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13 Cards in this Set
- Front
- Back
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Risk
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Possibility of substantial financial loss from an event
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Insured/Enrollee/Beneficiary
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One receiving the benefits
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Underwriter/Insurer/Insurance Agency
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One who uses a technique to evaluate, select, classify & rate risks. Underwriter determines a "fair" price for the risk.
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Premium
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Monthly amount charge for the service
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Cost-sharing
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The insured assumes part of the premium cost
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Deductible
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Insured has to pay $X upfront to before the insurance p/u anything
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Co-insurance
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The percentage amount of the bill that the insured pays
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Co-payment
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Amount the insured pays every time a service is rendered.
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Stop-loss prevention
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The max out-of-pocket amount that the insured would pay for in a given year.
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Lifetime benefits
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The maximum amount that an insurance company will pay out over one's entire life span
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Major medical insurance AKA
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Catastrophic insurance
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Major medical pays for
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1) Large hospital stays
2) Major surgeries |
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Comprehensive medical insurance
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Includes all basic physician visits + major medical
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