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Personal Finance > Insurance Vocab > Flashcards

Insurance Vocab Flashcards

1
Q

Personal Property Floater

A

additional insurance policy for a particular item which is usually extremely valuable

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2
Q

HO-6

A

type of renter insurance policy; specifically for condominiums; protects personal property and additions or improvements to living unit

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3
Q

HO-5

A

type of home insurance policy; considered a comprehensive form policy; expands the coverage of the HO-3

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4
Q

HO-4

A

type of renter insurance policy; protects personal property; does not cover the building or structure

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5
Q

HO-2

A

type of home insurance policy; considered a broad form policy; covers falling objects, weight of snow, ice or sleet

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6
Q

HO-1

A

type of home insurance policy; considered a basic policy; covers hail, lightning, damage from vehicles

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7
Q

HO-3

A

type of home insurance policy; considered a special form policy; covers all basic and broad form risks, except those specifically excluded

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8
Q

Home and Property Insurance

A

coverage which provides protection for an insured home and its associated financial risks

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9
Q

Personal Liability

A

fact the policyholders are held responsible for any accident which occurs on their property

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10
Q

Mortgage Protection Life Insurance

A

insurance policy designed specifically to repay mortgage debt in the event of the death of the borrower

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11
Q

Extended Warranty

A

extension of the coverage period on an item in which the manufacturer guarantees to repair or replace if necessary

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12
Q

Term Life Insurance

A

policy protects against the loss of life for a specified period of time and only pays benefits if an individual dies during the period in which the policy is covered

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13
Q

Universal Life Insurance

A

adjustable-benefit life insurance which allows policyholders to change the amount of insurance as their needs for insurance changes

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14
Q

Life Insurance

A

insurance which protects the people who depend upon the policyholder from extreme financial losses caused by the policyholder’s death

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15
Q

Whole Life Insurance

A

permanent policy in which the policyholder pays a specified premium each year for the duration of entire life

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16
Q

Debt Cancellation Coverage

A

contract where a bank agrees to cancel all or part of an obligation to repay a loan due to a specific event

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17
Q

Credit Line Coverage

A

insurance policy designed to pay off a borrower’s debt if the borrower dies

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18
Q

Guaranteed Renewability

A

insurance policy which allows an individual to still be covered as long as he or she pays the premium

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19
Q

Mortgage Protection Life Insurance

A

insurance policy designed specifically to repay mortgage debt in the event of the death of the borrower

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20
Q

Accidental Death and Dismemberment Life Insurance

A

insurance policy which pays out only if the policyholder is killed/injured in a specific type of accident

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21
Q

Disability Income Insurance

A

insurance which provides regular supplementary income when a person is unable to work at his or her regular employment because of accident, illness or pregnancy

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22
Q

Duration of Benefits

A

specified period of time in which benefits will be paid

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23
Q

Social Security

A

provides retirement income and disability benefits

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24
Q

Worker’s Compensation

A

insurance which covers workers who are injured or become ill due to workplace conditions

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25
Q

Elimination Period

A

period of time for which individuals wait before they can begin collecting benefits

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26
Q

Hospital Indemnity Plan

A

insurance which pays benefits when the policyholder is hospitalized

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27
Q

Dental Insurance

A

insurance which pays benefits when the policyholder is hospitalized

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28
Q

Major Medical Expense Insurance

A

financial institution agreeing to compensate for losses of individuals or businesses resulting from damages, injury, treatment or hardship

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29
Q

Basic Health Insurance

A

insurance which includes hospital expense coverage, surgical expense coverage and physician expense coverage

30
Q

Reimbursement

A

pays the policyholder back for actual expenses

31
Q

Prescription Coverage

A

insurance which covers the expense of drugs prescribed by a doctor

32
Q

Indemnity

A

provides the policyholder with specified amounts regardless of how much the actual expenses may be

