Personal Finance Unit 7.2 Vocabulary Flashcards
The maximum amount that you could pay for insurance related expenses in a given year.
Out of Pocket Maximum
Prepaid health plans that provide comprehensive health care to their members
Managed Care
A group of doctors and hospitals that agree to provide specified medical services to members at pre-arranged fees.
Preferred Provider Organization (PPO)
A federally funded health insurance program offered mainly to people over the age of 65
Medicare
A policy that can provide regular cash income when you are unable to work because of accident or long-term illness
Disability Income Insurance
A medical policy that certain low-income individuals and families can quality for, administered by the states
Medicaid
A person that will receive the benefits from an insurance policy
Beneficiary
Provides protection against loss of life for only a specified term, or period of time
Term Insurance
A permanent life insurance policy for which you pay a specified premium each year for the rest of your life
Whole Life Insurance
The component of a whole life insurance policy that can serve as an investment (usually poorly)
Cash Value