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Actuary
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Terms in this set (40)
Actuary
A person who compiles and analyzes statistics to calculate risk and determine insurance rates and premiums
Catastrophic Health Insurance
Health insurance that provides protection against the high cost of treating severe or lengthy illness or disabilities and usually has a high deductible and lower premiums
CHIP
Children's Health Insurance Program. A program that provides low-cost health coverage to children in families who earn too much money to qualify for Medicaid
Claim
A formal request from the customer to an insurance company asking for a payment based on the terms of the insurance policy
Collision Coverage
Auto insurance that protects you against costs to repair your own vehicle after a crash
Comprehensive Coverage
Auto insurance that protects you against costs to repair or replace your vehicle after events out of your control such as weather, vandalism, theft, etc.
Conditions of the Policy
The portion of a car insurance policy that spells out the details for how to make a claim, what information you must have, how much time you have, and how to cancel your policy
Copay
A fixed dollar amount that you agree to pay each time you receive medical treatment, such as a doctor's visit or prescription
Coverage Limit
The maximum amount an insurance company will pay if you file a claim
Declaration Page
The page of a car insurance policy which includes a summary description of the insurance coverage provided and gives the maximum dollar limit the insurer will pay for a claim under each coverage