Shared Flashcard Set

Details

insurance
n/a
23
Business
12th Grade
12/06/2012

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Cards

Term
Risk
Definition
measur of the likelihood that something wikll be lost.
Term
risk managaement
Definition
the process of measuring and finding ways to minimize or manage loss.
Term
dependent
Definition
an individual who relies on someone else for financial support.- a child
Term
policyholder
Definition
when you pay an insurance policy
Term
premium
Definition
a set amountof money u have to pay
Term
deductible
Definition
the amount you must pay before insurance begins to pay.
Term
fee-for-serviceplans
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 cxare rewuires a stay in a hospital.
Term
managed care plans
Definition
contract with specific doctors,hospitals and other health car providers.
Term
co-payment
Definition
A flat fee the patient must pay for medical service.
Term
health savings account(HSA)
Definition
a tax-advabntage savings account available to people enrolled in qualified High deductible health plans (HDPs)
Term
exclusion
Definition
refer to medical services that are not covered.
Term
preexisting condition
Definition
an illness or an injury you had before sigining up for health care insurance
Term
beneficiary
Definition
a person or organization named by the policy holder 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 as 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.
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
a coverage taht protects you when you are responsible for an auto accident that results in injury or death of other parties.
Term
property damage liability
Definition
protects you when you are responsible for an autoaccident 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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