Personal finance insurance vocab

Created by jayhawk22 

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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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