Shared Flashcard Set

Details

Chap. 10
Vocab
23
Business
12th Grade
12/03/2012

Additional Business Flashcards

 


 

Cards

Term
Risk
Definition
Is a measure of the likelihood that something will be lost
Term
Risk Management
Definition
Is the process of measuring risk and finding ways to minimize or manange loss
Term
Dependent
Definition
Is an individual who relies on someone else for financial support
Term
Policyholder
Definition
A person who bought an insurance policy
Term
Premium
Definition
paying a set amount of money to the insurance company on a regular basis
Term
Deductible
Definition
is the amount you must pay before insurance begins to pay
Term
Fee-for-service plan
Definition
pay for covered medical services after treatment is provided
Term
Coinsurance
Definition
is a percentage of the service cost that patients pay
Term
Inpatient
Definition
is a person whose are requires a stay in a hospital
Term
Managed care plan
Definition
contract with specific doctors, hospitals, and other health care providers to deliver medical services and preventive care to members at reduced cost
Term
Co-payment
Definition
is a flat fee the paient 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 (HDHP's)
Term
Exclusion
Definition
Refer to medical services that are not covered
Term
Preexinsting 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 th epolicyholder to receive 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 on long as premiums are paid
Term
Endowment insurence
Definition
Pays the face calue of the plicy to beneficialries if the insured dies before the endowment period ends
Term
Appraisal
Definition
is an estimate fo the current value of property
Term
Depreciation
















Depreciation
Definition
is a decrease in calue 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 partice.
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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