Insurance

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Annual Deductible

Back 1

a portion of a covered loss not paid by the insurer during the insured’s annual 12 month policy period. Deductible amount resets each policy year period.

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Cancer Insurance Coverage

Back 2

Cancer insurance pays benefits only if you're diagnosed with cancer -- not for other illnesses -- and it doesn't cover all your treatment costs. It's designed to supplement, not replace health insurance

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Claims

Back 3

notice by the insured to the insurance company that a loss has occurred and demand for payment for the loss

Front 4

Collision Coverage

Back 4

covers your vehicle for damage caused by impact with another vehicle or object or overturn of your vehicle.

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Comprehensive Coverage-Other than Collision

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provides protection from theft, fire, windstorm, hail, flood, falling objects, collision with a bird or animal. (Exceptions-road damage to tires, mechanical breakdown or wear and tear on a vehicle)

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Deductibles

Back 6

a portion of a covered loss that is not paid by the insurer

Front 7

Dental Insurance Coverage

Back 7

available in group and individual plans. May have restrictions on certain services, such as orthodontic work. Many dental plans also have a maximum benefit of around $1,000 to $2,000 per year. May restrict coverage of pre-existing conditions

Front 8

Disability Insurance Coverage

Back 8

disability income insurance provides monthly benefits to a disabled wage earner to reimburse the wage earner’s income during a period of total or partial disability.

Front 9

Earth Movement

Back 9

includes earthquakes, landslides, mudslides etc

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Exclusions

Back 10

provision in an insurance policy eliminating coverage for certain risks or limiting coverage

Front 11

Fire Insurance

Back 11

Coverage for losses to insured property resulting from fire or lighting, as well as any resulting smoke or water damage

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Group Insurance Coverage

Back 12

coverage provided by a group which is normally the insured’s employer or other inclusive group. Coverage rates are based on the group’s “experience rating” so that each group pays according to its actual claim experience. Almost sixty percent of Americans have group health insurance

Front 13

Hazard

Back 13

A hazard is a condition that makes a peril more likely to happen or that increases the seriousness of a loss

Front 14

HMO-(POS

Back 14

The POS plan is like a combination of the HMO and PPO plans. You are required to designate an in-network physician to be your primary health care provider. You may go out-of-network if you choose, but in doing so, you will have to pay most of the cost yourself

Front 15

HMO-

Back 15

Heath Maintenance Organization-group managed health insurance where will need to receive most or all of your health care from a network provider. HMOs require that you select a primary care physician (PCP) who is responsible for managing and coordinating all of your health Care

Front 16

Homeowners Insurance

Back 16

is designed to protect the physical assets owned, leased, rented or used by individuals and families.

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Individual Insurance Coverage

Back 17

is 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.

Front 18

Insurable Interest-Financial Responsibility

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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.

Front 19

Insurance

Back 19

is a social and contractual device that transfers the risk of financial loss from individuals or businesses to an insurer.

Front 20

Insurance Policy

Back 20

a document issued by an insurance company to its policyholder that provides details about what is covered

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Insured

Back 21

one for whom insurance is written (named insured)

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Insurer

Back 22

An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual

Front 23

Liability Coverage

Back 23

provides protect when you are held legally responsible Coverage for Bodily Injury and Property Damage caused by an auto accident

Front 24

Long Term Medical Coverage

Back 24

provides for the daily custodial care as well as the long-term nursing care that an individual may need outside of the hospital.

Front 25

Loss

Back 25

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.

Front 26

Major Exclusions for Coverage

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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.

Front 27

Medicaid

Back 27

-(Federal-State)-provides health insurance coverage to low income groups. Coverage varies by each State.

Front 28

Medical Payment Coverage(Med Pay)

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pays for medical expenses for you,

Front 29

Medicare

Back 29

-(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

Front 30

Medigap (Supplemental Coverage of 20)-

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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

Front 31

Miscellaneous Coverage-Towing, Rental Vehicle, Custom Coverage

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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

Front 32

Neglect

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if the insured fails to use reasonable means to protect the insured property from damage, the loss would not be covered.

Front 33

Peril

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A peril is the cause of a loss such as a fire, flood, theft and earthquake that can cause a loss of life to property and people.

Front 34

Personal Auto Policy (PAP)-

Back 34

automobile insurance policy introduced in 1977. Other policies prior, however the PAP is written in plain language without technical terms and is easier to understand.

Front 35

Possible lengthy waiting periods

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is the time that elapses after the insured’s policy is active, before specific exclusions will be covered. (Ex. Maternity coverage)

Front 36

Power Failure

Back 36

if a utility interruption takes place that is not at the insured’s home, coverage is not provided.

Front 37

PPO-

Back 37

preferred provider organization (PPO) is a health plan that has contracts with a network of "preferred" providers from which you can choose. You do not need to select a PCP and you do not need referrals to see other providers in the network.

Front 38

Premiums

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– the fee paid to an insurance company in return for the insuring of property and casualty insurance and life and health insurance to individuals or businesses.

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Property Coverage A-Dwelling

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located on the residence premises including any attached structures.

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Property Coverage B-Other structures

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(such as a detached garage, workshop, swimming pools, fences and gazebos)

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Property Coverage C-Personal Property Coverage

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is anything other than real property (land or anything attached to it). Basically clothing, furniture, televisions. Exceptions: Special items such as money, jewelry, firearms, silverware and other high value metals have loss value limits.

Front 42

Property Coverage D-Loss of Use

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Provides money for you and your family to live elsewhere when you cannot live in your home because of a covered loss.

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Property Damage Coverage

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Physical injury to or destruction of or loss of use of tangible property such as other vehicles, buildings, telephone poles, fences etc.

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Renters Insurance

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offers the same protection as a homeowners policy. Roommates each must have their own renters insurance policy.

Front 45

Risk

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a risk exists whenever there is uncertainty about the outcome

Front 46

Traditional Health Insurance

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(Major Medical Coverage)- Contains basic coverage if a catastrophic loss occurs. To prevent the insured from having financial ruin from a long term illness or injury. Characterized by very high deductibles as high as $10,000 and low premiums

Front 47

Underinsured Motorist Coverage

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pays from your coverage if you are in an accident with another motorist that has lower liability coverage than your coverage. Your underinsured coverage will pay the difference. Not required in North Carolina, but it is suggested.

Front 48

Uninsured Motorist Coverage

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pays if you are struck by someone who does not have insurance. Also will pay if you are a victim in a hit-and-What is run accident.

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Vision Insurance Coverage

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optometrists and ophthalmologists in a provider network offer eye exams, eyewear and other services covered by the vision insurance plan at no charge or at discounted fees compared with doctors outside the network.

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Water Damage-

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damage to the home from flooding. (requires a separate flood insurance policy if the home is in a flood zone)
your family members and passengers in your car as a result of an accident.