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insurence
Term | Definition |
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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 | formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. |
collision coverage | Collision coverage is a type of car insurance that covers damage to your vehicle in the event of an accident |
comprehensive coverage | Comprehensive coverage is a type of insurance that pays for damages to your vehicle or health caused by something other than a collision |
co-payments | Copayments, or copays, are a fixed out-of-pocket amount paid by an insured for covered services |
death benefits | the amount paid to a beneficiary upon the death of an insured person. |
deductible | A deductible is an amount of money that you are responsible for paying before your insurance will pay you for an expense |
dental insurance | Dental insurance is an insurance policy that covers the cost of dental care and treatments |
disability insurance | Disability insurance is a type of insurance that provides income in the event that a policyholder is prevented from working and earning an income due to a disability |
effective date | An effective date is the date on which a policy, contract, or agreement takes effect |
HMO | health maintenance organization |
HRA | House Rent Allowance, which is a part of salary that is paid to the individual to help cover the cost of living in rented accommodation |
liability coverage | Liability coverage is a type of insurance that pays out if the insured is found legally liable for injuring a person or damaging their property |
living benefits | Living benefits are cash benefits that you can access from your life insurance policy while you are alive |
Medicare | Medicare is a federal health insurance program in the United States for people age 65 or older and younger people with disabilities. |
power of attorney | A power of attorney is a legally binding document that allows someone else to act on your behalf in private affairs, business, or other legal matters. |
premiums | An insurance premium is the amount of money an individual or business pays for an insurance policy |
primary physician | a medical doctor trained to prevent, diagnose, and treat a wide range of illnesses and injuries in the general population |
term life insurance | Coverage lasts for a set amount of time, usually from 10 to 30 years. |
vision insurance | Wellness plan that reduces eye care expenses |
whole life insurance | Whole life insurance is a type of permanent life insurance that provides coverage throughout the life of the insured person |