How can we help?

You can also find more resources in our Help Center.

Study sets matching "insurance terms"

Study sets
Classes
Users

Study sets matching "insurance terms"

20 terms
Insurance Terms
Life Insurance
Health Insurance
Flood Insurance
Homeowner's Insurance
Pays money if someone dies- so they can take care of their fa…
Pays for your health care
Pays money to fix a home damaged in a flood
Pays money to fix a home you OWN if there are thieves, fires,…
Life Insurance
Pays money if someone dies- so they can take care of their fa…
Health Insurance
Pays for your health care
8 terms
Insurance Terms
Insurance
Premium
compensation
Auto insurance
A plan by which a company gives protection from the cost of i…
The money paid to an insurance company to purchase a policy
payment
Insurance to protect a car owner in the event of an accident…
Insurance
A plan by which a company gives protection from the cost of i…
Premium
The money paid to an insurance company to purchase a policy
20 terms
Insurance Terms
Non-forfeiture options
Paid up policy
Rescission Rights
Reinstatement
Available on a policy with cash value which may apply if the…
Policy that will provide death benefits in the future but doe…
10 day free look
Opportunity to have policy put back into force by meeting cer…
Non-forfeiture options
Available on a policy with cash value which may apply if the…
Paid up policy
Policy that will provide death benefits in the future but doe…
12 terms
Insurance terms
Risk
Insurance policy
Premium
Deductible
the chance of a loss from some type of danger
a contract that protects you from certain risks
what you pay for an insurance policy
the amount you pay before an insurance will pay
Risk
the chance of a loss from some type of danger
Insurance policy
a contract that protects you from certain risks
21 terms
Insurance Terms
Bodily Injury
Property Damage
Uninsured
Underinsured
Covers medical, lost wages, etc. to people injured in the oth…
Covers cost of damage to the other people's property if you a…
Covers bodily injuries to you when hit by a person not insured.
Covers bodily injuries to you when hit by a person who does n…
Bodily Injury
Covers medical, lost wages, etc. to people injured in the oth…
Property Damage
Covers cost of damage to the other people's property if you a…
12 terms
Insurance Terms
Risk
Insurance policy
Premium
Deductible
the chance of a loss from some type of danger
a contract that protects you from certain risks
what you pay for an insurance policy
the amount you pay before an insurance will pay
Risk
the chance of a loss from some type of danger
Insurance policy
a contract that protects you from certain risks
74 terms
Insurance Terms
Maximum Benefits
Deductible
Beneficiary
Reasonable and Customary Charges
Total amount payable by insurance for eligible expenses for e…
Amount to be paid by member before insurance will pay for cov…
Person named by member to receive benfits from insurance poli…
The amount paid for covered services in a geographic area bas…
Maximum Benefits
Total amount payable by insurance for eligible expenses for e…
Deductible
Amount to be paid by member before insurance will pay for cov…
30 terms
Insurance Terms
Automobile insurance
Beneficiary
Claim
Co‐insurance
Provides payments for both liability and property insurance o…
Someone who receives money if an insured person dies
A formal request to an insurance company asking for a payment…
Requires the insured individual to pay a fixed percentage of…
Automobile insurance
Provides payments for both liability and property insurance o…
Beneficiary
Someone who receives money if an insured person dies
82 terms
Insurance terms & Property insurance
insurance company
mutual
mutual insurance company
captive
towarzystwo ubezpieczeniowe, TU
wzajemny
towarzystwo ubezpieczeń wzajemnych
towarzystwo ubezpieczeń zależnych
insurance company
towarzystwo ubezpieczeniowe, TU
mutual
wzajemny
28 terms
Insurance Terms
Adjudication
Assignment of Benefits AOB
Beneficiary
Capitation
Process of determining payment/denial
Authorized signature of the patient for payment to be sent di…
A person who receives benefits as in health insurance benefits
Flat fee payment for each patient enrolled in a practice
Adjudication
Process of determining payment/denial
Assignment of Benefits AOB
Authorized signature of the patient for payment to be sent di…
37 terms
Insurance Terms - Overview
Annual deductible
Beneficiary
Benefit Period
Claim
an amount required t be paid by a subscriber before a health…
the recipient of funds or other benefits
