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PF Chapter 14
Personal Finance Chapter 14
| Question | Answer |
|---|---|
| Beneficiary | A person named to receive the benefits from an insurance policy |
| Blue Cross | An insurance company that provides hospital care benefits |
| Blue Shield | An insurance company that provide benefits for surgical and medical services performed by physicians |
| Cash Value | In a whole life policy, the accumulated savings to which you are entitled when and if you cancel the policy |
| Coinsurance | The percentage of the medical expanses the policyholder must pay in addition to the deductible amount |
| Co-Payment | A flat fee that you pay every time you receive a covered service |
| Disability Income Insurance | Coverage that provides regular cash income when you are unable to work due to a pregnancy, non-work-related accident, or illness |
| Endowment | Life insurance that provides coverage for a specific period of time and pays a sum of money to the policyholder if he or she is living at the end of the endowment period |
| Health Insurance | A form of protection that eases the financial burden people may experience as a result of illness or injury |
| Health Maintenance Organization (HMO) | A health insurance plan that directly employs or contract with selected, or preapproved, physicians and other medical professionals to provide health care services in exchange for a fixed, prepaid monthly premium |
| Managed Care | Prepaid health plans that provide comprehensive health care to their members |
| Medicaid | A medical assistance program offered to certain low-income individuals and families |
| Medicare | A federally funded health insurance program available mainly to people over 665 and to people with certain disabilities |
| Point-of-Service (POS) Plan | A health insurance plan that combines features of both HMOs and PPOs |
| Preferred Provider Organization (PPO) | A group of doctors and hospitals that agree to provide specified medical services to members that prearranged fees |
| Stop-Loss | An insurance policy provision that requires the policyholder to pay all cots up to a certain amount, after which the insurance company pays 100 percent of the remaining expenses covered in the policy |
| Term Insurance | Insurance that provides protection against loss of life for only a specified term or period of time, also called temporary life insurance |
| Whole Life Insurance | A permanent policy for which you pay a specified premium each year for the rest of your life |
Created by:
jmoyer
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