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Vocabulary chapter 10
N/A
23
Business
12th Grade
12/04/2012

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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
individual who relies on someone else for financial support, such as a child, a spouse, or an elderly parent.
Term
Policyholder
Definition
when you buy an insurance policy.
Term
Premium
Definition
When yoou buy an insurance policy, you have to pay a set amount of money to the insurance company on a regular basis.
Term
deductible
Definition
the amount you must pay before insurance begins to pay.
Term
Free-for-service plans
Definition
pay 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 a hospital.
Term
Manages Care plans
Definition
contract with specific doctors, hospitals, and other health care providers to deliver medical services and preventive care to memebers at reduced cost.
Term
Co-payment
Definition
a flat fee that patient must pay for medical services.
Term
Health Savings account (HSA)
Definition
is a tax-advantaged savings account available to people enrolled in qualified HIgh Deductible Health Plans (HDHPs)
Term
Exclusions
Definition
refer to medical services that are not covered.
Term
Preexisting condition
Definition
is an illness or an injury you had before signing up for health care insurance.
Term
Beneficiary
Definition
is a person or organization named by the policyholder to recieve assets after the policyholder's death.
Term
Team 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 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
Is an estimate of the current value of property.
Term
Depreciation
Definition
is a decrease in the value of property As a result of age or wear and tear.
Term
Bodily injury liability
Definition
is a 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 the property of others is damaged.
Term
No-fault auto insurance
Definition
eliminates the faultfinding process in settling claims.
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