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26 Cards in this Set
- Front
- Back
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Cash Value |
savings accumulated in a permant life insurance policy that you receive if you cancel the policy
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COBRA
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Consolidated Omnibus Reconciliation Act allows people who leave employment to continue their health insurance under the company plan for a limited time |
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Coordination of Benefits |
group health insurance provision that specifies how the insurers will share the cost when more than one policy covers a claim
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Disability Insurance |
insurance plan that makes regular payments to replace income lost when illness or injury prevents the insured from working
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Group Health Insurance |
least expensive option employer pays for part or all of the plan |
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HMO
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Health Maintenance Org. group plan offering prepaid medical care to its members |
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Incontestable Clause
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provision of a life or health insurancepolicy that once the policy has been in effect for an amount of time, the insurer no longer questions items on the application to deny coverage
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Life Insurance |
provides funds to the beneficiaries when the insured dies
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Medicaid
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gov't sponsored health insurance for people with low incomes and limited sources
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Medicare |
gov't sponsored health insurance for people currently age 65 or older
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Permanent Life Insurance
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Insurance that remains in effect for the insured's lifetime and builds cash value
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group of healthcare providers who band together to provide health services for set fees. Patients must choose from a specific list of health providers
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Rider |
small insurance policy that modifies the coverage of a main policy
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Term Life Insurance |
life insurance that remains in effect for a certain amount of time
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Attractive Nuisance
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hazardous, but appealing to children
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Co-Insurance Clause |
provision requiring policy holders for a percentage of the value because if something happens to the building, the land still has value
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Collision Coverage |
insurance for accidents or vehicle rolling
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Endorsement |
Amendment to an insurance policy
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Homeowner's Policy
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protects property and liability risks building and things
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Liability Coverage |
protects against claims for damage to other people or proterty
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No-Fault Insurance |
Drivers in an accident recive mobile reimbersment for medical or repair costs from one's own insurer
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Personal Injury Protection |
pays for medical, hospital, or funeral regardless of fault
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Personal Property Floater |
coverage for movable property
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Renters Policy |
protects possetions in a rented building/apartment, but does not protect the building
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Umbrella Liability Insurance
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Expands reimbursement limits, including exclusions
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Uninsured Motorist Coverage |
pays for your injuries if the other driver in liable, but unable to pay
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