33
Q

Long-Term Care Insurance

A

insurance which provides coverage for the expense of daily help when a person becomes extremely ill or disabled and is unable to take care of self

34
Q

Point of Service Plans (PSP)

A

insurance plan uses a network of participating physicians and medical professionals contracted to provide services

35
Q

Health Maintenance Organizations (HMO)

A

health insurance plans which directly employ or contract selected medical professionals to provide health care services

36
Q

Preferred Provider Organizations (PPO)

A

network of medical service providers who agree to charge lower cost to enrolled patients than non-network providers

37
Q

COBRA

A

acronym for Consolidated Omnibus Budget Reconciliation Act of 1986

38
Q

Medicaid

A

medical assistance program offered to certain low-income individuals and families

39
Q

Health Insurance

A

form of protection which eases the financial burden people may experience as a result of medical expenses

40
Q

Medicare

A

federally funded health insurance program available mainly to people over the age of 65 and to people with certain disabilities

41
Q

Out-of-Pocket Limit

A

limits the amount of money the policyholder must pay for the co-insurance

42
Q

Aggregate Limit

A

maximum dollar amount paid for all benefits in a year

43
Q

Co-Insurance

A

percentage of the medical expenses the policyholder must pay in addition to the deductible amount

44
Q

Internal Limit

A

covers only a fixed amount for a certain expense

45
Q

Rating Territory

A

residential location used to determine the automobile insurance premium

46
Q

Vehicle Type

A

year, make and model of a vehicle

47
Q

Extended Warranty

A

extension of the overage period on an item in which the manufacturer guarantees to repair or replace if necessary within a specific time period

48
Q

Assigned Risk Pool

A

consists of people who cannot obtain an insurance policy from regular carriers due to poor driving record or other factors

49
Q

Insurance Company

A

financial institution agreeing to compensate for losses of individuals or businesses resulting from damages, injury, treatment or hardship

50
Q

Automobile Insurance

A

insurance which reduces the financial impact of an automobile accident

51
Q

Property Damage Liability

A

insurance which applies when the policyholder damages the property of another person

52
Q

Bodily Injury Liability

A

insurance which covers physical injuries to others caused by an automobile accident for which the policyholder was responsible

53
Q

Collision Insurance

A

insurance which covers damage to the policy holder’s car when it is involved in an accident

54
Q

Comprehensive Insurance

A

insurance which covers physical damage to an individual’s car which occurs as a result of a non-collision incident

55
Q

Medical Payments Coverage

A

insurance which applies to the medical expenses of anyone who is injured in policyholder’s automobile, no matter who was at fault for the accident

56
Q

Uninsured Motorist Protection

A

insurance which covers costs if an individual is involved in a car accident with an uninsured driver

57
Q

Pure Risk

A

risk in which the only possibility is loss and there is no beneficial result

58
Q

Hazard

A

anything which increases the likelihood of loss through some peril

59
Q

Negligence

A

failure to take ordinary or reasonable care to prevent accidents from happening

60
Q

Peril

A

anything which may cause a possible loss

61
Q

Speculative Risk

A

risk which carries a chance of either loss or gain

62
Q

Co-Pays

A

fixed amounts an individual pays for a covered health care service in order to receive medical attention

63
Q

Deductible

A

portion of a claim the policyholder must pay before the insurance company provides the benefits of the policy

64
Q

Premium

A

amount of money which an individual or business must pay for an insurance policy for a define time period

65
Q

Risk

A

accident or trouble which no one can predict

66
Q

Policy Limits

A

maximum amount an insurance company will pay an individual for a claim which the policy covers

67
Q

Insurance

A

maximum amount an insurance company will pay an individual for a claim which the policy covers

68
Q

Coverage

A

scope of protection provided under an insurance policy

69
Q

Insurance Policy

A

written contract effecting insurance

70
Q

Insurance Company

A

financial institution agreeing to compensate for losses of individuals or businesses resulting from damages, injury, treatment or hardship

Personal Finance (1 decks)

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