18443137
Description
Flashcards by Shannon Anderson-Rush, updated more than 1 year ago
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Created by Shannon Anderson-Rush
about 5 years ago
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| Question | Answer |
| Insurance | arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium |
| Risk | A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action |
| Probability | technique used by risk managers for forecasting future events, such as accidental and business losses |
| Policy | document detailing the terms and conditions of a contract of insurance |
| Rider | a condition or proviso added to something already said or decreed |
| Endorsement | clause in an insurance policy detailing an exemption from or change in coverage |
| Coverage | protection provided against risks or a risk |
| Liability | financial protection for a driver who, while operating a vehicle, harms someone else or their property and only covers injuries or damages to third parties and their property, not to the driver or the driver's property. |
| Umbrella | extra liability insurance coverage that goes beyond the limits of the insured's home, auto or watercraft insurance |
| Co-pay | payment made by a beneficiary (especially for health services) in addition to that made by an insurer |
| Deductible | a specified amount of money that the insured must pay before an insurance company will pay a claim |
| COBRA | a landmark federal law, passed in 1985, that provides for continuing group health insurance coverage for some employees and their families after a job loss or other qualifying event |
| Benefits | health care items or services covered under a health insurance plan |
| Term Life | insurance that pays out a sum of money either on the death of the insured person or after a set period |
| Whole Life | life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date |
| Workers Compensation Insurance | protects your employees and your business from work-related accidents, illnesses, and even death |
| Disability Insurance | provides short-term benefits to eligible workers who have a full or partial loss of wages due to a non-work-related illness, injury, or pregnancy. |
| Premium | the payment or installment you agree to pay a company in order to have insurance. |
| Comprehensive insurance | a coverage that helps pay to replace or repair your vehicle if it's stolen or damaged in an incident that's not a collision. |
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