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insurance terms quiz
Terms in this set (59)
someone versed in the collection and interpretation of numerical data (especially someone who uses statistics to calculate insurance premiums)
an authorized representative of an insurance company who sells and services insurance contracts. Agents must be licensed by the state.
person entitled to benefits or proceeds of an insurance policy or will
The amount of money the insurance company agrees to pay a claimant or beneficiary under the specific policy terms.
a certificate issued by a government or private company which promises to pay back with interest the money borrowed from the buyer of the certificate: The city issued bonds to raise money for putting in new sewers.
a businessman who buys or sells for another in exchange for a commission
Cash surrender value
the amount that the insurance company will pay on a given life insurance policy if the policy is cancelled prior to the death of the insured
The demand by an individual to recover losses covered under an insurance policy.
The person who files the claim with the insurance company.
part of charges that an insured person must pay for health care services after payment of the deductible amount
an amount that a health plan requires a beneficiary to pay at the time of service for each health care encounter
the total amount and type ofprotection under an insurance policy.
The sum of money paid to a beneficiary in a life insurance policy.
Specified amount of money that the insured must pay for covered medical expenses before the insurance policy begins to pay; usually annual amount per individual or family
the inability, due to illness or accident, to perform all or some portion of one's occupation, resulting in loss of income.
A specified number of days a person must be disabled before benefit payment begins.
Special conditions (Preexisting condition) or circumstances in a health or disability income plan that are not covered.
A type of health plan whereby the insured can choose any physician and is paid a specific benefit after any deductible.
A listing of accepted fees or an established allowance for specified medical procedures.
Period (one month) for which no interest charges occur if balance is paid in full by due date. Protection continues if it is paid within this time, or cancelled if left unpaid.
insurance that is purchased by a group (such as the employees of a company) usually at a reduced rate to individual members of the group
An act or condition that will increase the risk or severity of a loss. Ex: driving under the influence is a hazard that will increase the likelihood of getting in an accident.
Health Maintenance Organization (HMO)
a managed health care system in which providers agree to offer health care to the organization's members for fixed periodic payments from the plan
The person covered by the insurance policy.
The company or organization that provides the insurance.
Law of Large Numbers
The larger the number of events analyzed, the more accurately the results can be predicted.
A type of health plan whereby the insured pays lower premiums by visiting providers within a network.
A low risk investment account that often offers some check writing privileges.
fund that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets
The cap you pay in deductibles and coinsurance for health care services in a years time.
Life insurance that provides life long protection
The contract or agreement made between the insurer and the insured.
Point of Service (POS)
A managed health plan that combines features of both HMOs and PPOs
an illness ofr disorder of a beneficiary that existed before the effective date of insurance coverage
Preferred provider organization (PPO)
A health program that borrows features from both fee for service and HMO pans.
The payment to the insurance company for insurance coverage
Factor used to determine the insurance buyers premium.
a plan for setting aside money to be spent after retirement
The chance of loss
assess the seriousness of each risk based on similar characteristics of people based on sex, age, gender, etc.
An underlying premise in insurance that allows individuals to combine risks and agree to share losses.
The total amount of money accumulated through bank savings, investments, retirement savings plans, and other financial instruments.
Shares sold of a company which allow buyers to become part owners.
Life insurance that provides coverage for a specific period of time (usually from 1 to 20 years). You are provided coverage if you die during this time.
An insurance company employee who evaluates risk and assigns premium.
A permanent policy that gives the owner the right to vary premium payments and the death benefit within certain prescribed limits.
Usual, customary, and reasonable charges (UCR)
Set dollar amounts for health care that most fee-for-service health plans will cover.
The owner of this type of policy decides where the cash value is invested
A permanent life insurance policy that is generally designed to last for life or to an advanced age (typically 100 or 110).
another person listed on your policy (usually at no extra charge), eg workers at your home
Insurance protecting the insured from loss arising from any peril other than those specifically excluded by name. This contrasts with Named Peril Insurance, which names the peril or perils insured against.
specified income payable at stated intervals
A contract clause that provides the insurance company or the policy holder witht he right ot demand an appraisal to determine their amount of loss.
A dangerous place, condition, or object that is particularly attractive to children.
insurance provider who promises to pay all loses
that part of the earnings of a corporation that is distributed to its shareholders
life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured
An insurance policy that provide coverage for property regardless of location
potential to sustain loss if the insured property is damaged or destroyed or if the insured person is injured or dies
THIS SET IS OFTEN IN FOLDERS WITH...
Administrative Medical Assistant Chapter 3
Disability Income Insurance
Chapter 1 Medical Assistant Administrative
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