Risk Management--Insurance flash cards

Set: Risk Management--Insurance

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All 30 terms

Term	Definition
actuary	A professional who calculates risks based on losses and determines insurance rates and premiums.
agent	An authorized representative of an insurance company who sells and services insurance contracts.
beneficiary	The person who receives the death benefit from a loife insurance policy.
bonds	Loans to companies or governments.
claimant	The person who files the claim with the insurance company.
copayment	A cost-sharing arrangement in which a person pays a specific charge for a specific medical service. Example: $10 for an office visit.
coverage	The amount and type of protection provided under an insurance contract.
death benefit	The sum of money paid to a beneficiary in a life insurance contract.
deductible	The amount of charges the insured must first pay on any loss before the ins. co. begins to pay benefits.
exclusions	Special conditions (such as preexisting consitions) or circumstances in a health or disability income plan that are NOT covered.
HMO	Health Maintenance Organization that provides health care for a fixed annual fee.
disability	The inability, due to illness or accident, to perform all or some portion of one's occupation, resulting in a loss of income.
claim	This is filed with the insured attempts to recover losses covered under an insurance policy.
insured	The person covered by an insurance policy
insurer	The company that provides insurance.
permanent life	Life insurance that provides lifelong protection. Three main types: whole, universal, and variable.
policy	The contract or agreement made between the insurer and the insured.
premium	The payment to the ins. co. for insurance coverage. May be monthly, quarterly, semi-annually, or annually.
risk	The chance of loss.
term life	Life insurance that provides coverage for a specific period of time (usually from 1 to 20 years).
universal life	A permanent policy that gives the owner the right to vary premium payments and athe death benefit within certain prescribed limits.
whole life	A permanent life insurance policy that is generally designed to last for life or to an advanced age (typically 100 or 110).
group	An insurance plan that insured a group of people under one policy such as through an employer, union, etc.
stocks	Shares sold of a company which allow buyers to become, in effect, part owners.
savings	The total amount of money accumulated through bank savings accounts, investments, retirement, and other financial institutions.
renter's	Insurance coverage when you are renting a home that covers the renter's possessions such as furniture, clothing, etc.; does NOT include the home itself.
homeowner's	Coverage for your home as well as your possessions up to the covered amount.
Workmen't compensation	A type of diability insurance that offers benefits ONLY if the employee suffers a job-related illness or injury.
inpatient	Medical expenses that are incurred in a hospital.
outpatient	Medical expenses that are incurred in a doctor's office, clinic, or lab.