Shared Flashcard Set

Details

Insurance
N/A
23
Finance
9th Grade
05/14/2012

Additional Finance Flashcards

 


 

Cards

Term
Risk
Definition
A measure of the likelihood that something will be lost
Term
Risk Management
Definition
The 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, such as a child, spouse, or an elderly parent
Term
Policyholder
Definition
A person who owns an insurance policy
Term
Premium
Definition
Amount of money paid to an insurance company for a policy on a regular basis
Term
Deductible
Definition
The amount you must pay before insurance begins to pay
Term
Fee-for-service plan
Definition
Pays for covered medical services after treatment is provided
Term
Coinsurance
Definition
A percentage of the service cost that patients pay
Term
Inpatient
Definition
A person whose care requires a stay in the hospital
Term
Managed Care Plans
Definition
A health care plan that contracts with specific doctors and other health care providers, hospitals, and clinics to provide a range of medical services and preventive care to members of the plan at reduced cost
Term
Co-payment
Definition
A flat fee the patient must pay for medical services
Term
Health Savings Account(HSA)
Definition
A tax-advantaged savings account available to people enrolled in qualified High Deductible Health Plans(HDHP)
Term
Exclusions
Definition
Refer 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 recieve assets after 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 are paid
Term
Endowment Insurance
Definition
Pays the face value of the policy to beneficiaries if the insured dies before the endowment period ends
Term
Appraisal
Definition
An estimate of the current value of property
Term
Depreciation
Definition
A decrease in the value of property as a result of age or wear and tear
Term
Bodily Injury Liability
Definition
Coverage that protects you when you are responsible for an auto accident that results in the injury or death of other parties
Term
Property Damage Liability
Definition
Protects you when you are responsible for an auto accident in which property of others is damaged
Term
No-Fault Auto Insurance
Definition
Eliminates the faultfinding process in settling claims
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