Period of time for which payments for Medicare inpatient hosp…
request for payment from the insurance company by the insured
Annual deductible
an amount required t be paid by a subscriber before a health…
Beneficiary
the recipient of funds or other benefits
29 terms
Insurance Terms
HMO
PPO
CMS
HIPAA
Health Maintenance Organization: Co-payment, no deductibles o…
Preferred Provider Organization: Network of providers that co…
Centers for Medicare and Medicaid Services. The claim form us…
Mandates regulations that govern privacy, security, confident…
HMO
Health Maintenance Organization: Co-payment, no deductibles o…
PPO
Preferred Provider Organization: Network of providers that co…
14 terms
Insurance Terms
deductible
claim
liability insurance
collision
A certain amount of money that the patient must pay each year…
A request for payment of the benefits provided by an insuranc…
insurance that provides protection from claims arising from i…
Covers an accident with another object, car, or from a rollov…
deductible
A certain amount of money that the patient must pay each year…
claim
A request for payment of the benefits provided by an insuranc…
10 terms
INSURANCE INSURANCE INSURANCE KEY TERMS
Deductible
Liability
Insurer
Premium
The amount the insured must pay in a loss before any payment…
Responsibility to another person for one's own negligence.
Another word for an insurance company.
The amount paid by a policyholder to an insurance company to…
Deductible
The amount the insured must pay in a loss before any payment…
Liability
Responsibility to another person for one's own negligence.
17 terms
Insurance Terms
Permanent Disability
Premium
Subscriber
Time limit
Illness or injury that prevents the insured from preforming a…
A periodic payment to keep the insurance policy active.
One who belongs to the group, also known as the insured.
A period of time in which a claim must be filled.
Permanent Disability
Illness or injury that prevents the insured from preforming a…
Premium
A periodic payment to keep the insurance policy active.
34 terms
Insurance: Driving Terms
to brake
to accelerate
to change lanes
to indicate
to brake
to accelerate
21 terms
Insurance Terms
Bodily Injury
Property Damage
Uninsured
Underinsured
Covers medical, lost wages, etc. to people injured in the oth…
Covers cost of damage to the other people's property if you a…
Covers bodily injuries to you when hit by a person not insured.
Covers bodily injuries to you when hit by a person who does n…
Bodily Injury
Covers medical, lost wages, etc. to people injured in the oth…
Property Damage
Covers cost of damage to the other people's property if you a…
8 terms
Insurance terms
Fee-for-service
Benefit
Deductible
Coinsurance
insurance reimbursement based of the fee charged and the serv…
a service covered by an insurance depends on benefits provide…
Payment by member of each calendar year before health insuran…
percentage the member must pay
Fee-for-service
insurance reimbursement based of the fee charged and the serv…
Benefit
a service covered by an insurance depends on benefits provide…
Insurance Terms
Auto insurance
Beneficiary
Claim
Collision insurance
A policy purchased by vehicle owners to mitigate costs associ…
A person designated as the recipient of funds or property und…
A formal request to an insurance company asking for a payment…
Insurance protecting an automobile owner against loss or dama…
Auto insurance
A policy purchased by vehicle owners to mitigate costs associ…
Beneficiary
A person designated as the recipient of funds or property und…
8 terms
Insurance Terms
Co-pay
Provider
Deductible
Out of pocket maximum
type of insurance policy where the insured pays out of pocket…
one who provides healthcare services
the amount of expenses that must be paid out of pocket before…
the highest amount you pay (including your deductible and co-…
Co-pay
type of insurance policy where the insured pays out of pocket…
Provider
one who provides healthcare services
10 terms
Insurance Terms
covered entity
disclosure
privacy officer
electronic health records
CE... An entity that transmits health information in electronic…
Act of revealing or making known to the public
A health care professional who oversees the development, impl…
Systematic collection of a patient's health care and treatmen…
covered entity
CE... An entity that transmits health information in electronic…
disclosure
Act of revealing or making known to the public
32 terms
Insurance terms
beneficiary
claim
coverage
deductible
the recipient of assets passed on from the death of a friend…
