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chapter 10- vocabulary
insurance
21
Business
11th Grade
12/07/2012

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Term
risk
Definition
is a measure of a likeihood that something will be lost
Term
risk management
Definition
teh process of measuring risk and finding ways to minimize or manage loss
Term
dependent
Definition
an individual who relies on someone else for financial support, sucha as a child a spouse, or an elderly person
Term
policyholder
Definition
when you buy an insurence policy
Term
premium
Definition
you pay a set amount of money to the insurance company on a regular basis.
Term
deductible
Definition
is teh amount you must you must pay before insurance begins to pay
Term
fee-for-service plans
Definition
pays for covered medical services after treatment is provided
Term
coinsurance
Definition
a percenage of the servie cost that patients pay
Term
inpatient
Definition
a person whose care required a stay in the hospital
Term
managed care plans
Definition
 contact with specific doctors, hospital, and other health care providers to deliver medical services and preventive care to memebers at reduce cost.
Term
co-payment
Definition
a flat-fee the patient must pay for medical servies
Term
health savings account (HSA)
Definition
a tax-advantaged savings account available to people enrolled in qualified high deductible health plans (HDHPs)
Term
exclusions
Definition
refers to medical services that are not covered.
Term
preexisting condition
Definition
an illness or an injury you had before signing up for health care insurance
Term
beneficiary
Definition
a person or organization named by the policyholder to receive assets after that the policyholder's death
Term
term life insurance
Definition
provides protection only for a specific period of time
Term
whole life insurance
Definition
provides basic lifetime protection so long as premiums
Term
endowment insurance
Definition
pay the face vaule of the policy to beneficiaries if the insured dies before the endowment period end
Term
appraisal
Definition
is an estimate of the current vaule of property
Term
depreciation
Definition
a decrease in the vaule of property as a result of age or wear and tear
Term
bodily injury laibility
Definition
coverage the prtects you when you are responsiable for AN AUTO ACCIDENT THE RESULT IN THE INJURY
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