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Personal Finance Ch. 10
Terms in this set (29)
An estimate of the current value of property.
Person named by the policyholder to receive the death benefit of an insurance policy.
bodily injury liability
Coverage that protects insured persons when they are liable for an auto accident that injured or killed others.
A percentage the policyholder must pay for certain services.
A flat fee the policyholder must pay for certain services.
The amount you will be required to pay before insurance pays for any services.
An individual who relies on someone else for financial support.
A decrease in the value of property as a result of age or wear and tear.
Insurance that pays the face value of the policy to beneficiaries if the insured dies before the endowment period ends. It also pays the face amount to the insured if he or she lives beyond the endowment period.
The services that are not covered in an insurance plan.
A health insurance plan that pays for covered medical services after treatment is provided.
health savings account (HSA).
A tax-advantaged savings account available to people enrolled in qualified High Deductible Health Plans (HDHPs).
A person whose care requires a stay in the hospital.
managed care plan
A health care plan that contracts with specific doctors and other health care providers, hospitals, and clinics to provide a range of medical services and preventive care to members of the plan at reduced cost.
no-fault auto insurance
Coverage that eliminates the faultfinding process in settling claims by having each policyholder make a claim after an accident.
A person who owns an insurance policy.
An illness or injury a person has before signing up for a health care plan.
Amount of money paid to an insurance company for a policy on a regular basis.
property damage liability
Coverage that protects insured persons when they are liable for an auto accident where the property of others is damaged.
A measure of the likelihood that something will be lost.
The process of measuring risk and finding ways to minimize or manage loss.
term life insurance
Insurance that covers the policyholder for a specific period of time—5, 10, or 20 years or until a specified age.
whole life insurance
Insurance that provides the policyholder with basic lifetime protection so long as premiums are paid.
Health maintenance organizations (HMOs)
A primary care doctor is chosen from a list of participating doctors Doctor provides coordination of care Providers in the plan cover treatment
Preferred provider organizations (PPOs)
Provides more choice than an HMO You receive services at lower cost by seeing participating caregivers You may go outside the plan if you pay the extra cost; non-participating providers are covered at lower rates
Point-of-service (POS) plans
Combines features of HMOs and PPOs A primary care doctor supervises your care and makes referrals If you see a doctor in the plan, there is no deductible and a limited co-pay If you see a provider outside the plan, you pay a deductible and higher co-pay
Long-term care insurance
covers certain costs of care in a nursing home in an assisted living facility at home with assistance Older consumers are primary purchasers of this insurance
eligible citizens age 65 and older those under 65 with certain illnesses and disabilities
Provided by private insurance companies Available to people who have both Medicare Parts A and B Helps pay for health care costs not covered by Medicare The broader the coverage, the higher the premium
THIS SET IS OFTEN IN FOLDERS WITH...
Personal Finance Ch. 5-8
Personal Finance Ch. 10-14
Personal Finance Ch. 04
W!SE Financial Literacy Certification Test Topic C…
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OTHER QUIZLET SETS
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Module 12 Vocabulary
Illinois Health Exam
MOA Chapters 18 & 19