| A | B |
|---|
| risk | possibility of incurring a loss |
| personal risk | associated with illness, disability, loss of income, unemployment, old age and premature death |
| property risk | damage or loss of property due to theft, wind, fire, flood, or some other hazard |
| economic risk | possibility of incurring a loss related to property liability and one own's personal well-being |
| premium | amount that a policyholder must pay for insurance coverage |
| claim | policyholder's request for payment for a loss that's covered by the insurance policy |
| co-payment | form of medical cost sharing in a health insurance plan that requires an insured person to pay a fixed dollar amount when a medical service is received. Insurance company pays the rest. |
| deductible | the amount you must pay before the insurance company pays a claim |
| policy | contract that states the conditions to which the insurance company and policyholder have agreed |
| insurance | planned protection provided by sharing economic losses |
| policyholder | person for whom risk is assumed by an insurance company |
| insurance company | business that provides planned protection against economic loss |
| insurance agent | person who sells insurance |
| bodily injury liability | covers other people's bodily injuries or death for which you are responsible |
| property damage liability | covers you if your car damage's someone else's property |
| medical payments | covers medical expenses to you and your passengers injured in an accident or if you are hit while walking or biking |
| collision | covers damage to your car when your car hits, or is hit by, another vehicle or other object |
| comprehensive | covers your insured vehicle for physical damage losses resulting from incidents other than collision |
| uninsured motorists | covers you, passengers and car when hit by a vehicle driven by someone without insurance |
| whole life/cash value | offers level premiums and life insurance protection for as long as you live, provided that premiums are paid as required to keep the policy in force |
| term life | pay premiums on a monthly or annual basis and your family's protected for that term |
| beneficiary | person designated by the policyholder to receive the proceeds of an insurance policy upon death of the insured |
| endowment | contract to pay a lump sum after a specified term (maturity) or on death |
| peril | something that can cause a loss (death, fire, liability, water, falling,etc.) |
| personal property protection | losses that occur in your home due to burglary, fire or another covered peril, also a way from home like hotels and cars |
| replacement value | cost to replace damaged items with new ones |
| dwelling protection | protection against direct physical damage to home |
| vision | provides coverage for the services of eye care professionals |
| major medical | designed to pay a large proportion of the covered expenses of a catastrophic illness or injury |
| HMO | managed health care plan for people on a prepaid basis |
| PPO | health plan where coverage is provided to participants through a network of selected health care providers |
| hospital insurance | helps pay for in-patient hospital care and in-patient skilled nursing facility |
| surgical insurance | covers the surgeon's charge for given operations or medical procedures, usually up to a maximum for each type of operation |
| comprehensive | health insurance policy that offers coverage for every aspect of health care |
| medicare | federal system of health care for people over 65 and for certain younger people with disabilities |
| worker's compensation | employer-funded insurance coverage for employees who get hurt on the job |
| disability | income paid to you when you can't work due to illness or injury |
| dental | provides coverage for the services of dental professionals |
| long-term care | coverage for when you can't take care of basic activities of daily living |
| medicaid | provides free or low cost health coverage for people who can't afford insurance |
