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health and life insurance

Terms in this set (17)

term life insurance
life insurance for a set period of time, where the premium changes. It is much cheaper than whole life insurance
whole life insurance
life insurance where you are covered for your entire life, and the premium stays the same. Part of the premium is an investment that builds a cash value.
transfer risk
shifting a risk from yourself to someone else, health insurance would qualify as this
purpose of health insurance
to help pay for your medical care and expenses
purpose of life insurance
to provide for a beneficiary after their relative dies
beneficiary
someone who receives insurance money if the insured person dies
HMO
insurance policy where you must have a referral to see a specialist
PPO
insurance policy where a referral is NOT required to see a specialist
premium
amount paid for insurance policy, usually deducted from your paycheck
deductible
dollar amount that the policy holder pays before the insurance company starts to pay
COBRA
health insurance policy that allows you to keep your previous coverage if you lose your job, but you have to pay the whole premium
factors that influence insurance coverage
gender, occupation, family health history, age
risk
measure of the likelihood that there will be a loss
coinsurance
patient pays a certain percent of medical costs
copayment
flat fee patient must pay for any medical services
medicaid
insurance for very low income individuals/families
medicare
insurance for people age 65+
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