Shared Flashcard Set

Details

Vocabulary
Chapter 10
23
Business
12th Grade
12/06/2012

Additional Business Flashcards

 


 

Cards

Term
Risk
Definition
Measure of the likihood that something will be lost.
Term
Risk management
Definition
Process of measuring risk and finding ways to minimize or manage loss.
Term
dependent
Definition
individual who relies on someone else for financial support, f.e child.
Term
policyholder
Definition
some who buys an insurance policy
Term
premium
Definition
set amount of money to pay
Term
deductible
Definition
amount you must pay before insurance begins to pay
Term
fee for service plans
Definition
pay for covered medical services after treatment is provided
Term
coinsurance
Definition
percentage of the service cost that patients pay
Term
inpatient
Definition
person whose care requires a stay in a hospital
Term
managed care plans
Definition
plans that contracts specific doctors, hospitals, and other health care providers to deliver medical services and preventive care to members at reduced cost.
Term
co payment
Definition
flat fee the patient must pay for medical services
Term
health savings account
Definition
tax advantaged savings account available to people enrolled in qualified HDHPs
Term
exclusions
Definition
refer to medical services taht are not covered
Term
preexisting condition
Definition
illness or injury you had before signing up for health care insurance
Term
beneficiary
Definition
person or organization named by the policyholder to receive assets after the policyholder's death
Term
term life insurance
Definition
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
estimate of the current value of property
Term
depreciation
Definition
decrease in teh value of property as a result of age or wear and tear
Term
bodily injury liability
Definition
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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