paperwork filed with an insurance company in order to get the…
amount of protection you have through an insurance company in…
amount you must pay before you begin receiving any benefits f…
beneficiary
the recipient of assets passed on from the death of a friend…
claim
paperwork filed with an insurance company in order to get the…
26 terms
Insurance Terms
Risk
Insurance
The Purpose of Insurance
Policy
is uncertainly about a situation's outcome also the potential…
is an arrangement between an individual (consumer) and an ins…
is to help individual limit their financial losses when an ac…
is a contract between the individual and the insurer specifyi…
Risk
is uncertainly about a situation's outcome also the potential…
Insurance
is an arrangement between an individual (consumer) and an ins…
21 terms
Insurance Terms
actuarial table
actuary
beneficiary
benefits
a table of premium rates based on ages and life expectancies
specialist in insurance calculations and statistics
a person named on an insurance policy to receive the benefits…
sums of money to be paid for specific types of losses under t…
actuarial table
a table of premium rates based on ages and life expectancies
actuary
specialist in insurance calculations and statistics
11 terms
Insurance Terms
Insurance
Indemnification
Premium
Deductible
A practice or arrangement by which a company or government ag…
To compensate for loss or damage; to provide security for fin…
Fees paid for an insurance policy
A specified amount of money that the insured must pay before…
Insurance
A practice or arrangement by which a company or government ag…
Indemnification
To compensate for loss or damage; to provide security for fin…
14 terms
Insurance Terms
Coinsurance
Copayment
Deductible
Maximum out-of-pocket
Usually expressed as a percentage. If the insurance company p…
You pay a flat fee every time you receive a medical service.…
The amount of money you must pay each year to cover your medi…
The maximum amount of money you will be required to pay each…
Coinsurance
Usually expressed as a percentage. If the insurance company p…
Copayment
You pay a flat fee every time you receive a medical service.…
14 terms
Insurance Terms
insurance policy
premium
deductible
claim
a legal contract between a person buying insurance (a policyh…
the amount of money a policyholder pays for insurance
the portion of a loss that am insurance policyholder pays bef…
an oral or written notice given to an insurance company to co…
insurance policy
a legal contract between a person buying insurance (a policyh…
premium
the amount of money a policyholder pays for insurance
8 terms
Insurance Terms
Insurance
Premium
compensation
Auto insurance
A plan by which a company gives protection from the cost of i…
The money paid to an insurance company to purchase a policy
payment
Insurance to protect a car owner in the event of an accident…
Insurance
A plan by which a company gives protection from the cost of i…
Premium
The money paid to an insurance company to purchase a policy
11 terms
Insurance Terms
Risk
Deductible
Proof of Loss
Replacement Cost
taking a chance when something bad might happen.
an agreed upon amount, between you and your insurance, that y…
provides proof that you own the item. Keep your receipts!
the cost of an item, if it is replaced new from the store.
Risk
taking a chance when something bad might happen.
Deductible
an agreed upon amount, between you and your insurance, that y…
18 terms
Insurance terms
Actuary
Assesor
Claim
Comprehensive
Persona expert a en el calculo de riesgos par alas aseguradoras
Agente comercial de las aseguradoras
Petición de pago por siniestros
Póliza de seguros que cubre todo riesgo
Actuary
Persona expert a en el calculo de riesgos par alas aseguradoras
Assesor
Agente comercial de las aseguradoras
25 terms
Insurance Terms
Risk
Emergency savings
Insurance
policy
chance of loss from an event that cannot be entirely controlled
at least six months of expenses set aside to cover costs of u…
a financial product purchased by many people facing a similar…
A contract between the insurance company and the insured that…
Risk
chance of loss from an event that cannot be entirely controlled
Emergency savings
at least six months of expenses set aside to cover costs of u…
30 terms
Insurance Terms
Annual Deductible
Assigned Risk Pool
Beneficiary
Benefit Period
yearly fixed amount or percentage of an insurance claim that…
consists of people who are unable to obtain automobile insura…
(n) one who benefits from something; a person who is left mon…
period of time for which benefits are available.
