| A | B |
|---|
| Individual Insurance Coverage | Available from most of the same insurer’s that provide group coverage at much higher rates. Less than nine percent of Americans purchase individual health insurance. |
| Insurable Interest-Financial Responsibility | Is said to exist whenever the occurrence of a specific event such as fire or theft, results in a financial loss to a person organization. |
| Insurance | A social and contractual device that transfers the risk of financial loss from individuals or businesses to an insurer. |
| Insurance Policy | A document issued by an insurance company to its policyholder that provides details about what is covered |
| Insured | One for whom insurance is written (named insured) |
| Insurer | An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual |
| Liability Coverage | Provides protect when you are held legally responsible Coverage for Bodily Injury and Property Damage caused by an auto accident |
| Long Term Medical Coverage | Provides for the daily custodial care as well as the long-term nursing care that an individual may need outside of the hospital. |
| Loss | Loss is simply a decline in value. When there is a reduction in quantity, quality, or value of something, a loss is said to occur. |
| Major Exclusions for Coverage | Provision in an insurance policy eliminating coverage for certain risks or otherwise limiting the scope of coverage. Certain causes and conditions listed in the policy that are not covered. Maternity coverage, major elective surgeries are some examples. |
| Medicaid | (Federal-State)-provides health insurance coverage to low income groups. Coverage varies by each State. |
| Medical Payment Coverage | (Med Pay)-pays for medical expenses for you, your family members and passengers in your car because of an accident. |
| Medicare | (Federal)-is part of the federal Social Security program. Covers most individuals that are age 65 or older. Can also pay benefits to qualified disabled individuals under age 65. Covers individuals under age 65 who need long term kidney dialysis treatment or kidney transplants |
| Medigap | (Supplemental Coverage of 20%)-Medicare supplement (Medigap) insurance, sold by private companies, can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles. |
| Miscellaneous Coverage | Towing, Rental Vehicle, Custom Coverage- This coverage is elective coverage by the insured that provides specific coverage for incidents requiring towing of the insured vehicle(s), provides coverage for one of a kind vehicles, classic autos or other special vehicles. Rental coverage provides coverage for covered accidents to the insured’s vehicle. Custom insurance provides for document |
| Neglect | If the insured fails to use reasonable means to protect the insured property from damage, the loss would not be covered. |
