Insurance Flashcards
Covers commercial vehicles that you own and operate.
Automobile Insurance
Protects if someone gets hurt while using your product or service, or if while someone is injured on your property.
General Liability and Property Coverage
Provides additional liability coverage on top of an underlying policy.
Umbrella Policy
Protects against circumstances where the owner faces professional liability claims.
Professional Liability
Protects in case of death of the owners or operators of the business.
Life Insurance
Pays employee’s medical expenses and provides some income replacement when a worker is injured on the job.
Workers’ Compensation
Protects the insured from losses caused by any peril that is not specifically excluded by the policy.
All Risk Policy
Covers owner when unable to run business due to a covered peril.
Business Interruption
Combines property, liability, and business interruption coverage for small to medium-sized businesses. Generally cheaper.
Business Owners Policy
Requires companies with 20 or more employees to offer separating employees the option to continue their group health-care coverage to their own expense.
COBRA Benefits
Type of business interruption endorsement that protects policy owner from financial losses caused by problems somewhere other than the owner’s business.
Dependent Property
Compensates for the inability to collect income and for the cost of reproducing business records.
Destroyed or Damaged Records
Additional earthquake coverage to standard commercial property.
Earthquake Coverage
Helps defend against employment-related claims such as sexual harassment, age discrimination, or wrongful termination.
Employment Practices
Applies to businesses that rely on a number of vehicles and need to insure them collectively.
Fleet Coverage
Coverage for damage caused by floods that is not included in ordinary homeowners and commercial policies.
Flood
Special glass-breakage coverage for operations that bear a special risk.
Glass
Covers business liability exposure arising out of defects in the company’s products or completed operations.
Products and Completed Operations
Provides dental coverage but does not include any other coverage.
Stand-Alone Dental
Provides life insurance but does not include any other coverage.
Stand-Alone Life
Provides prescription-drug coverage but does not include any other coverage.
Stand-Alone Prescription
Coverage that addresses the impact of weather on businesses.
Weather Coverage
Protects the insured from medical expenses arising from sickness or accidental injury.
Health Insurance
Allows policy owner to visit any physician within the contacted network without prior approval or referrals.
Exclusive Provider Organization (EPO)
uses a primary care physician as a gatekeeper to screen patients and see that appropriate treatment takes place at the lowest level possible.
Health Maintenance Organization (HMO)
Referred to as “fee-for-service.” Allows absolute freedom in selecting physicians or medical facilities and permit self-referral to a specialist.
Indemnity
Allows subscribers to select health-care providers and health-care facilities from a preferred-provider list and permits self-referral.
Preferred Provider Organization (PPO)
Coverage that provides income for an individual who cannot work because of an illness, disease, or non-occupational injury. Employees bear the full cost.
Long-Term Disability (LTD)
covers only inpatient care, not other services. May be limited to an approved or network facility.
Basic Hospital
