Understanding Insurance: Key Terms and Concepts for Financial Protection

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Business - Insurance

andrsonztdc Created by 10 mon ago

Cards in this deck(36)

What is the arrangement called in which an individual receives financial protection or reimbursement of losses from an insurer?

What is the contract between an insurance company and the insured individual known as?

What term describes the amount of liability protection offered to an individual through an insurance policy?

What is the term for the amount of money paid for an insurance policy?

What is the period called after the premium is due in which a policyholder can make a payment without a lapse in coverage?

What is the amount of money you must pay out of pocket before the insurance company will make a payment?

What is a formal request by a policyholder to their insurance company for compensation for a covered loss called?

What are the payments called that an individual makes each time they receive medical service?

What is the term for the most a policyholder has to spend for covered services in a year?

What type of insurance provides protection against claims resulting from personal injury or property damage as the result of an auto accident?

What type of insurance offers protection for damage to your car resulting from a collision with another car or object?

What type of insurance provides protection for loss or damage to your vehicle caused by something other than a collision?

What type of protection covers you and passengers if you're hit by an uninsured or underinsured motorist, or if you are the victim of a hit-and-run?

What component of auto insurance pays for medical expenses, lost wages, and other financial losses of the driver and passengers of the policyholder's vehicle?

What type of insurance provides protection for losses to a private residence and the possessions within it, as well as liability coverage against accidents in the home or on the property?

What type of insurance provides protection for destroyed or stolen personal property for a renter?

What is the optional extended liability coverage that can be added to auto and homeowner's policies called?

What type of insurance covers an individual's (or family's) medical expenses from illness or injury?

What is the health care reform law enacted in 2010, intended to make affordable health insurance more available, also known as?

What is the practice of employers paying for a portion of their employees' insurance premiums called?

What is the platform where individuals, families, and small businesses can compare health insurance plans called?

What is a health plan with a high minimum deductible for medical expenses known as?

What is a tax-exempt savings account dedicated to health care costs, only available for individuals on a high-deductible health plan (HDHP)?

What is the maximum amount of lifetime benefits a person can receive from their insurance company called?

Who are the people designated by the policyholder to receive the death benefit of a life insurance policy?

What is the benefit paid to the beneficiaries after the policyholder dies called?

What type of life insurance is for a specified amount of time, paying the death benefit to the beneficiaries at the death of the policyholder?

What type of life insurance lasts for the life of the policyholder and uses a portion of the premium as an investment?

What is the term for having enough money saved and invested so a spouse or loved one could live off of it when you die, eliminating the need for life insurance?

What is a person who relies on someone for financial support called?

What is the life expectancy chart used by insurance agents to figure out life insurance premiums for an individual based on a variety of factors called?

What type of insurance will replace a portion of the policyholder's income in the event that the policyholder becomes disabled and is unable to work?

What is the period of time between when a doctor confirms a disability and when the policyholder receives a disability payment called?

What is the act of fraudulently gaining and using the personal information of someone else, usually for financial gain, called?

What type of insurance covers some or all of the costs of nursing home care, assisted living, in-home care, and other end-of-life care?

What are plans called that cover expenses and services not on typical policies?

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Understanding Insurance: Key Terms and Concepts for Financial Protection

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