Annual Deductible
yearly fixed amount or percentage of an insurance claim that…
Assigned Risk Pool
consists of people who are unable to obtain automobile insura…
20 terms
Insurance terms
co-insurance
deductible
premium
policyholder
two insurances; ex. to pay 80/20 fixed percentage not covered
initial amount patient pays before insurance start paying
the charge for keeping the insurance policy in effect
the insured, member, or the subscriber
co-insurance
two insurances; ex. to pay 80/20 fixed percentage not covered
deductible
initial amount patient pays before insurance start paying
20 terms
Insurance terms
Accepted fee
Amalgam
Annual maximum
Balance billing
The dollar amount that the contracting dentist has agreed to…
A common material used in fillings to repair cavities in teet…
The total dollar amount that a plan will pay for dental care…
When a dentist bills an enrollee for amounts above a dental's…
Accepted fee
The dollar amount that the contracting dentist has agreed to…
Amalgam
A common material used in fillings to repair cavities in teet…
Insurance terms
Insurable interest
Risk
Pure Risk
Speculative Risk
insurable interest is required at all time of loss in order t…
Uncertainty of loss
No chance of gain
Investing in the stock market
Insurable interest
insurable interest is required at all time of loss in order t…
Risk
Uncertainty of loss
38 terms
Insurance terms
Strict Liability
Direct liability
Indirect Liability
Vicarious Liability
This is liability that sellers and producers need to cover li…
This is liability that is caused by ones own actions, or prop…
This is also referred to as contingent liability. This is lia…
This is liability that arises from ones responsibility of ano…
Strict Liability
This is liability that sellers and producers need to cover li…
Direct liability
This is liability that is caused by ones own actions, or prop…
46 terms
Insurance terms
Abandonment
Absolute liability
Accident
Actual cash value (ACV)
The abdication of insured property into the hands of another,…
A type of liability that occurs due to extremely dangerous op…
An unplanned, unforseen event which occurs suddenly and at a…
The required amount to pay damages or for property loss, whic…
Abandonment
The abdication of insured property into the hands of another,…
Absolute liability
A type of liability that occurs due to extremely dangerous op…
80 terms
Insurance Terms
Accident
Act of God
Actual Cash Value (ACV)
Additional Living Expenses (ALE)
An unforeseen, unintended event.
A legal term used for events outside of human control: sudden…
The cost of replacing damaged or destroyed property with comp…
Reimburses the policyholder for the cost of temporary housing…
Accident
An unforeseen, unintended event.
Act of God
A legal term used for events outside of human control: sudden…
31 terms
Insurance terms section 1
Administrative Hearing (disciplinary a…
Agency appointment
Agency License
Activities requiring a license
This may be conducted to determine if a violation of an appli…
Agreement between the producer and the insurance company unde…
Is not required, however, voluntary licenses are available up…
1. Soliciting customers to purchase insurance and annuities.…
Administrative Hearing (disciplinary a…
This may be conducted to determine if a violation of an appli…
Agency appointment
Agreement between the producer and the insurance company unde…
21 terms
Insurance Terms
Health Insurance Policy
Premium
Deductible
Co-Payment
Contract between insurance company and an individual.
Amt. policy-holder pays to health plan each month to purchase…
Amt. a person must pay for health care expenses each year bef…
Amt. the insured person must pay out of pocket each time a pa…
Health Insurance Policy
Contract between insurance company and an individual.
