Banking (Types of Insurance) Flashcards
Term Life Insurance
Life insurance policy that provides coverage for a specified period of time.
Whole Life Insurance
Life insurance policy that provides permanent coverage that lasts the policy holder’s lifetime, with a cash value that grows overtime.
Universal Life Insurance
Life insurance policy that provides permanent life insurance with flexible premiums, death benefits, and a cash value.
Variable Llife Insurance
Life insurance policy that provides permanent life insurance where the cash value can be invested in accounts such as stocks and bonds.
Final Expense Life Insurance
Life insurance policy that provides coverage for end of life expenses such as funeral costs.
HMO (Health Maintenance Organization)
Health insurance policy that requires members to choose a primary care physician (PCP) and get referrals for specialists, limited by a network of hospitals and doctors.
PPO (Preferred Provider Organization)
Health insurance policy that offers flexibility in choosing healthcare providers, with out of network care and the ability to see specialists without a referral.
EPO (Exclusive Provider Organization)
Health insurance policy that only covers services that are exclusive/limited to the plan’s network, without needing referrals.
HDHP (High Deductible Health Plan)
Health insurance policy that has a higher deductible than a standard health insurance policy, but lower monthly premiums.
Medicare
Federal health insurance Policy for people aged 65 or older and younger people with disabilities.
Medicaid
Joint federal and state health insurance policy that provides coverage to low income individuals.
Homeowners Insurance
General homeowners insurance that covers damage to a home and it’s assets, and liability.
Auto Insurance
General auto insurance that covers damage for car accidents and theft, and liability.
Renters Insurance
General renters insurance that covers a tenant’s personal assets and provides liability.
Umbrella Insurance
Property & Casualty insurance that provides additional liability coverage beyond the limits of other insurance policies.
