Personal Finance Unit 7.2 Vocabulary Flashcards

1
Q

The maximum amount that you could pay for insurance related expenses in a given year.

A

Out of Pocket Maximum

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2
Q

Prepaid health plans that provide comprehensive health care to their members

A

Managed Care

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3
Q

A group of doctors and hospitals that agree to provide specified medical services to members at pre-arranged fees.

A

Preferred Provider Organization (PPO)

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4
Q

A federally funded health insurance program offered mainly to people over the age of 65

A

Medicare

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5
Q

A policy that can provide regular cash income when you are unable to work because of accident or long-term illness

A

Disability Income Insurance

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6
Q

A medical policy that certain low-income individuals and families can quality for, administered by the states

A

Medicaid

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7
Q

A person that will receive the benefits from an insurance policy

A

Beneficiary

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8
Q

Provides protection against loss of life for only a specified term, or period of time

A

Term Insurance

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9
Q

A permanent life insurance policy for which you pay a specified premium each year for the rest of your life

A

Whole Life Insurance

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10
Q

The component of a whole life insurance policy that can serve as an investment (usually poorly)

A

Cash Value

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