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Chapter 10
Insurance
23
Finance
10th 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
is an individual who relies on someone else for financial support, such as a child, a spouse, or an elderly parent
Term
policyholder
Definition
what you become when you buy an insurance policy
Term
premium
Definition
a set amount of money you pay
Term
deductible
Definition
is the ammount 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 care 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 a reduced cost
Term
co-payment
Definition
is a flat fee the patient must pay for medical services
Term
health savings account
Definition
a tax-advantaged savings account available to people enrolled in qualified high deductible health plans
Term
exclusion
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
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
is an estimate of the current value of property
Term
depreciation
Definition
is a decrease in value of property as a result of age or wear and tear
Term
bodily injury liability
Definition
is coverage that protects you when you are responsible for an auto accident thet 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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