Shared Flashcard Set

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vacab list b
busness
11
Business
11th Grade
01/12/2007

Additional Business Flashcards

 


 

Cards

Term
agent
Definition
a person who sells insurance policies
Term
beneficiary
Definition
the person, or entity designated to recieve the death benefits from a life insurance policy or annuity contract
Term
collision coverage
Definition
pays for damage to your car without regard to who caused an accident. the company must pay for the repair or up to the actual cash value of your vehicle, minus your deductible
Term
deductible
Definition
the amount the insured must pay in a loss before any payment is due from the company
Term
health maintenance organization (HMO)
Definition
prepaid group health insurance plan which entitles members to servies of participating physicians, hospitals and clinics. emphasis is on preventative medicine
Term
liability
Definition
responsibility to another for one's negligence
Term
loss
Definition
the amount an insurance company pays on a claim
Term
premium
Definition
the price of the insurance policy that the insured pays in exchange for insurance coverage
Term
quote
Definition
a statement of the premium that will be charged fir insurance coverage based on specific information provided by the peson requesting the quote including drivers, vehicles, and driving record
Term
effective date
Definition
the date on which an insurance policy becomes effective
Term
rider
Definition
a written agreement attached to the policy expanding or limiting the benefits otherwise payable under the policy
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