Premium
Amt. policy-holder pays to health plan each month to purchase…
31 terms
Insurance Terms
insurance
disability insurance
automobile insurance
life insurance
coverage by a contract that guarantees payment if an insured…
provides income during a specified period when a person is un…
provides financial protection to the owners, operators and oc…
provides financial protection to a family when the insured, w…
insurance
coverage by a contract that guarantees payment if an insured…
disability insurance
provides income during a specified period when a person is un…
15 terms
Insurance Terms
Insurance
Risk Management
Policy Holder
Premium
A form of risk management that pools premiums of a large grou…
A process of measuring risk and finding ways to minimize loss.
A person who has purchased insurance.
An amount of money regularly paid to an insurance company for…
Insurance
A form of risk management that pools premiums of a large grou…
Risk Management
A process of measuring risk and finding ways to minimize loss.
27 terms
Insurance Terms
Bodily Injury
Property Damage
Uninsured/Underinsured
Medical Auto
When liable for an accident, this is to pay for injuries you…
Covers stop signs, automobile, etc costs for repairing objects.
Paid by you, helps you if other person is liable and does not…
Money for hospital bills of all people involved in crash.
Bodily Injury
When liable for an accident, this is to pay for injuries you…
Property Damage
Covers stop signs, automobile, etc costs for repairing objects.
13 terms
Insurance Terms
Insurance Policy
Premium
Deductible
Claim
A legal contract between a person buying insurance and an ins…
The amount of money a policyholder pays for insurance
Portion of a loss that an insurance policyholder pays before…
An oral or written notice given to an insurance company to co…
Insurance Policy
A legal contract between a person buying insurance and an ins…
Premium
The amount of money a policyholder pays for insurance
14 terms
insurance terms
insurance policy
premium
deductible
claim
a legal contract between a person buying insurance and an ins…
the amount of money a policyholder pays for insurance
the portion of a loss that an insurance policyholder pays bef…
an oral written notice given to an insurance company to colle…
insurance policy
a legal contract between a person buying insurance and an ins…
premium
the amount of money a policyholder pays for insurance
13 terms
Insurance Terms
Cash value life insurance
Claim
Coinsurance
Collision insurance
part insurance and part investment, in which you can borrow m…
An oral or written notice given to an insurance company to co…
The percentage of major medical expenses that a policyholder…
Insurance that covers damage to a policyholder's car caused b…
Cash value life insurance
part insurance and part investment, in which you can borrow m…
Claim
An oral or written notice given to an insurance company to co…
135 terms
Insurance Terms
What has a separate aggregate limit un…
Deductible
What is embezzlement?
Broker
Products Completed
A specified amount of money that is paid by the insured befor…
Employee Dishonesty, which is not covered by a crime policy u…
A person who represents the client in transaction
What has a separate aggregate limit un…
Products Completed
Deductible
A specified amount of money that is paid by the insured befor…
11 terms
Term insurance
Term insurance
Basic types of term contracts
Level term insurance
Annually renewable term
Provides coverage for a specified period offering the greates…
1. Level... 2. Increasing... 3. Decreasing... Premium is always level…
Most common protection purchased, where the death benefit rem…
Purest form of term insurance. Death benefit remains level an…
Term insurance
Provides coverage for a specified period offering the greates…
Basic types of term contracts
1. Level... 2. Increasing... 3. Decreasing... Premium is always level…
13 terms
Insurance Terms
Insurance policy
Premium
Deductible
Claim
a written contract between the insured and an insurance compa…
A specific sum of money paid by the insured to the insurance…
Specified amount of money that the insured must pay for cover…
An assertion, usually supported by evidence
Insurance policy
a written contract between the insured and an insurance compa…
Premium
A specific sum of money paid by the insured to the insurance…
26 terms
Insurance terms
peril
hazard
physical hazard
moral hazard
something that causes loss
something that increases either the probability a loss will o…
a physical characteristic that may cause a loss to occur
a conscious act that may cause a loss to occur
peril
something that causes loss
hazard
something that increases either the probability a loss will o…
1 of 10