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Terms in this set (23)
A measure of the likelihood that something will be lost.
The process of measuring riske and finding ways to minimize or manage loss.
An individual who relies on someone else for financial support.
A person who owns an insurance policy.
Amount of money paid to an insurance company for a policy on a regular basis.
The amount you will be required to pay before insurance pays for any services.
A health insurance plan that pays for covered medical services after treatment is provided.
A percentage the policyholder must pay for certain services.
A person whose care requires a stay in the hospital.
managed care plan
A helath 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 fo the plan at reduced cost.
A flat-fee the policy holder must pay for certain services.
health savings account (HSA)
A tax-advantaged savings account available to people enrolled in qualified High Deductible Health Plans (HDHPs)
The services that are not covered in an insurance plan.
An illness or infury a person has before signing up for a health care plan.
Person named by the policy holder to receive the death benefit of an insurance policy.
term life insurance
Insurenace that covers the policyholder for a specific 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.
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.
An estimate of the current value of property.
A decrease in the value of property as a result of age or wear and tear.
bodily injury liablity
Coverage that protects insured persons when they are liable for an auto accident that injured or killed others.
property damange liablity
Coverage the protects insured persons when they are liable for an auto accident where the property of others is damages.
no-fault auto insurance
Coverage that eliminates the faultfinding process in settling claims by having each policyholder make a claim after an accident.
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