. |
| Policy | a set of ideas or a plan of what to do situations that has been agreed to officially by a group of people, a business organization, a government, or a political party |
| Insured | any person or entity legally entitled to receive the benefits of an insurance policy, typically claim payments. |
| Peril | great danger, or something that is very dangerous |
| Risk | the exposure a company or organization must factor(s) that will lower its profits or lead it to fail |
| Premium | a price paid for above and beyond some basic or intrinsic value. |
| Replacement Cost | the amount it will take to replace your property or belongings without any deduction for depreciation. |
| Bodily Injury | pays for the medical costs of the people who are injured (not including yourself. |
| Collision | an act or instance of colliding |
| Comprehensive Coverage | an optional coverage that protects against damage to your vehicle caused by non-collision events that are outside of your control. |
| Uninsured Motorist | a person has insurance coverage, but the limits may not be high enough to cover the full expenses of a claim. |
| Property Damage Liability | helps pay to repair damage you cause to another person's vehicle or property. |
| No-fault Insurance | designed to cover your medical expenses and/or loss of income when you're involved in a car accident, regardless of who was at fault |
| Liability Insurance | protects you financially if you're responsible for someone else's injuries or property damage. |
| claim | a request to the insurance company for payment after a policyholder experiences a loss covered by their policy. |
| co-insurance | the amount you pay for covered health care after you meet your deductible. |
| HMO (Health Management Organization) | A type of health insurance plan that usually limits coverage to care from doctors who work for or contract with the HMO. |
| Limitations | a limiting condition; restrictive weakness; lack of capacity; inability or handicap. |
| POS (Point of Service Plan) | A type of plan in which you pay less if you use doctors, hospitals, and other health care providers that belong to the plan's network |
| primary care physician | a health care professional who practices general medicine. |
| Maximum Out-of-Pocket Expense | a cap, or limit, on the amount of money you have to pay for covered health care services in a plan year. |
| Medical Payments | pays for the other party's medical expenses in accidents that you cause, but not medical expenses for you or your passengers. |
| Network | A health plan that contracts with doctors, hospitals, pharmacies, and other health care providers to provide members of the plan with services and supplies at a discounted price. |
| accidental death and dismemberment benefit | pays a benefit if you lose your life, limbs, eyes, speech or hearing due to an accident |
| beneficiary | the person or entity that you legally designate to receive the benefits from your financial products. |
| cash value insurance | the portion of your policy that earns interest and may be available for you to withdraw or borrow against in case of an emergency.ยน |
| medical examination | a thorough physical examination; includes a variety of tests depending on the age and sex and health of the person |
| proceeds | something that results or accrues. |
| Rider | an addition to an existing insurance policy that allows you to add specific insurance products to your basic coverage. |
| Suicide Clause | a time period when death benefits under a life insurance policy will not be paid out due to a suicide |
| term life insurance | a contract between you and an insurance company for a defined period, typically between 10 and 30 years. |
| term of policy | the maximum period the life cover in the policy will remain active |
| Underwriter | any party, usually a member of a financial organization, that evaluates and assumes, for a fee, another party's risk in mortgages, insurance, loans, or investments |
| whole life insurance | the insured person is covered for the duration of their life as long as premiums are paid on time. |
| act of god | an accident or other natural event caused without human intervention that could not have been prevented by reasonable foresight or care. |
| appraisal | an act or instance of appraising something or someone |
| declarations | summarizes the insurance coverage provided by the policy. |
| collateral | an item of value that a lender can seize from a borrower if he or she fails to repay a loan according to the agreed terms |
| hazard | coverage that protects a homeowner and/or business owner against physical damages caused by unexpected and sudden events such as fires, severe storms, and other events. |
| loss | a reduction in asset or property value or damage of said assets or property due to an accident, natural disaster, man-made disaster, or other risks. |
| homeowners policy | covers damage to your home, property, personal belongings, and other assets in your home. |
| renters | protects your personal property in a rented apartment, condo or home from unexpected circumstances such as theft, a fire or sewer backup damage. |
| Co payment | The amount you pay for covered health care services before your insurance plan starts to pay. |
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