Personal finance insurance vocab
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22 terms
Terms | Definitions |
|---|---|
 Beneficiary | the person named in an insurance policy to receive the insurance benefits |
| Cash value | the amount of money received should a policyholder decide to give up the protections provided by a policy. |
| decreasing term insurance | term life insurance on which the amount of protection gradually becomes smaller, but the premiums remain the same during the term. |
| face value | the amount borrowed by the seller of a bond or the amount of insurance coverage that was originally purchased and that will be paid upon the death of the insured. |
| group life insurance | life insurance that covers a group of people who are usually employed by the same company or are members of the same organization. |
| insurable interest | a financial interest in or benefit from the continued life of a person. |
| level term insurance | term life insurance on which teh amount of protection and the premiums remain the same while the insurance is in effect. |
| limited payment policies | a whole life policy intended to be paid up in a certain number of years |
| renewable policy | a term life insurance policy that allows the policyholder to continue the term insurance for one or more terms without taking aphysical examination to determine whether she or he is stil a good risk. |
| term life insurance | a life insurance policy that provides financial protectionagianst loss of life during a definite period of time. |
| whole life insurance | permanent insurance that extends over the lifetime of the insured. |
| basic health coverage | a combination of hospital, surgical, and regular medical insurance. |
| coinsurance clause | a provision in which teh insured pays a certain percentage of the costs above the deductible amount. |
| comprehensive medical policy | insurance that combines hospital, surgical, regular, and major medical insurance into one policy. |
| disability income insurance | insurance that protects a worker against the loss of income because of a long illness or accident. |
| HMO | organizations that provide complete health care to their members for afixed monthly payment. Have to use dr. and pharmacy/hospital on list. |
| Major medical | insurance that provides protection agianst the high costs of serious illnesses or injuries. |
| medicaid | medical expense assistance administered by state governments to financially needy families. |
| medicare | health insurance provided by the federal government for people age 65 and older and some disabled people. |
| PPO | A group of physicians, a clinic, or a hospital that contracts with an employer to provide medical services to employees. |
| regular medical | insurance that pays for nonsurgical care given in the doctor's office, the patient's home, or a hospital. |
| worker's compensation | insurance that provides medical and survivor benefits to people injures, disabled, or killed on the job. |
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